Equity Compensation (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
|
| Compensation Expense Information Based on Fair Value of Stock Options and RSUs |
The following table provides compensation expense information based on the fair value of stock options and RSU's for the years ended December 31 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (In thousands) |
2018 |
|
2017 |
|
2016 |
| Equity-based Compensation Expense |
$ |
3,098 |
|
$ |
2,598 |
|
$ |
2,281 |
| Tax Benefit |
(179) |
|
(140) |
|
(145) |
| Equity-based Compensation Expense, Net of Tax |
$ |
2,919 |
|
$ |
2,458 |
|
$ |
2,136 |
|
| Summary of Weighted Average Fair Value of Options Granted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
| Weighted Average Fair Value of the Options Granted |
$ |
14.64 |
|
$ |
15.30 |
|
$ |
14.65 |
|
| Summary of Weighted-Average Assumptions |
The weighted average fair value for these options was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
2017 |
|
2016 |
| Risk-free Interest Rate |
2.63% – 2.87% |
|
2.05% – 2.36% |
|
1.08% – 2.34% |
| Dividend Yield |
—% |
|
|
—% |
|
|
—% |
|
| Volatility Factor |
0.39 – 0.39 |
|
0.40 – 0.41 |
|
0.40 – 0.45 |
| Expected Life in Years |
5.0 – 8.0 |
|
5.0 – 8.0 |
|
4.0 – 8.0 |
|
| Summary of Company's Stock Option Activity and Related Information |
A summary of the Company’s stock option activity and related information for the years ended December 31 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
|
|
|
2017 |
|
|
|
|
|
2016 |
|
|
|
|
(Aggregate intrinsic value in
thousands) |
Options |
|
Weighted
Average
Exercise
Price
|
|
Aggregate
Intrinsic
Value
|
|
Options |
|
Weighted
Average
Exercise
Price |
|
Aggregate
Intrinsic
Value |
|
Options |
|
Weighted
Average
Exercise
Price |
|
Aggregate
Intrinsic
Value |
| Outstanding at January 1 |
1,506,604 |
|
$ |
14.65 |
|
$ |
23,801 |
|
1,539,017 |
|
$ |
12.91 |
|
$ |
35,630 |
|
1,661,700 |
|
$ |
10.96 |
|
$ |
30,675 |
| Options Granted |
120,270 |
|
$ |
32.33 |
|
$ |
(226) |
|
118,612 |
|
$ |
33.40 |
|
$ |
315 |
|
120,635 |
|
$ |
29.82 |
|
$ |
(48) |
| Options Exercised |
(274,941) |
|
$ |
3.89 |
|
$ |
(7,303) |
|
(131,904) |
|
$ |
9.77 |
|
$ |
(3,467) |
|
(217,083) |
|
$ |
6.26 |
|
$ |
(5,029) |
| Options Forfeited |
(24,014) |
|
$ |
34.13 |
|
$ |
88 |
|
(19,121) |
|
$ |
24.27 |
|
$ |
(225) |
|
(26,235) |
|
$ |
22.57 |
|
$ |
(180) |
| Outstanding at December 31 |
1,327,919 |
|
$ |
18.13 |
|
$ |
16,360 |
|
1,506,604 |
|
$ |
14.65 |
|
$ |
32,253 |
|
1,539,017 |
|
$ |
12.91 |
|
$ |
25,418 |
| Exercisable at December 31 |
1,043,596 |
|
$ |
14.27 |
|
$ |
16,885 |
|
1,252,315 |
|
$ |
11.17 |
|
$ |
31,177 |
|
1,255,295 |
|
$ |
9.59 |
|
$ |
24,898 |
|
| Summary of Weighted Average Exercise Prices and Contractual Lives for Outstanding and Exercisable Stock Options |
The following is a summary of weighted average exercise prices and contractual lives for outstanding and exercisable stock options as of December 31, 2018:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
Outstanding |
|
|
|
|
|
Exercisable |
|
|
|
|
| Exercise Price Range |
Shares |
|
Weighted Average
Remaining Life
in Years
|
|
Weighted
Average
Exercise Price
|
|
Shares |
|
Weighted Average
Remaining Life
in Years
|
|
Weighted
Average
Exercise Price
|
| $ 2.67 – $ 3.19 |
309,199 |
|
0.9 |
|
$ |
2.86 |
|
309,199 |
|
0.9 |
|
$ |
2.86 |
|
|
|
|
|
|
|
|
|
|
|
|
| $ 7.68 – $ 13.63 |
410,646 |
|
3.0 |
|
$ |
10.04 |
|
410,646 |
|
3.0 |
|
$ |
10.04 |
| $ 22.69 – $ 35.82 |
589,821 |
|
7.6 |
|
$ |
30.90 |
|
305,498 |
|
6.6 |
|
$ |
29.59 |
| $ 45.89 – $ 45.89 |
18,253 |
|
6.2 |
|
$ |
45.89 |
|
18,253 |
|
6.2 |
|
$ |
45.89 |
|
1,327,919 |
|
4.6 |
|
$ |
18.13 |
|
1,043,596 |
|
3.5 |
|
$ |
14.27 |
|
| Fair Value for Options Granted under Employee Stock Purchase Plan |
The fair value for the options granted under the Employee Stock Purchase Plan was estimated at the date of grant using a Black-Scholes option pricing model with the following weighted-average assumptions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
2017 |
|
|
2016 |
|
| Risk-free Interest Rate |
2.60 |
% |
|
|
1.31 |
% |
|
|
0.63 |
% |
|
| Dividend Yield |
— |
% |
|
|
— |
% |
|
|
— |
% |
|
| Volatility Factor |
0.33 |
|
|
|
0.26 |
|
|
|
0.45 |
|
|
| Expected Life in Years |
1.0 |
|
|
1.0 |
|
|
1.0 |
|
|