Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.10.0.1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2018
Share-Based Compensation  
Schedule of share based compensation expense and related income tax benefit

The following table presents the amounts recognized in our Condensed Consolidated Statements of Operations, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 

 

Six Months Ended June 30, 

 

 

2018

 

2017

 

2018

 

2017

Share-based compensation expense

 

$

2,995

 

$

3,017

 

$

5,397

 

$

5,101

Income tax (expense) benefit realized from award vestings

 

$

(19)

 

$

338

 

$

2,595

 

$

1,166

 

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, 2018, in thousands, except per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSAs

 

Options

 

 

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Weighted Average Exercise Price Per Share

   

Aggregate
Intrinsic
Value

Balance December 31, 2017

 

591.2

 

$

30.92

 

683.5

 

$

11.13

 

$

28.97

 

$

31,969.7

Granted

 

89.5

 

$

85.48

 

77.3

 

$

27.44

 

$

74.50

 

 

 

Converted/Exercised

 

(107.1)

 

$

23.44

 

(120.1)

 

$

10.97

 

$

28.52

 

$

5,528.0

Forfeited

 

(29.8)

 

$

39.59

 

(14.9)

 

$

16.98

 

$

45.46

 

 

 

Balance June 30, 2018

 

543.8

 

$

40.90

 

625.8

 

$

13.04

 

$

34.28

 

$

27,570.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable June 30, 2018 (a)

 

 

 

 

181.8

 

$

10.67

 

$

27.61

 

$

9,223.8

(a)

The weighted average remaining contractual term for vested options is 7.2 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands:

 

 

 

 

 

 

 

 

 

 

As of June 30, 2018

 

 

Unrecognized Compensation Expense
on Unvested Awards

 

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

 

 

 

 

 

 

RSAs

 

$

13,035

 

 

1.2 years

Options

 

 

4,563

 

 

1.2 years

Total unrecognized compensation expense related to unvested awards

 

$

17,598

 

 

 

 

Schedule of assumptions used to estimate the fair values of options granted

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2017

 

Risk free interest rate

 

 

2.78

%

 

 

2.18

%

Expected volatility, using historical return volatility and implied volatility

 

 

32.50

%

 

 

35.00

%

Expected life (in years)

 

 

6.0

 

 

 

6.0

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

Estimated fair value of options granted

 

$

27.44

 

 

$

14.44

 

 

Performance-based conditions | Restricted Stock Awards  
Share-Based Compensation  
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:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Payout Ranges and Related Expense

RSAs with Performance-Based Conditions

 

Grant Date Fair Value

 

0%

 

25%

 

100%

 

200%

February 22, 2016

 

$

1,896

 

$

 —

 

$

474

 

$

1,896

 

$

3,792

February 21, 2017

 

$

1,946

 

$

 —

 

$

487

 

$

1,946

 

$

3,892

February 19, 2018

 

$

2,333

 

$

 —

 

$

583

 

$

2,333

 

$

4,666

 

Market-based conditions | Restricted Stock Awards  
Share-Based Compensation  
Schedule of key inputs used to estimate the fair value of awards

 

 

 

 

 

 

 

 

 

 

 

2018

 

 

2017

 

Measurement period (years)

 

 

2.87

 

 

 

2.86

 

Risk free interest rate

 

 

2.36

%

 

 

1.46

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

Estimated fair value of market-based RSAs granted

 

$

103.31

 

 

$

50.06