Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Compensation (Tables)

v3.19.3
Stock-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of stock-based compensation expense
Stock-based compensation expense under the Company’s plans was as follows:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
2019
 
2018
Stock-based compensation expense
 
$
13,169

 
$
10,603

 
$
39,467

 
$
29,574

Tax effect on stock-based compensation expense
 
(3,438
)
 
(2,682
)
 
(10,305
)
 
(7,482
)
Net effect on income
 
$
9,731


$
7,921


$
29,162

 
$
22,092


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:
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30,
 
September 30,
 
 
2019
 
2018
 
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)
 

 

 
6.5

 


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, 2018
 
1,887,969

 
$
20.05

 
3.4
 
$
56,046

Granted
 
81,807

 
49.02

 
 
 
 
Exercised
 
(200,326
)
 
16.91

 
 
 
 
Forfeited
 
(1,100
)
 
31.70

 
 
 
 
Outstanding as of March 31, 2019
 
1,768,350

 
21.74

 
3.5
 
77,197

Exercised
 
(114,109
)
 
13.36

 
 
 
 
Outstanding as of June 30, 2019
 
1,654,241

 
22.31

 
3.4
 
76,187

Exercised
 
(225,414
)
 
9.41

 
 
 
 
Forfeited
 
(34,818
)
 
48.86

 
 
 
 
Outstanding as of September 30, 2019
 
1,394,009

 
23.74

 
3.3
 
45,949

Options exercisable
 
1,332,602

 
$
22.77

 
3.0
 
$
45,209


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:
 
 
RSUs
 
PSUs
 
 
Number of
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
 
Number of
Shares
 
Weighted-
Average Grant
Date Fair Value
per Share
Outstanding as of December 31, 2018
 
1,461,468

 
$
46.59

 
124,320

 
$
44.64

Granted
 
872,104

 
60.94

 
68,510

 
64.32

Vested
 
(479,479
)
 
45.98

 

 

Forfeited
 
(20,830
)
 
48.31

 
(4,036
)
 
61.27

Outstanding as of March 31, 2019
 
1,833,263

 
53.67

 
188,794

 
51.42

Granted
 
48,032

 
68.50

 
123,812

 
73.60

Vested
 
(114,056
)
 
47.94

 
(68,334
)
 
31.03

Forfeited
 
(22,074
)
 
56.55

 

 

Outstanding as of June 30, 2019
 
1,745,165

 
54.40

 
244,272

 
$
67.78

Granted
 
77,199

 
71.49

 
3,495

 
77.68

Vested
 
(242,789
)
 
42.80

 

 

Forfeited
 
(39,734
)
 
54.61

 

 

Outstanding as of September 30, 2019
 
1,539,841

 
57.37

 
247,767

 
67.98