Astronics Corporation Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Equity Compensation (Tables)

Equity Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [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)	2019		2018		2017
Equity-based Compensation Expense	$	3,843	$	3,098	$	2,598
Tax Benefit	(452)		(179)		(140)
Equity-based Compensation Expense, Net of Tax	$	3,391	$	2,919	$	2,458

Summary of Weighted Average Fair Value of Options Granted


	2019		2018		2017
Weighted Average Fair Value of the Options Granted	$	11.93	$	14.64	$	15.30

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:


	2019	2018	2017
Risk-free Interest Rate	1.67% – 1.78%	2.63% – 2.87%	2.05% – 2.36%
Dividend Yield	—%	—%	—%
Volatility Factor	0.39	0.39	0.40 – 0.41
Expected Life in Years	5.0 – 7.0	5.0 – 8.0	5.0 – 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:


	2019								2018							2017
(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	1,327,919	$	18.13	$	13,042	1,506,604	$	14.65	$	23,801	1,539,017	$	12.91	$	35,630
Options Granted	138,300	$	30.04	$	(289)	120,270	$	32.33	$	(226)	118,612	$	33.40	$	315
Options Exercised	(313,326)	$	5.38	$	(7,072)	(274,941)	$	3.89	$	(7,303)	(131,904)	$	9.77	$	(3,467)
Options Forfeited	(36,848)	$	21.56	$	(235)	(24,014)	$	34.13	$	88	(19,121)	$	24.27	$	(225)
Outstanding at December 31	1,116,045	$	23.07	$	5,446	1,327,919	$	18.13	$	16,360	1,506,604	$	14.65	$	32,253
Exercisable at December 31	802,873	$	19.79	$	6,551	1,043,596	$	14.27	$	16,885	1,252,315	$	11.17	$	31,177

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, 2019:


	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
$ 3.19 – $ 13.63	419,944	1.9	$	9.58	419,944	1.9	$	9.58
$ 22.69 – $ 35.82	677,848	7.3	$	30.82	364,676	6.0	$	30.25
$ 45.89 – $ 45.89	18,253	5.2	$	45.89	18,253	5.2	$	45.89
	1,116,045	5.2	$	23.07	802,873	3.8	$	19.79

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:


	2019				2018			2017
Risk-free Interest Rate	1.73	%	2.60	%		1.31	%
Dividend Yield	—	%	—	%		—	%
Volatility Factor	0.53				0.33			0.26
Expected Life in Years	1.0		1.0			1.0