Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.19.3
Share-Based Compensation (Tables)
9 Months Ended
Sep. 30, 2019
Share-Based Compensation  
Schedule of share-based compensation expense and related income tax benefit The following table presents share-based compensation amounts recognized in our condensed consolidated statements of operations, in thousands:

Three Months Ended September 30, 

Nine Months Ended September 30, 

2019

2018

2019

2018

Share-based compensation expense

$

3,926

$

2,848

$

11,411

$

8,244

Income tax benefit realized

$

1,304

$

545

$

5,110

$

3,140

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the nine months ended September 30, 2019, in thousands, except per share amounts:

RSAs

Stock Options

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Number of Shares

   

Weighted Average Grant Date Fair Value Per Share

   

Weighted Average Exercise Price Per Share

   

Aggregate
Intrinsic
Value

Balance December 31, 2018

499.2

$

41.29

611.4

$

13.10

$

34.45

$

8,685.8

Granted

249.1

$

67.37

103.5

$

21.16

$

58.08

Converted/Exercised

(310.0)

$

30.99

(273.8)

$

10.87

$

28.14

$

14,184.1

Forfeited

(20.6)

$

58.32

(9.7)

$

20.28

$

54.62

Expired

(2.7)

$

14.44

$

38.39

Balance September 30, 2019

417.7

$

57.35

428.7

$

16.30

$

43.71

$

22,603.3

Exercisable September 30, 2019 (a)

129.1

$

13.96

$

36.94

$

7,678.4

(a) The weighted average remaining contractual term for vested stock options is approximately 6.9 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands:

As of September 30, 2019

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

RSAs

$

10,319

1.2 years

Stock options

1,910

1.0 years

Total unrecognized compensation expense related to unvested awards

$

12,229

Schedule of key inputs used to estimate the fair value of awards The following are key inputs in the Monte Carlo analysis for awards granted in 2019 and 2018:

2019

2018

Measurement period (years)

2.87

2.87

Risk free interest rate

2.50

%

2.36

%

Dividend yield

0.00

%

0.00

%

Estimated fair value of market-based RSAs granted

$

80.74

$

103.31

Schedule of assumptions used to estimate the fair values of options granted The following table presents the assumptions used to estimate the fair values of stock options granted in 2019 and 2018:

2019

2018

Risk free interest rate

2.59

%

2.78

%

Expected volatility, using historical return volatility and implied volatility

32.50

%

32.50

%

Expected life (in years)

6.0

6.0

Dividend yield

0.00

%

0.00

%

Estimated fair value of stock options granted

$

21.16

$

27.44

Performance-based conditions | Restricted Stock Awards  
Share-Based Compensation  
Schedule of the range of payouts and the related expense for RSAs with performance-based conditions The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands:

Payout Ranges and Related Expense

RSAs with Performance-Based Conditions

Grant Date Fair Value

0%

25%

100%

200%

February 21, 2017

$

1,839

$

$

460

$

1,839

$

3,678

February 19, 2018

$

2,082

$

$

521

$

2,082

$

4,164

February 18, 2019

$

2,510

$

$

628

$

2,510

$

5,020