Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.10.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Share-Based Compensation.  
Schedule of share-based compensation expense and related income tax benefit

The following table presents share-based compensation amounts recognized in our Consolidated Statements of Operations, in thousands:

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 

 

 

2018

 

2017

 

2016

Share-based compensation expense

 

$

11,317

 

$

9,889

 

$

7,669

Income tax benefit realized from the vesting of awards

 

$

3,154

 

$

2,882

 

$

588

 

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the year ended December 31, 2018, in thousands, except per share amounts:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

RSAs

 

Stock 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

 

107.3

 

$

85.43

 

77.3

 

$

27.44

 

$

74.50

 

 

 

Converted/Exercised

 

(144.8)

 

$

26.81

 

(134.5)

 

$

10.91

 

$

28.37

 

$

6,246.7

Forfeited

 

(54.5)

 

$

40.74

 

(14.9)

 

$

16.98

 

$

45.46

 

 

 

Balance December 31, 2018

 

499.2

 

$

41.29

 

611.4

 

$

13.10

 

$

34.45

 

$

8,685.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable December 31, 2018 (a)

 

 

 

 

203.8

 

$

10.65

 

$

27.55

 

$

3,570.9

(a)

The weighted average remaining contractual term for vested stock options is 6.7 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 December 31, 2018

 

 

Unrecognized Compensation Expense
on Unvested Awards

 

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

 

 

 

 

 

 

RSAs

 

$

8,589

 

 

0.8 years

Stock options

 

 

2,929

 

 

0.8 years

Total unrecognized compensation expense related to unvested awards

 

$

11,518

 

 

 

 

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

 

$

1,899

 

$

 —

 

$

475

 

$

1,899

 

$

3,798

February 21, 2017

 

$

1,962

 

$

 —

 

$

491

 

$

1,962

 

$

3,924

February 19, 2018

 

$

2,247

 

$

 —

 

$

562

 

$

2,247

 

$

4,494

 

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 2018 and 2017:

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

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 stock options granted

 

$

27.44

 

 

$

14.44