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Stock-Based Compensation (Tables)
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12 Months Ended |
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Dec. 31, 2014
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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 (in thousands):
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Year Ended December 31, |
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2014 |
|
2013 |
|
2012 |
Cost of sales |
|
$ |
399 |
|
|
$ |
347 |
|
|
$ |
287 |
|
SG&A expense |
|
10,721 |
|
|
8,531 |
|
|
7,546 |
|
Pre-tax stock-based compensation expense |
|
11,120 |
|
|
8,878 |
|
|
7,833 |
|
Income tax benefits |
|
(3,874 |
) |
|
(3,102 |
) |
|
(2,724 |
) |
Total stock-based compensation expense, net of tax |
|
$ |
7,246 |
|
|
$ |
5,776 |
|
|
$ |
5,109 |
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| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for the years ended December 31:
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2014 |
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2013 |
|
2012 |
Expected term |
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4.69 years |
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4.70 years |
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4.78 years |
Expected stock price volatility |
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27.62% |
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30.53% |
|
32.20% |
Risk-free interest rate |
|
1.22% |
|
0.71% |
|
0.88% |
Expected dividend yield |
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1.34% |
|
1.62% |
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1.80% |
Weighted average grant date fair value |
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$8.69 |
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$6.18 |
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$5.79 |
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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
|
|
Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (in thousands) |
Options outstanding at January 1, 2012 |
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3,838,192 |
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|
$ |
23.02 |
|
|
6.25 |
|
$ |
9,141 |
|
Granted |
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716,338 |
|
|
24.41 |
|
|
|
|
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Cancelled |
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(344,930 |
) |
|
26.45 |
|
|
|
|
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Exercised |
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(761,622 |
) |
|
19.17 |
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|
|
|
|
Options outstanding at December 31, 2012 |
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3,447,978 |
|
|
23.82 |
|
|
6.15 |
|
13,001 |
|
Granted |
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708,220 |
|
|
27.33 |
|
|
|
|
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Cancelled |
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(119,098 |
) |
|
26.67 |
|
|
|
|
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Exercised |
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(888,836 |
) |
|
21.98 |
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|
|
|
|
Options outstanding at December 31, 2013 |
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3,148,264 |
|
|
25.02 |
|
|
6.36 |
|
45,187 |
|
Granted |
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512,761 |
|
|
39.69 |
|
|
|
|
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Cancelled |
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(102,598 |
) |
|
28.39 |
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|
|
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Exercised |
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(917,642 |
) |
|
24.28 |
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|
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Options outstanding at December 31, 2014 |
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2,640,785 |
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|
$ |
28.00 |
|
|
6.50 |
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$ |
43,682 |
|
Options vested and expected to vest at December 31, 2014 |
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2,548,918 |
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|
$ |
27.80 |
|
|
6.42 |
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$ |
42,677 |
|
Options exercisable at December 31, 2014 |
|
1,290,374 |
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|
$ |
24.15 |
|
|
4.78 |
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$ |
26,315 |
|
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| Schedule Of Weighted Average Assumptions for Restricted Stock Units |
The following table presents the weighted average assumptions for the years ended December 31:
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|
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2014 |
|
2013 |
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2012 |
Vesting period |
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3.83 years |
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3.84 years |
|
3.86 years |
Expected dividend yield |
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1.33% |
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1.58% |
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1.77% |
Estimated average fair value per restricted stock unit granted |
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$38.98 |
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$26.67 |
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$23.29 |
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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
|
Restricted stock units outstanding at January 1, 2012 |
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593,504 |
|
|
$ |
23.60 |
|
Granted |
|
370,606 |
|
|
23.29 |
|
Vested |
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(182,766 |
) |
|
21.20 |
|
Forfeited |
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(140,228 |
) |
|
23.13 |
|
Restricted stock units outstanding at December 31, 2012 |
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641,116 |
|
|
24.16 |
|
Granted |
|
322,474 |
|
|
26.67 |
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Vested |
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(232,714 |
) |
|
23.04 |
|
Forfeited |
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(56,382 |
) |
|
24.95 |
|
Restricted stock units outstanding at December 31, 2013 |
|
674,494 |
|
|
25.67 |
|
Granted |
|
272,642 |
|
|
38.98 |
|
Vested |
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(220,348 |
) |
|
25.21 |
|
Forfeited |
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(68,028 |
) |
|
28.51 |
|
Restricted stock units outstanding at December 31, 2014 |
|
658,760 |
|
|
$ |
31.03 |
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