Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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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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|
2016 |
|
2015 |
|
2014 |
Cost of sales |
|
$ |
233 |
|
|
$ |
326 |
|
|
$ |
399 |
|
SG&A expense |
|
10,753 |
|
|
11,346 |
|
|
10,721 |
|
Pre-tax stock-based compensation expense |
|
10,986 |
|
|
11,672 |
|
|
11,120 |
|
Income tax benefits |
|
(3,969 |
) |
|
(4,044 |
) |
|
(3,874 |
) |
Total stock-based compensation expense, net of tax |
|
$ |
7,017 |
|
|
$ |
7,628 |
|
|
$ |
7,246 |
|
|
| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for the years ended December 31:
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2016 |
|
2015 |
|
2014 |
Expected term |
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4.63 years |
|
4.60 years |
|
4.69 years |
Expected stock price volatility |
|
29.79% |
|
26.57% |
|
27.62% |
Risk-free interest rate |
|
1.17% |
|
1.20% |
|
1.22% |
Expected dividend yield |
|
1.20% |
|
1.26% |
|
1.34% |
Weighted average grant date fair value |
|
$13.38 |
|
$10.36 |
|
$8.69 |
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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, 2014 |
|
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 |
|
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 |
|
Options vested and expected to vest at December 31, 2016 |
|
2,086,456 |
|
|
$ |
36.95 |
|
|
6.32 |
|
$ |
44,798 |
|
Options exercisable at December 31, 2016 |
|
1,168,794 |
|
|
$ |
28.63 |
|
|
4.90 |
|
$ |
34,691 |
|
|
| 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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|
|
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2016 |
|
2015 |
|
2014 |
Vesting period |
|
3.57 years |
|
3.82 years |
|
3.83 years |
Expected dividend yield |
|
1.08% |
|
1.14% |
|
1.33% |
Estimated average fair value per restricted stock unit granted |
|
$55.93 |
|
$51.07 |
|
$38.98 |
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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, 2014 |
|
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 |
|
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 |
|
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