Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.6.0.2
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense consisted of the following (in thousands):
 
 
Year Ended December 31,
 
 
2016
 
2015
 
2014
Cost of sales
 
$
233

 
$
326

 
$
399

SG&A expense
 
10,753

 
11,346

 
10,721

Pre-tax stock-based compensation expense
 
10,986

 
11,672

 
11,120

Income tax benefits
 
(3,969
)
 
(4,044
)
 
(3,874
)
Total stock-based compensation expense, net of tax
 
$
7,017

 
$
7,628

 
$
7,246

Schedule of Weighted Average Assumptions
The following table presents the weighted average assumptions for the years ended December 31:
 
 
2016
 
2015
 
2014
Expected term
 
4.63 years
 
4.60 years
 
4.69 years
Expected stock price volatility
 
29.79%
 
26.57%
 
27.62%
Risk-free interest rate
 
1.17%
 
1.20%
 
1.22%
Expected dividend yield
 
1.20%
 
1.26%
 
1.34%
Weighted average grant date fair value
 
$13.38
 
$10.36
 
$8.69

Summary of Stock Option Activity
The following table summarizes stock option activity under the Plan:
 
 
Number of
Shares
 
 Weighted
Average
Exercise
Price
 
Weighted Average Remaining Contractual Life
 
Aggregate Intrinsic Value (in thousands)
Options outstanding at January 1, 2014
 
3,148,264

 
$
25.02

 
6.36
 
$
45,187

Granted
 
512,761

 
39.69

 
 
 
 
Cancelled
 
(102,598
)
 
28.39

 
 
 
 
Exercised
 
(917,642
)
 
24.28

 
 
 
 
Options outstanding at December 31, 2014
 
2,640,785

 
28.00

 
6.50
 
43,682

Granted
 
500,761

 
48.46

 
 
 
 
Cancelled
 
(172,018
)
 
34.59

 
 
 
 
Exercised
 
(680,658
)
 
25.63

 
 
 
 
Options outstanding at December 31, 2015
 
2,288,870

 
32.69

 
6.50
 
38,209

Granted
 
430,544

 
56.63

 
 
 
 
Cancelled
 
(117,699
)
 
47.33

 
 
 
 
Exercised
 
(450,173
)
 
29.25

 
 
 
 
Options outstanding at December 31, 2016
 
2,151,542

 
$
37.40

 
6.39
 
$
45,253

Options vested and expected to vest at December 31, 2016
 
2,086,456

 
$
36.95

 
6.32
 
$
44,798

Options exercisable at December 31, 2016
 
1,168,794

 
$
28.63

 
4.90
 
$
34,691

Schedule Of Weighted Average Assumptions for Restricted Stock Units
The following table presents the weighted average assumptions for the years ended December 31:
 
 
2016
 
2015
 
2014
Vesting period
 
3.57 years
 
3.82 years
 
3.83 years
Expected dividend yield
 
1.08%
 
1.14%
 
1.33%
Estimated average fair value per restricted stock unit granted
 
$55.93
 
$51.07
 
$38.98
Summary of Restricted Stock Unit Activity
The following table summarizes the restricted stock unit activity under the Plan:
 
 
Number of  
Shares
 
Weighted Average  
Grant Date Fair Value Per Share 
Restricted stock units outstanding at January 1, 2014
 
674,494

 
$
25.67

Granted
 
272,642

 
38.98

Vested
 
(220,348
)
 
25.21

Forfeited
 
(68,028
)
 
28.51

Restricted stock units outstanding at December 31, 2014
 
658,760

 
31.03

Granted
 
207,040

 
51.07

Vested
 
(243,765
)
 
28.09

Forfeited
 
(68,746
)
 
34.57

Restricted stock units outstanding at December 31, 2015
 
553,289

 
38.85

Granted
 
205,734

 
55.93

Vested
 
(235,059
)
 
33.98

Forfeited
 
(57,489
)
 
46.35

Restricted stock units outstanding at December 31, 2016
 
466,475

 
$
47.23