Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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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, |
| (in thousands) |
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2021 |
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2020 |
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2019 |
| Cost of sales |
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$ |
313 |
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$ |
303 |
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$ |
278 |
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| SG&A expense |
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18,813 |
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17,475 |
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17,554 |
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| Pre-tax stock-based compensation expense |
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19,126 |
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17,778 |
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17,832 |
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| Income tax benefits |
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(4,465) |
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(4,015) |
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(4,009) |
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| Total stock-based compensation expense, net of tax |
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$ |
14,661 |
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$ |
13,763 |
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$ |
13,823 |
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| Schedule of Weighted Average Assumptions |
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Expected option term |
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4.35 years |
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4.39 years |
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4.50 years |
| Expected stock price volatility |
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24.88% |
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21.19% |
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27.14% |
| Risk-free interest rate |
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0.54% |
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1.14% |
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2.49% |
| Expected annual dividend yield |
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1.09% |
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1.13% |
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1.03% |
| Weighted average grant date fair value per stock option granted |
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$17.95 |
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$14.67 |
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$22.51 |
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Shares |
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Weighted
Average
Exercise
Price |
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (1)
(in thousands)
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Options outstanding at January 1, 2019 |
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1,604,621 |
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$ |
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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| Granted |
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660,071 |
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87.25 |
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| Cancelled |
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(78,163) |
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83.76 |
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| Exercised |
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(142,419) |
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48.58 |
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Options outstanding at December 31, 2020 |
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1,919,163 |
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74.45 |
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7.19 |
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29,489 |
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| Granted |
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687,772 |
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95.90 |
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| Cancelled |
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(213,444) |
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89.96 |
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| Exercised |
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(459,957) |
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62.58 |
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Options outstanding at December 31, 2021 |
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1,933,534 |
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$ |
83.19 |
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7.26 |
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$ |
29,889 |
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Options vested and expected to vest at December 31, 2021 |
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1,844,333 |
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$ |
82.67 |
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7.18 |
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$ |
29,397 |
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Options exercisable at December 31, 2021 |
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773,731 |
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$ |
69.79 |
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5.40 |
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$ |
21,744 |
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| Schedule Of Weighted Average Assumptions for Restricted Stock Units |
The weighted average assumptions for restricted stock units granted and resulting fair value are as follows:
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Year Ended December 31, |
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2021 |
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2020 |
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2019 |
| Vesting period |
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3.77 years |
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3.79 years |
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3.76 years |
| Expected annual dividend yield |
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1.04% |
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1.18% |
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0.97% |
| Weighted average grant date fair value per restricted stock unit granted |
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$96.07 |
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$78.90 |
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$94.58 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Shares
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Weighted Average
Grant Date Fair Value Per Share
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Restricted stock units outstanding at January 1, 2019 |
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424,001 |
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$ |
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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| Granted |
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216,318 |
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78.90 |
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Vested(1)
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(160,229) |
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68.72 |
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| Forfeited |
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(35,918) |
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79.36 |
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Restricted stock units outstanding at December 31, 2020 |
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425,275 |
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80.37 |
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| Granted |
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176,804 |
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96.07 |
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Vested(1)
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(164,088) |
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75.61 |
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| Forfeited |
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(68,399) |
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86.38 |
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Restricted stock units outstanding at December 31, 2021 |
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369,592 |
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$ |
88.88 |
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