Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Share-based Payment Arrangement [Abstract] |
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| Schedule of stock-based compensation expense |
Employee stock-based compensation expense under the Company's plans was as follows:
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Year Ended December 31, |
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2019 |
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2018 |
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2017 |
Stock-based compensation expense |
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$ |
54,436 |
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$ |
40,245 |
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$ |
31,331 |
|
Tax effect on stock-based compensation expense |
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(13,734 |
) |
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(10,093 |
) |
|
(11,906 |
) |
Net effect on income |
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$ |
40,702 |
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$ |
30,152 |
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$ |
19,425 |
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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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December 31, |
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2019 |
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2018 |
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2017 |
Grant date fair value of options |
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$ |
21.55 |
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$ |
— |
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$ |
14.51 |
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Volatility |
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40.0 |
% |
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— |
% |
|
43.8 |
% |
Risk-free interest rate |
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2.5 |
% |
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— |
% |
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2.1 |
% |
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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6.5 |
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— |
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6.3 |
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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, 2016 |
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3,033,194 |
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$ |
16.33 |
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|
4.3 |
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$ |
63,264 |
|
Granted |
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75,238 |
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|
31.70 |
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Exercised |
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(837,857 |
) |
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9.49 |
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Forfeited |
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(16,010 |
) |
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37.42 |
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Outstanding as of December 31, 2017 |
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2,254,565 |
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19.23 |
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4.3 |
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69,939 |
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Granted |
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— |
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— |
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Exercised |
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(359,345 |
) |
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14.76 |
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Forfeited |
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(7,251 |
) |
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27.51 |
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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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(783,216 |
) |
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13.52 |
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Forfeited |
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(35,974 |
) |
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48.33 |
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Outstanding as of December 31, 2019 |
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1,150,586 |
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25.66 |
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3.4 |
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50,590 |
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Options exercisable |
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1,097,503 |
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|
24.63 |
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3.1 |
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49,383 |
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| Schedule of other information |
Other information is as follows:
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Year Ended December 31, |
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2019 |
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2018 |
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2017 |
Total intrinsic value of options exercised |
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$ |
40,893 |
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$ |
15,667 |
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$ |
29,562 |
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Cash received from exercises of stock options |
|
10,592 |
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|
5,305 |
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|
7,951 |
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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 awards granted under the Company’s plans:
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RSUs |
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PSUs |
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Weighted- |
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Weighted- |
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Average Grant |
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Average Grant |
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Number of |
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Date Fair Value |
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Number of |
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Date Fair Value |
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Shares |
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per Share |
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Shares |
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per Share |
Outstanding as of December 31, 2016 |
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1,689,759 |
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$ |
32.64 |
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|
205,000 |
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$ |
31.03 |
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Granted |
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959,591 |
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|
32.38 |
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— |
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— |
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Vested |
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(901,181 |
) |
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32.79 |
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(68,332 |
) |
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31.03 |
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Forfeited |
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(118,198 |
) |
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30.11 |
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— |
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— |
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Outstanding as of December 31, 2017 |
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1,629,971 |
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|
32.60 |
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|
136,668 |
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|
31.03 |
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Granted |
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940,113 |
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|
55.24 |
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|
55,986 |
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|
61.25 |
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Vested |
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(1,005,347 |
) |
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32.73 |
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(68,334 |
) |
|
31.03 |
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Forfeited |
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(103,269 |
) |
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40.37 |
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— |
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— |
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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 |
|
997,971 |
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|
61.91 |
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202,168 |
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|
69.68 |
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Vested |
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(1,029,790 |
) |
|
45.11 |
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(68,334 |
) |
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31.03 |
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Forfeited |
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(110,779 |
) |
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53.16 |
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(4,036 |
) |
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61.27 |
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Outstanding as of December 31, 2019 |
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1,318,870 |
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|
58.88 |
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|
254,118 |
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|
67.96 |
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