Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.19.3.a.u2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
Employee stock-based compensation expense under the Company's plans was as follows:
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Stock-based compensation expense
 
$
54,436

 
$
40,245

 
$
31,331

Tax effect on stock-based compensation expense
 
(13,734
)
 
(10,093
)
 
(11,906
)
Net effect on income
 
$
40,702

 
$
30,152

 
$
19,425


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,
 
 
2019
 
2018
 
2017
Grant date fair value of options
 
$
21.55

 
$

 
$
14.51

Volatility
 
40.0
%
 
%
 
43.8
%
Risk-free interest rate
 
2.5
%
 
%
 
2.1
%
Dividend yield
 

 

 

Expected term (in years)
 
6.5

 

 
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, 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

Granted
 
81,807

 
49.02

 
 
 
 
Exercised
 
(783,216
)
 
13.52

 
 
 
 
Forfeited
 
(35,974
)
 
48.33

 
 
 
 
Outstanding as of December 31, 2019
 
1,150,586

 
25.66

 
3.4
 
50,590

Options exercisable
 
1,097,503

 
24.63

 
3.1
 
49,383


Schedule of other information
Other information is as follows: 
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Total intrinsic value of options exercised
 
$
40,893

 
$
15,667

 
$
29,562

Cash received from exercises of stock options
 
10,592

 
5,305

 
7,951


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:
 
 
RSUs
 
PSUs
 
 
 
 
Weighted-
 
 
 
Weighted-
 
 
 
 
Average Grant
 
 
 
Average Grant
 
 
Number of
 
Date Fair Value
 
Number of
 
Date Fair Value
 
 
Shares
 
per Share
 
Shares
 
per Share
Outstanding as of December 31, 2016
 
1,689,759

 
$
32.64

 
205,000

 
$
31.03

Granted
 
959,591

 
32.38

 

 

Vested
 
(901,181
)
 
32.79

 
(68,332
)
 
31.03

Forfeited
 
(118,198
)
 
30.11

 

 

Outstanding as of December 31, 2017
 
1,629,971

 
32.60

 
136,668

 
31.03

Granted
 
940,113

 
55.24

 
55,986

 
61.25

Vested
 
(1,005,347
)
 
32.73

 
(68,334
)
 
31.03

Forfeited
 
(103,269
)
 
40.37

 

 

Outstanding as of December 31, 2018
 
1,461,468

 
46.59

 
124,320

 
44.64

Granted
 
997,971

 
61.91

 
202,168

 
69.68

Vested
 
(1,029,790
)
 
45.11

 
(68,334
)
 
31.03

Forfeited
 
(110,779
)
 
53.16

 
(4,036
)
 
61.27

Outstanding as of December 31, 2019
 
1,318,870

 
58.88

 
254,118

 
67.96