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 |
Stock-based compensation expense consisted of the following:
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Year Ended December 31, |
(in thousands) |
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2018 |
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2017 |
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2016 |
Cost of sales |
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$ |
250 |
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|
$ |
243 |
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|
$ |
233 |
|
SG&A expense |
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14,041 |
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|
11,043 |
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|
10,753 |
|
Pre-tax stock-based compensation expense |
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14,291 |
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|
11,286 |
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|
10,986 |
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Income tax benefits |
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(3,218 |
) |
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(1,778 |
) |
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(3,969 |
) |
Total stock-based compensation expense, net of tax |
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$ |
11,073 |
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$ |
9,508 |
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$ |
7,017 |
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| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for stock options granted in the years ended December 31:
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2018 |
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2017 |
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2016 |
Expected option term |
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4.50 years |
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4.54 years |
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4.63 years |
Expected stock price volatility |
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28.39% |
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28.91% |
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29.79% |
Risk-free interest rate |
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2.47% |
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1.73% |
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1.17% |
Expected annual dividend yield |
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1.15% |
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1.29% |
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1.20% |
Weighted average grant date fair value |
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$18.86 |
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$13.11 |
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$13.38 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Shares |
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Weighted
Average
Exercise
Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (in thousands)
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Options outstanding at January 1, 2016 |
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2,288,870 |
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$ |
32.69 |
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|
6.50 |
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$ |
38,209 |
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Granted |
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430,544 |
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|
56.63 |
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Cancelled |
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(117,699 |
) |
|
47.33 |
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Exercised |
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(450,173 |
) |
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29.25 |
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Options outstanding at December 31, 2016 |
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2,151,542 |
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37.40 |
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6.39 |
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45,253 |
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Granted |
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540,537 |
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55.90 |
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Cancelled |
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(246,450 |
) |
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50.62 |
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Exercised |
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(675,742 |
) |
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29.52 |
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Options outstanding at December 31, 2017 |
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1,769,887 |
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|
44.22 |
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6.69 |
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48,962 |
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Granted |
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402,010 |
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|
76.48 |
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Cancelled |
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(67,440 |
) |
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60.75 |
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Exercised |
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(499,836 |
) |
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36.98 |
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Options outstanding at December 31, 2018 |
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1,604,621 |
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$ |
53.86 |
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6.95 |
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$ |
48,703 |
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Options vested and expected to vest at December 31, 2018 |
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1,542,039 |
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$ |
53.31 |
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6.88 |
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$ |
47,647 |
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Options exercisable at December 31, 2018 |
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703,049 |
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$ |
40.39 |
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|
5.16 |
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$ |
30,727 |
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| Schedule Of Weighted Average Assumptions for Restricted Stock Units |
The following table presents the weighted average assumptions for restricted stock units granted in the years ended December 31:
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2018 |
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2017 |
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2016 |
Vesting period |
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3.77 years |
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3.87 years |
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3.57 years |
Expected annual dividend yield |
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1.15% |
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1.30% |
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1.08% |
Estimated average grant date fair value per restricted stock unit granted |
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$73.74 |
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$52.45 |
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$55.93 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Shares
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Weighted Average
Grant Date Fair Value Per Share
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Restricted stock units outstanding at January 1, 2016 |
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553,289 |
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$ |
38.85 |
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Granted |
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205,734 |
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|
55.93 |
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Vested |
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(235,059 |
) |
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33.98 |
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Forfeited |
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(57,489 |
) |
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46.35 |
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Restricted stock units outstanding at December 31, 2016 |
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466,475 |
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|
47.23 |
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Granted |
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270,169 |
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|
52.45 |
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Vested |
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(176,654 |
) |
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42.32 |
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Forfeited |
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(110,515 |
) |
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48.13 |
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Restricted stock units outstanding at December 31, 2017 |
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449,475 |
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|
52.07 |
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Granted |
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197,299 |
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|
73.74 |
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Vested |
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(155,847 |
) |
|
50.97 |
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Forfeited |
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(66,926 |
) |
|
53.19 |
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Restricted stock units outstanding at December 31, 2018 |
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424,001 |
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$ |
62.38 |
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