Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.20.4
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
Stock-based compensation expense under the Company's plans was as follows:
  Year Ended December 31,
  2020 2019 2018
Stock-based compensation expense $ 56,292  $ 54,436  $ 40,245 
Tax effect on stock-based compensation expense (14,354) (13,734) (10,093)
Net effect on income $ 41,938  $ 40,702  $ 30,152 
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,
  2020 2019 2018
Grant date fair value of options $ —  $ 21.55  $ — 
Volatility —  % 40.0  % —  %
Risk-free interest rate —  % 2.5  % —  %
Dividend yield —  —  — 
Expected term (in years) 0.0 6.5 0.0
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, 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 
Granted —  — 
Exercised (705,333) 18.83 
Forfeited (7,213) 48.70 
Outstanding as of December 31, 2020 438,040  36.28  4.1 20,156 
Options exercisable 397,861  34.99  3.7 18,817 
Schedule of other information
Other information is as follows: 
  Year Ended December 31,
  2020 2019 2018
Total intrinsic value of options exercised $ 35,687  $ 40,893  $ 15,667 
Cash received from exercises of stock options 10,760  10,592  5,305 
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, 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 
Granted 970,390  74.61  81,689  83.47 
Vested (804,982) 57.77  —  — 
Forfeited (138,931) 62.14  (33,010) 64.70 
Outstanding as of December 31, 2020 1,345,347  70.56  302,797  72.50