Share-Based Compensation (Tables)
|
9 Months Ended |
Sep. 30, 2019 |
|---|
| 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 condensed consolidated statements of operations, in thousands:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Share-based compensation expense |
|
$ |
3,926 |
|
$ |
2,848 |
|
$ |
11,411 |
|
$ |
8,244 |
Income tax benefit realized |
|
$ |
1,304 |
|
$ |
545 |
|
$ |
5,110 |
|
$ |
3,140 |
|
| 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, 2019, 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, 2018 |
|
499.2 |
|
$ |
41.29 |
|
611.4 |
|
$ |
13.10 |
|
$ |
34.45 |
|
$ |
8,685.8 |
Granted |
|
249.1 |
|
$ |
67.37 |
|
103.5 |
|
$ |
21.16 |
|
$ |
58.08 |
|
|
|
Converted/Exercised |
|
(310.0) |
|
$ |
30.99 |
|
(273.8) |
|
$ |
10.87 |
|
$ |
28.14 |
|
$ |
14,184.1 |
Forfeited |
|
(20.6) |
|
$ |
58.32 |
|
(9.7) |
|
$ |
20.28 |
|
$ |
54.62 |
|
|
|
Expired |
|
|
|
|
|
|
(2.7) |
|
$ |
14.44 |
|
$ |
38.39 |
|
|
|
Balance September 30, 2019 |
|
417.7 |
|
$ |
57.35 |
|
428.7 |
|
$ |
16.30 |
|
$ |
43.71 |
|
$ |
22,603.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exercisable September 30, 2019 (a) |
|
|
|
|
129.1 |
|
$ |
13.96 |
|
$ |
36.94 |
|
$ |
7,678.4 |
| (a) |
The weighted average remaining contractual term for vested stock options is approximately 6.9 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 September 30, 2019 |
|
|
Unrecognized Compensation Expense
on Unvested Awards |
|
Weighted Average
Remaining
Vesting Period |
Unrecognized compensation expense related to unvested awards: |
|
|
|
|
|
|
RSAs |
|
$ |
10,319 |
|
|
1.2 years |
Stock options |
|
|
1,910 |
|
|
1.0 years |
Total unrecognized compensation expense related to unvested awards |
|
$ |
12,229 |
|
|
|
|
| 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 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
Measurement period (years) |
|
|
2.87 |
|
|
|
2.87 |
|
Risk free interest rate |
|
|
2.50 |
% |
|
|
2.36 |
% |
Dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
Estimated fair value of market-based RSAs granted |
|
$ |
80.74 |
|
|
$ |
103.31 |
|
|
| 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 2019 and 2018:
|
|
|
|
|
|
|
|
|
|
|
2019 |
|
|
2018 |
|
Risk free interest rate |
|
|
2.59 |
% |
|
|
2.78 |
% |
Expected volatility, using historical return volatility and implied volatility |
|
|
32.50 |
% |
|
|
32.50 |
% |
Expected life (in years) |
|
|
6.0 |
|
|
|
6.0 |
|
Dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
Estimated fair value of stock options granted |
|
$ |
21.16 |
|
|
$ |
27.44 |
|
|
| 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 21, 2017 |
|
$ |
1,839 |
|
$ |
— |
|
$ |
460 |
|
$ |
1,839 |
|
$ |
3,678 |
February 19, 2018 |
|
$ |
2,082 |
|
$ |
— |
|
$ |
521 |
|
$ |
2,082 |
|
$ |
4,164 |
February 18, 2019 |
|
$ |
2,510 |
|
$ |
— |
|
$ |
628 |
|
$ |
2,510 |
|
$ |
5,020 |
|