Annual report pursuant to Section 13 and 15(d)

Stock-Based Compensation (Tables)

v3.10.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense consisted of the following:
 
 
Year Ended December 31,
(in thousands)
 
2018
 
2017
 
2016
Cost of sales
 
$
250

 
$
243

 
$
233

SG&A expense
 
14,041

 
11,043

 
10,753

Pre-tax stock-based compensation expense
 
14,291

 
11,286

 
10,986

Income tax benefits
 
(3,218
)
 
(1,778
)
 
(3,969
)
Total stock-based compensation expense, net of tax
 
$
11,073

 
$
9,508

 
$
7,017

Schedule of Weighted Average Assumptions
The following table presents the weighted average assumptions for stock options granted in the years ended December 31:
 
 
2018
 
2017
 
2016
Expected option term
 
4.50 years
 
4.54 years
 
4.63 years
Expected stock price volatility
 
28.39%
 
28.91%
 
29.79%
Risk-free interest rate
 
2.47%
 
1.73%
 
1.17%
Expected annual dividend yield
 
1.15%
 
1.29%
 
1.20%
Weighted average grant date fair value
 
$18.86
 
$13.11
 
$13.38

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, 2016
 
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

Granted
 
540,537

 
55.90

 
 
 
 
Cancelled
 
(246,450
)
 
50.62

 
 
 
 
Exercised
 
(675,742
)
 
29.52

 
 
 
 
Options outstanding at December 31, 2017
 
1,769,887

 
44.22

 
6.69
 
48,962

Granted
 
402,010

 
76.48

 
 
 
 
Cancelled
 
(67,440
)
 
60.75

 
 
 
 
Exercised
 
(499,836
)
 
36.98

 
 
 
 
Options outstanding at December 31, 2018
 
1,604,621

 
$
53.86

 
6.95
 
$
48,703

Options vested and expected to vest at December 31, 2018
 
1,542,039

 
$
53.31

 
6.88
 
$
47,647

Options exercisable at December 31, 2018
 
703,049

 
$
40.39

 
5.16
 
$
30,727

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:
 
 
2018
 
2017
 
2016
Vesting period
 
3.77 years
 
3.87 years
 
3.57 years
Expected annual dividend yield
 
1.15%
 
1.30%
 
1.08%
Estimated average grant date fair value per restricted stock unit granted
 
$73.74
 
$52.45
 
$55.93
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, 2016
 
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

Granted
 
270,169

 
52.45

Vested
 
(176,654
)
 
42.32

Forfeited
 
(110,515
)
 
48.13

Restricted stock units outstanding at December 31, 2017
 
449,475

 
52.07

Granted
 
197,299

 
73.74

Vested
 
(155,847
)
 
50.97

Forfeited
 
(66,926
)
 
53.19

Restricted stock units outstanding at December 31, 2018
 
424,001

 
$
62.38