Share-Based Compensation (Tables)
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6 Months Ended |
Jun. 30, 2019 |
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| Share-Based Compensation |
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| Schedule of share-based compensation expense and related income tax benefit |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Share-based compensation expense |
|
$ |
4,513 |
|
$ |
2,995 |
|
$ |
7,485 |
|
$ |
5,397 |
Income tax benefit (expense) realized from the vesting of awards |
|
$ |
1,560 |
|
$ |
(19) |
|
$ |
3,806 |
|
$ |
2,595 |
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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, 2019, 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, 2018 |
|
499.2 |
|
$ |
41.29 |
|
611.4 |
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$ |
13.10 |
|
$ |
34.45 |
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$ |
8,685.8 |
Granted |
|
227.1 |
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$ |
67.37 |
|
103.5 |
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$ |
21.16 |
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$ |
58.08 |
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Converted/Exercised |
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(291.4) |
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$ |
31.23 |
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(183.5) |
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$ |
10.53 |
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$ |
27.18 |
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$ |
8,824.0 |
Forfeited |
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(17.4) |
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$ |
56.29 |
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(9.7) |
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$ |
20.28 |
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$ |
54.62 |
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Expired |
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(2.7) |
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$ |
14.44 |
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$ |
38.39 |
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Balance June 30, 2019 |
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417.5 |
|
$ |
55.97 |
|
519.0 |
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$ |
15.47 |
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$ |
41.34 |
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$ |
21,500.4 |
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Exercisable June 30, 2019 (a) |
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183.0 |
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$ |
13.48 |
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$ |
35.52 |
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$ |
8,645.8 |
| (a) |
The weighted average remaining contractual term for vested stock options is 7.0 years.
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| 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:
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As of June 30, 2019 |
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Unrecognized Compensation Expense
on Unvested Awards |
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Weighted Average
Remaining
Vesting Period |
Unrecognized compensation expense related to unvested awards: |
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RSAs |
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$ |
12,319 |
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|
1.4 years |
Stock options |
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|
2,845 |
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|
1.1 years |
Total unrecognized compensation expense related to unvested awards |
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$ |
15,164 |
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| Schedule of assumptions used to estimate the fair values of options granted |
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2019 |
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2018 |
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Risk free interest rate |
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2.59 |
% |
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|
2.78 |
% |
Expected volatility, using historical return volatility and implied volatility |
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|
32.50 |
% |
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|
32.50 |
% |
Expected life (in years) |
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|
6.0 |
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|
6.0 |
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Dividend yield |
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|
0.00 |
% |
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|
0.00 |
% |
Estimated fair value of stock options granted |
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$ |
21.16 |
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$ |
27.44 |
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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 21, 2017 |
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$ |
1,839 |
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$ |
— |
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$ |
460 |
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$ |
1,839 |
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$ |
3,678 |
February 19, 2018 |
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$ |
2,102 |
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$ |
— |
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$ |
526 |
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$ |
2,102 |
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$ |
4,204 |
February 18, 2019 |
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$ |
2,533 |
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$ |
— |
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$ |
633 |
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$ |
2,533 |
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$ |
5,066 |
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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 |
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2019 |
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2018 |
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Measurement period (years) |
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2.87 |
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2.87 |
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Risk free interest rate |
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|
2.50 |
% |
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|
2.36 |
% |
Dividend yield |
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|
0.00 |
% |
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|
0.00 |
% |
Estimated fair value of market-based RSAs granted |
|
$ |
80.74 |
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$ |
103.31 |
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