Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2020 |
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| Share-Based Compensation |
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| Schedule of share-based compensation expense and related income tax benefit |
The following table presents share-based compensation amounts recognized in our condensed consolidated statements of operations, in thousands:
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2020 |
|
2019 |
|
2020 |
|
2019 |
Share-based compensation expense |
|
$ |
5,130 |
|
$ |
4,513 |
|
$ |
9,038 |
|
$ |
7,485 |
Income tax benefit realized |
|
$ |
1,396 |
|
$ |
1,560 |
|
$ |
6,896 |
|
$ |
3,806 |
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| Schedule of share-based compensation activity |
The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2020, in thousands, except per share amounts:
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RSAs |
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Stock Options |
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Number of Shares |
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Weighted Average Grant Date Fair Value Per Share |
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Number of Shares |
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Weighted Average Grant Date Fair Value Per Share |
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Weighted Average Exercise Price Per Share |
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Aggregate
Intrinsic
Value |
Balance December 31, 2019 |
|
411.6 |
|
$ |
57.51 |
|
373.5 |
|
$ |
17.06 |
|
$ |
45.90 |
|
$ |
21,356.4 |
Granted |
|
166.3 |
|
$ |
128.86 |
|
71.0 |
|
$ |
39.49 |
|
$ |
118.58 |
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|
|
Converted/Exercised |
|
(233.9) |
|
$ |
44.72 |
|
(165.6) |
|
$ |
15.15 |
|
$ |
40.41 |
|
$ |
11,135.5 |
Forfeited/Expired |
|
(17.0) |
|
$ |
91.77 |
|
(19.2) |
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$ |
30.50 |
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$ |
88.89 |
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|
Balance June 30, 2020 |
|
327.0 |
|
$ |
82.72 |
|
259.7 |
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$ |
23.42 |
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$ |
66.10 |
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$ |
12,670.8 |
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Exercisable June 30, 2020 (a) |
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47.5 |
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$ |
22.69 |
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$ |
61.81 |
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$ |
2,467.1 |
| (a) |
The weighted average remaining contractual term for vested stock options is approximately 7.5 years.
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| Schedule of unrecognized share-based compensation expense relating to unvested awards |
Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands:
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As of June 30, 2020 |
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|
Unrecognized Compensation Expense
on Unvested Awards |
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Weighted Average
Remaining
Vesting Period |
RSAs |
|
$ |
11,929 |
|
|
1.4 years |
Stock options |
|
|
1,620 |
|
|
1.0 years |
Total unrecognized compensation expense related to unvested awards |
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$ |
13,549 |
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| Schedule of assumptions used to estimate the fair values of options granted |
The following table presents the assumptions used to estimate the fair values of stock options granted in 2020 and 2019:
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2020 |
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2019 |
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Risk free interest rate |
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|
1.53 |
% |
|
|
2.59 |
% |
Expected volatility, using historical return volatility and implied volatility |
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|
31.50 |
% |
|
|
32.50 |
% |
Expected life (in years) |
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|
6.0 |
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|
6.0 |
|
Dividend yield |
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|
0.00 |
% |
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|
0.00 |
% |
Estimated fair value of stock options at grant date |
|
$ |
39.49 |
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|
$ |
21.16 |
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| Performance-based conditions | Restricted Stock Awards |
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| Share-Based Compensation |
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| Schedule of the range of payouts and the related expense for RSAs with performance-based conditions |
The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands:
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Payout Ranges and Related Expense |
RSAs with Performance-Based Conditions |
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Grant Date Fair Value |
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0% |
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25% |
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100% |
|
200% |
February 19, 2018 |
|
$ |
2,020 |
|
$ |
— |
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$ |
505 |
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$ |
2,020 |
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$ |
4,040 |
February 18, 2019 |
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$ |
2,392 |
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$ |
— |
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$ |
598 |
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$ |
2,392 |
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$ |
4,784 |
February 17, 2020 |
|
$ |
2,800 |
|
$ |
— |
|
$ |
700 |
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$ |
2,800 |
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$ |
5,600 |
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| Market-based conditions | Restricted Stock Awards |
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| Share-Based Compensation |
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| Schedule of key inputs used to estimate the fair value of awards |
The following are key inputs in the Monte Carlo analysis for awards granted in 2020 and 2019
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2020 |
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2019 |
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Measurement period (in years) |
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2.88 |
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|
2.87 |
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Risk free interest rate |
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|
1.40 |
% |
|
|
2.50 |
% |
Dividend yield |
|
|
0.00 |
% |
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|
0.00 |
% |
Estimated fair value of market-based RSAs at grant date |
|
$ |
158.24 |
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$ |
80.74 |
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