Stock-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2019 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of stock-based compensation expense |
Stock-based compensation expense under the Company’s plans was as follows:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Stock-based compensation expense |
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$ |
13,169 |
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$ |
10,603 |
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$ |
39,467 |
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$ |
29,574 |
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Tax effect on stock-based compensation expense |
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(3,438 |
) |
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(2,682 |
) |
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(10,305 |
) |
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(7,482 |
) |
Net effect on income |
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$ |
9,731 |
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$ |
7,921 |
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$ |
29,162 |
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$ |
22,092 |
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| 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:
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Three Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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2019 |
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2018 |
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2019 |
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2018 |
Grant date fair value of options |
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$ |
— |
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$ |
— |
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$ |
21.55 |
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$ |
— |
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Volatility |
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— |
% |
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— |
% |
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40.0 |
% |
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— |
% |
Risk-free interest rate |
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— |
% |
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— |
% |
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2.5 |
% |
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— |
% |
Dividend yield |
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— |
% |
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— |
% |
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— |
% |
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— |
% |
Expected term (in years) |
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— |
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— |
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6.5 |
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— |
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| Summary of option activity under the company's plans |
The following table summarizes option activity under the Company’s plans:
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Weighted-Average |
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Weighted- |
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Remaining |
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Average |
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Contractual Life |
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Aggregate |
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Options |
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Exercise Price |
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(Years) |
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Intrinsic Value |
Outstanding as of December 31, 2018 |
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1,887,969 |
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$ |
20.05 |
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3.4 |
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$ |
56,046 |
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Granted |
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81,807 |
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|
49.02 |
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Exercised |
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(200,326 |
) |
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16.91 |
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Forfeited |
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(1,100 |
) |
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31.70 |
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Outstanding as of March 31, 2019 |
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1,768,350 |
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21.74 |
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3.5 |
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77,197 |
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Exercised |
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(114,109 |
) |
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13.36 |
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Outstanding as of June 30, 2019 |
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1,654,241 |
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22.31 |
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3.4 |
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76,187 |
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Exercised |
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(225,414 |
) |
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9.41 |
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Forfeited |
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(34,818 |
) |
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48.86 |
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Outstanding as of September 30, 2019 |
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1,394,009 |
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23.74 |
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3.3 |
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45,949 |
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Options exercisable |
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1,332,602 |
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$ |
22.77 |
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3.0 |
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$ |
45,209 |
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| 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 performance stock units granted under the Company’s plans:
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RSUs |
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PSUs |
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Number of
Shares
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Weighted-
Average Grant
Date Fair Value
per Share
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Number of
Shares |
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Weighted-
Average Grant
Date Fair Value
per Share |
Outstanding as of December 31, 2018 |
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1,461,468 |
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$ |
46.59 |
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124,320 |
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$ |
44.64 |
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Granted |
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872,104 |
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60.94 |
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68,510 |
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64.32 |
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Vested |
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(479,479 |
) |
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45.98 |
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— |
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— |
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Forfeited |
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(20,830 |
) |
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48.31 |
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(4,036 |
) |
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61.27 |
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Outstanding as of March 31, 2019 |
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1,833,263 |
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53.67 |
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188,794 |
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|
51.42 |
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Granted |
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48,032 |
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68.50 |
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123,812 |
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|
73.60 |
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Vested |
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(114,056 |
) |
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47.94 |
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(68,334 |
) |
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31.03 |
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Forfeited |
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(22,074 |
) |
|
56.55 |
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— |
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— |
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Outstanding as of June 30, 2019 |
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1,745,165 |
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|
54.40 |
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|
244,272 |
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$ |
67.78 |
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Granted |
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77,199 |
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|
71.49 |
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|
3,495 |
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|
77.68 |
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Vested |
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(242,789 |
) |
|
42.80 |
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— |
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— |
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Forfeited |
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(39,734 |
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|
54.61 |
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— |
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— |
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Outstanding as of September 30, 2019 |
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1,539,841 |
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|
57.37 |
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247,767 |
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67.98 |
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