Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.20.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2020
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 June 30, 

Six Months Ended June 30, 

2020

2019

2020

2019

Share-based compensation expense

$

5,130

$

4,513

$

9,038

$

7,485

Income tax benefit realized

$

1,396

$

1,560

$

6,896

$

3,806

Schedule of share-based compensation activity

The following table presents a summary of our share-based compensation activity for the six months ended June 30, 2020, 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, 2019

411.6

$

57.51

373.5

$

17.06

$

45.90

$

21,356.4

Granted

166.3

$

128.86

71.0

$

39.49

$

118.58

Converted/Exercised

(233.9)

$

44.72

(165.6)

$

15.15

$

40.41

$

11,135.5

Forfeited/Expired

(17.0)

$

91.77

(19.2)

$

30.50

$

88.89

Balance June 30, 2020

327.0

$

82.72

259.7

$

23.42

$

66.10

$

12,670.8

Exercisable June 30, 2020 (a)

47.5

$

22.69

$

61.81

$

2,467.1

(a) The weighted average remaining contractual term for vested stock options is approximately 7.5 years.
Schedule of unrecognized share-based compensation expense relating to unvested awards

Unrecognized share-based compensation expense related to unvested awards is shown in the following table, dollars in thousands:

As of June 30, 2020

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Vesting Period

RSAs

$

11,929

1.4 years

Stock options

1,620

1.0 years

Total unrecognized compensation expense related to unvested awards

$

13,549

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 2020 and 2019:

2020

2019

Risk free interest rate

1.53

%

2.59

%

Expected volatility, using historical return volatility and implied volatility

31.50

%

32.50

%

Expected life (in years)

6.0

6.0

Dividend yield

0.00

%

0.00

%

Estimated fair value of stock options at grant date

$

39.49

$

21.16

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 19, 2018

$

2,020

$

$

505

$

2,020

$

4,040

February 18, 2019

$

2,392

$

$

598

$

2,392

$

4,784

February 17, 2020

$

2,800

$

$

700

$

2,800

$

5,600

Market-based conditions | Restricted Stock Awards  
Share-Based Compensation  
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 2020 and 2019

2020

2019

Measurement period (in years)

2.88

2.87

Risk free interest rate

1.40

%

2.50

%

Dividend yield

0.00

%

0.00

%

Estimated fair value of market-based RSAs at grant date

$

158.24

$

80.74