Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of stock-based compensation expense |
Employee stock-based compensation expense was as follows:
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Year Ended December 31, |
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2018 |
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2017 |
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2016 |
Stock-based compensation expense |
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$ |
40,245 |
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$ |
31,331 |
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$ |
33,276 |
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Tax effect on stock-based compensation expense |
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(10,093 |
) |
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(11,906 |
) |
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(13,001 |
) |
Net effect on income |
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$ |
30,152 |
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$ |
19,425 |
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$ |
20,275 |
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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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2018 |
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2017 |
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2016 |
Grant date fair value of options |
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$ |
— |
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$ |
14.51 |
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$ |
9.56 |
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Volatility |
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— |
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43.8 |
% |
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42.2 |
% |
Risk-free interest rate |
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— |
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2.1 |
% |
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1.4 |
% |
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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6.3 |
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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, 2015 |
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3,533,791 |
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$ |
15.03 |
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4.7 |
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$ |
61,199 |
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Granted |
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163,864 |
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22.38 |
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Exercised |
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(598,382 |
) |
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8.23 |
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Forfeited |
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(66,079 |
) |
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35.08 |
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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 |
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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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Options exercisable |
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1,830,082 |
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19.78 |
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3.3 |
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54,837 |
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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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2018 |
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2017 |
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2016 |
Total intrinsic value of options exercised |
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$ |
15,667 |
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$ |
29,562 |
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$ |
14,165 |
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Cash received from exercises of stock options |
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5,305 |
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7,951 |
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4,924 |
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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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Weighted- |
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Average Grant |
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Number of |
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Date Fair Value |
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Shares |
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per Share |
Outstanding as of December 31, 2015 |
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2,153,211 |
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$ |
35.63 |
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Granted |
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1,009,661 |
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28.82 |
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Vested |
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(1,082,206 |
) |
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29.12 |
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Forfeited |
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(185,907 |
) |
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30.96 |
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Outstanding as of December 31, 2016 |
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1,894,759 |
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30.40 |
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Granted |
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959,591 |
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32.38 |
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Vested |
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(969,513 |
) |
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31.51 |
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Forfeited |
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(118,198 |
) |
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30.11 |
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Outstanding as of December 31, 2017 |
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1,766,639 |
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32.48 |
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Granted |
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996,099 |
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55.42 |
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Vested |
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(1,073,681 |
) |
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32.62 |
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Forfeited |
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(103,269 |
) |
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40.37 |
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Outstanding as of December 31, 2018 |
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1,585,788 |
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46.33 |
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