Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2019 |
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| Share-based Payment Arrangement [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, |
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| (in thousands) |
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2019 |
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2018 |
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2017 |
| Cost of sales |
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$ |
278 |
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$ |
250 |
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$ |
243 |
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| SG&A expense |
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17,554 |
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14,041 |
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11,043 |
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| Pre-tax stock-based compensation expense |
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17,832 |
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14,291 |
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11,286 |
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| Income tax benefits |
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(4,009) |
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(3,218) |
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(1,778) |
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| Total stock-based compensation expense, net of tax |
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$ |
13,823 |
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$ |
11,073 |
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$ |
9,508 |
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| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for stock options granted and resulting fair value in the years ended December 31:
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2019 |
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2018 |
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2017 |
| Expected option term |
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4.50 years |
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4.50 years |
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4.54 years |
| Expected stock price volatility |
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27.14% |
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28.39% |
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28.91% |
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| Risk-free interest rate |
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2.49% |
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2.47% |
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1.73% |
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| Expected annual dividend yield |
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1.03% |
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1.15% |
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1.29% |
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| Weighted average grant date fair value per share |
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$22.51 |
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$18.86 |
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$13.11 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Shares |
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Weighted
Average
Exercise
Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (1)
(in thousands)
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| Options outstanding at January 1, 2017 |
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2,151,542 |
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$ |
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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| Granted |
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395,653 |
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93.98 |
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| Cancelled |
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(68,275) |
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74.10 |
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| Exercised |
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(452,325) |
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43.76 |
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| Options outstanding at December 31, 2019 |
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1,479,674 |
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$ |
66.74 |
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7.11 |
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$ |
49,930 |
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| Options vested and expected to vest at December 31, 2019 |
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1,421,269 |
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$ |
66.05 |
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7.05 |
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$ |
48,915 |
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| Options exercisable at December 31, 2019 |
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605,469 |
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$ |
50.57 |
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5.48 |
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$ |
30,048 |
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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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2019 |
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2018 |
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2017 |
| Vesting period |
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3.76 years |
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3.77 years |
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3.87 years |
| Expected annual dividend yield |
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0.97% |
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1.15% |
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1.30% |
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| Weighted average grant date fair value per restricted stock unit granted |
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$94.58 |
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$73.74 |
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$52.45 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Shares
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Weighted Average
Grant Date Fair Value Per Share
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| Restricted stock units outstanding at January 1, 2017 |
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466,475 |
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$ |
47.23 |
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| Granted |
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270,169 |
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52.45 |
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Vested(1)
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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(1)
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(155,847) |
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50.97 |
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| Forfeited |
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(66,926) |
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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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| Granted |
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177,618 |
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94.58 |
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Vested(1)
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(163,195) |
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60.45 |
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| Forfeited |
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(33,320) |
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72.35 |
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| Restricted stock units outstanding at December 31, 2019 |
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405,104 |
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$ |
76.45 |
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