Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.10.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of stock-based compensation expense
Employee stock-based compensation expense was as follows:

 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Stock-based compensation expense
 
$
40,245

 
$
31,331

 
$
33,276

Tax effect on stock-based compensation expense
 
(10,093
)
 
(11,906
)
 
(13,001
)
Net effect on income
 
$
30,152

 
$
19,425

 
$
20,275

Schedule of weighted average assumptions used to value options granted
The following weighted average assumptions were used to value options granted during the periods indicated:

 
 
December 31,
 
 
2018
 
2017
 
2016
Grant date fair value of options
 
$

 
$
14.51

 
$
9.56

Volatility
 

 
43.8
%
 
42.2
%
Risk-free interest rate
 

 
2.1
%
 
1.4
%
Dividend yield
 

 

 

Expected term (in years)
 

 
6.3

 
6.3

Summary of option activity under the Company's plans
The following table summarizes option activity under the Company’s plans: 

 
 
 
 
 
 
Weighted-Average
 
 
 
 
 
 
Weighted-
 
Remaining
 
 
 
 
 
 
Average
 
Contractual Life
 
Aggregate
 
 
Options
 
Exercise Price
 
(Years)
 
Intrinsic Value
Outstanding as of December 31, 2015
 
3,533,791

 
$
15.03

 
4.7
 
$
61,199

Granted
 
163,864

 
22.38

 
 
 
 
Exercised
 
(598,382
)
 
8.23

 
 
 
 
Forfeited
 
(66,079
)
 
35.08

 
 
 
 
Outstanding as of December 31, 2016
 
3,033,194

 
16.33

 
4.3
 
63,264

Granted
 
75,238

 
31.70

 
 
 
 
Exercised
 
(837,857
)
 
9.49

 
 
 
 
Forfeited
 
(16,010
)
 
37.42

 
 
 
 
Outstanding as of December 31, 2017
 
2,254,565

 
19.23

 
4.3
 
69,939

Granted
 

 

 
 
 
 
Exercised
 
(359,345
)
 
14.76

 
 
 
 
Forfeited
 
(7,251
)
 
27.51

 
 
 
 
Outstanding as of December 31, 2018
 
1,887,969

 
20.05

 
3.4
 
56,046

Options exercisable
 
1,830,082

 
19.78

 
3.3
 
54,837

Schedule of other information
Other information is as follows: 

 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
Total intrinsic value of options exercised
 
$
15,667

 
$
29,562

 
$
14,165

Cash received from exercises of stock options
 
5,305

 
7,951

 
4,924

Summary of the activity for unvested restricted stock units and awards granted under the Company's plans
The following is a summary of the activity for unvested restricted stock units and awards granted under the Company’s plans:

 
 
 
 
Weighted-
 
 
 
 
Average Grant
 
 
Number of
 
Date Fair Value
 
 
Shares
 
per Share
Outstanding as of December 31, 2015
 
2,153,211

 
$
35.63

Granted
 
1,009,661

 
28.82

Vested
 
(1,082,206
)
 
29.12

Forfeited
 
(185,907
)
 
30.96

Outstanding as of December 31, 2016
 
1,894,759

 
30.40

Granted
 
959,591

 
32.38

Vested
 
(969,513
)
 
31.51

Forfeited
 
(118,198
)
 
30.11

Outstanding as of December 31, 2017
 
1,766,639

 
32.48

Granted
 
996,099

 
55.42

Vested
 
(1,073,681
)
 
32.62

Forfeited
 
(103,269
)
 
40.37

Outstanding as of December 31, 2018
 
1,585,788

 
46.33