Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.19.1
Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 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 March 31, 

 

 

2019

 

2018

Share-based compensation expense

 

$

2,972

 

$

2,402

Income tax benefit realized from the vesting of awards

 

$

2,246

 

$

2,614

 

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the three months ended March 31 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

 

$

35.45

 

$

8,685.8

Granted

 

185.9

 

$

66.63

 

103.5

 

$

21.16

 

$

58.08

 

 

 

Converted/Exercised

 

(279.9)

 

$

28.78

 

(49.5)

 

$

11.00

 

$

28.59

 

$

1,517.8

Forfeited

 

(15.2)

 

$

55.89

 

(9.7)

 

$

20.28

 

$

54.62

 

 

 

Expired

 

 

 

 

 

 

(2.7)

 

$

14.44

 

$

38.39

 

 

 

Balance March 31, 2019

 

390.0

 

$

55.89

 

653.0

 

$

14.42

 

$

38.33

 

$

17,978.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable March 31, 2019 (a)

 

 

 

 

315.3

 

$

12.12

 

$

31.66

 

$

10,682.1

(a)

The weighted average remaining contractual term for vested stock options is 6.8 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 March 31, 2019

 

 

Unrecognized Compensation Expense
on Unvested Awards

 

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

 

 

 

 

 

 

RSAs

 

$

13,265

 

 

1.6 years

Stock options

 

 

4,032

 

 

1.3 years

Total unrecognized compensation expense related to unvested awards

 

$

17,297

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

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

 

$

1,847

 

$

 —

 

$

462

 

$

1,847

 

$

3,694

February 19, 2018

 

$

2,110

 

$

 —

 

$

528

 

$

2,110

 

$

4,220

February 18, 2019

 

$

2,544

 

$

 —

 

$

636

 

$

2,544

 

$

5,088

 

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

 

 

 

 

 

 

 

 

 

 

 

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