Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 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 September 30, |
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Nine Months Ended September 30, |
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2020 |
|
2019 |
|
2020 |
|
2019 |
Share-based compensation expense |
|
$ |
3,121 |
|
$ |
3,926 |
|
$ |
12,159 |
|
$ |
11,411 |
Income tax benefit realized |
|
$ |
838 |
|
$ |
1,304 |
|
$ |
7,734 |
|
$ |
5,110 |
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| Schedule of share-based compensation activity |
The following table presents a summary of our share-based compensation activity for the nine months ended September 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 |
|
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 |
|
192.8 |
|
$ |
129.11 |
|
71.0 |
|
$ |
39.49 |
|
$ |
118.58 |
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|
Converted/Exercised |
|
(251.1) |
|
$ |
43.44 |
|
(184.8) |
|
$ |
14.84 |
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$ |
39.54 |
|
$ |
13,222.1 |
Forfeited/Expired |
|
(26.1) |
|
$ |
90.81 |
|
(20.0) |
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$ |
30.13 |
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$ |
87.67 |
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|
|
Balance September 30, 2020 |
|
327.2 |
|
$ |
87.20 |
|
239.7 |
|
$ |
24.33 |
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$ |
68.86 |
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$ |
22,925.1 |
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Exercisable September 30, 2020 (a) |
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63.8 |
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$ |
18.89 |
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$ |
51.04 |
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$ |
7,638.0 |
| (a) |
The weighted average remaining contractual term for vested stock options is approximately 6.5 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 September 30, 2020 |
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Unrecognized Compensation Expense
on Unvested Awards |
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Weighted Average
Remaining
Vesting Period |
RSAs |
|
$ |
11,536 |
|
|
1.2 years |
Stock options |
|
|
1,359 |
|
|
1.0 years |
Total unrecognized compensation expense related to unvested awards |
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$ |
12,895 |
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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 |
% |
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|
2.59 |
% |
Expected volatility, using historical return volatility and implied volatility |
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|
31.50 |
% |
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|
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% |
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200% |
February 19, 2018 |
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$ |
1,865 |
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$ |
— |
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$ |
466 |
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$ |
1,865 |
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$ |
3,730 |
February 18, 2019 |
|
$ |
2,281 |
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$ |
— |
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$ |
570 |
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$ |
2,281 |
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$ |
4,562 |
February 17, 2020 |
|
$ |
2,716 |
|
$ |
— |
|
$ |
679 |
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$ |
2,716 |
|
$ |
5,432 |
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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 |
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|
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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