Stock-Based Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
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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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|
2015 |
|
2014 |
|
2013 |
Cost of sales |
|
$ |
326 |
|
|
$ |
399 |
|
|
$ |
347 |
|
SG&A expense |
|
11,346 |
|
|
10,721 |
|
|
8,531 |
|
Pre-tax stock-based compensation expense |
|
11,672 |
|
|
11,120 |
|
|
8,878 |
|
Income tax benefits |
|
(4,044 |
) |
|
(3,874 |
) |
|
(3,102 |
) |
Total stock-based compensation expense, net of tax |
|
$ |
7,628 |
|
|
$ |
7,246 |
|
|
$ |
5,776 |
|
|
| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for the years ended December 31:
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2015 |
|
2014 |
|
2013 |
Expected term |
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4.60 years |
|
4.69 years |
|
4.70 years |
Expected stock price volatility |
|
26.57% |
|
27.62% |
|
30.53% |
Risk-free interest rate |
|
1.20% |
|
1.22% |
|
0.71% |
Expected dividend yield |
|
1.26% |
|
1.34% |
|
1.62% |
Weighted average grant date fair value |
|
$10.36 |
|
$8.69 |
|
$6.18 |
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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
|
|
Weighted
Average
Exercise
Price
|
|
Weighted Average Remaining Contractual Life |
|
Aggregate Intrinsic Value (in thousands) |
Options outstanding at January 1, 2013 |
|
3,447,978 |
|
|
$ |
23.82 |
|
|
6.15 |
|
$ |
13,001 |
|
Granted |
|
708,220 |
|
|
27.33 |
|
|
|
|
|
Cancelled |
|
(119,098 |
) |
|
26.67 |
|
|
|
|
|
Exercised |
|
(888,836 |
) |
|
21.98 |
|
|
|
|
|
Options outstanding at December 31, 2013 |
|
3,148,264 |
|
|
25.02 |
|
|
6.36 |
|
45,187 |
|
Granted |
|
512,761 |
|
|
39.69 |
|
|
|
|
|
Cancelled |
|
(102,598 |
) |
|
28.39 |
|
|
|
|
|
Exercised |
|
(917,642 |
) |
|
24.28 |
|
|
|
|
|
Options outstanding at December 31, 2014 |
|
2,640,785 |
|
|
28.00 |
|
|
6.50 |
|
43,682 |
|
Granted |
|
500,761 |
|
|
48.46 |
|
|
|
|
|
Cancelled |
|
(172,018 |
) |
|
34.59 |
|
|
|
|
|
Exercised |
|
(680,658 |
) |
|
25.63 |
|
|
|
|
|
Options outstanding at December 31, 2015 |
|
2,288,870 |
|
|
$ |
32.69 |
|
|
6.50 |
|
$ |
38,209 |
|
Options vested and expected to vest at December 31, 2015 |
|
2,213,239 |
|
|
$ |
32.33 |
|
|
6.42 |
|
$ |
37,644 |
|
Options exercisable at December 31, 2015 |
|
1,117,565 |
|
|
$ |
26.04 |
|
|
4.84 |
|
$ |
25,388 |
|
|
| 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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2015 |
|
2014 |
|
2013 |
Vesting period |
|
3.82 years |
|
3.83 years |
|
3.84 years |
Expected dividend yield |
|
1.14% |
|
1.33% |
|
1.58% |
Estimated average fair value per restricted stock unit granted |
|
$51.07 |
|
$38.98 |
|
$26.67 |
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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
|
|
Weighted Average
Grant Date Fair Value Per Share
|
Restricted stock units outstanding at January 1, 2013 |
|
641,116 |
|
|
$ |
24.16 |
|
Granted |
|
322,474 |
|
|
26.67 |
|
Vested |
|
(232,714 |
) |
|
23.04 |
|
Forfeited |
|
(56,382 |
) |
|
24.95 |
|
Restricted stock units outstanding at December 31, 2013 |
|
674,494 |
|
|
25.67 |
|
Granted |
|
272,642 |
|
|
38.98 |
|
Vested |
|
(220,348 |
) |
|
25.21 |
|
Forfeited |
|
(68,028 |
) |
|
28.51 |
|
Restricted stock units outstanding at December 31, 2014 |
|
658,760 |
|
|
31.03 |
|
Granted |
|
207,040 |
|
|
51.07 |
|
Vested |
|
(243,765 |
) |
|
28.09 |
|
Forfeited |
|
(68,746 |
) |
|
34.57 |
|
Restricted stock units outstanding at December 31, 2015 |
|
553,289 |
|
|
$ |
38.85 |
|
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