Annual report pursuant to Section 13 and 15(d)

Share-Based Compensation (Tables)

v3.8.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
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, 

 

 

2017

 

2016

 

2015

Share-based compensation expense

 

$

9,889

 

$

7,669

 

$

4,651

Income tax benefit realized from award vestings

 

$

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, 2017, 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, 2016

 

653.1

 

$

25.71

 

712.0

 

$

9.73

 

$

25.03

 

$

7,525.8

Granted

 

158.9

 

$

44.28

 

153.0

 

$

14.62

 

$

38.89

 

 

 

Converted/Exercised

 

(187.7)

 

$

24.06

 

(181.5)

 

$

8.56

 

$

21.88

 

$

6,267.5

Forfeited

 

(33.1)

 

$

31.08

 

 —

 

$

 —

 

$

 —

 

 

 

Balance December 31, 2017

 

591.2

 

$

30.92

 

683.5

 

$

11.13

 

$

28.97

 

$

31,969.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable December 31, 2017 (a)

 

 

 

 

141.4

 

$

10.22

 

$

26.45

 

$

6,970.0

(a)

The weighted average remaining contractual term for vested options is 7.8 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, 2017

 

 

Unrecognized Compensation Expense
on Unvested Awards

 

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

 

 

 

 

 

 

RSAs

 

$

10,531

 

 

1.3 years

Options

 

 

4,122

 

 

1.2 years

Total unrecognized compensation expense related to unvested awards

 

$

14,653

 

 

 

 

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

 

$

1,942

 

$

 —

 

$

486

 

$

1,942

 

$

3,884

February 21, 2017

 

$

2,143

 

$

 —

 

$

536

 

$

2,143

 

$

4,286

 

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 2017 and 2016:

 

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

2016

 

Measurement period (years)

 

 

2.86

 

 

 

2.86

 

Risk free interest rate

 

 

1.46

%

 

 

0.90

%

Dividend yield

 

 

0.00

%

 

 

0.00

%

Estimated fair value of market-based RSAs granted

 

$

50.06

 

 

$

33.77

 

 

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

 

 

 

 

 

 

 

 

 

 

 

2017

 

 

2016

 

Risk free interest rate

 

 

2.18

%

 

 

1.51

%

Expected volatility, using historical return volatility and implied volatility

 

 

35.00

%

 

 

38.00

%

Expected life (in years)

 

 

6.0

 

 

 

6.0

 

Dividend yield

 

 

0.00

%

 

 

0.00

%

Estimated fair value of options granted

 

$

14.44

 

 

$

10.20