Quarterly report pursuant to Section 13 or 15(d)

Share-Based Compensation (Tables)

v3.19.2
Share-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2019
Share-Based Compensation  
Schedule of share-based compensation expense and related income tax benefit

Three Months Ended June 30, 

Six Months Ended June 30, 

2019

2018

2019

2018

Share-based compensation expense

$

4,513

$

2,995

$

7,485

$

5,397

Income tax benefit (expense) realized from the vesting of awards

$

1,560

$

(19)

$

3,806

$

2,595

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, 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

227.1

$

67.37

103.5

$

21.16

$

58.08

Converted/Exercised

(291.4)

$

31.23

(183.5)

$

10.53

$

27.18

$

8,824.0

Forfeited

(17.4)

$

56.29

(9.7)

$

20.28

$

54.62

Expired

(2.7)

$

14.44

$

38.39

Balance June 30, 2019

417.5

$

55.97

519.0

$

15.47

$

41.34

$

21,500.4

Exercisable June 30, 2019 (a)

183.0

$

13.48

$

35.52

$

8,645.8

(a) The weighted average remaining contractual term for vested stock options is 7.0 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 June 30, 2019

Unrecognized Compensation Expense
on Unvested Awards

Weighted Average
Remaining
Vesting Period

Unrecognized compensation expense related to unvested awards:

RSAs

$

12,319

1.4 years

Stock options

2,845

1.1 years

Total unrecognized compensation expense related to unvested awards

$

15,164

Schedule of assumptions used to estimate the fair values of options granted

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

$

2,102

$

$

526

$

2,102

$

4,204

February 18, 2019

$

2,533

$

$

633

$

2,533

$

5,066

Market-based conditions | Restricted Stock Awards  
Share-Based Compensation  
Schedule of key inputs used to estimate the fair value of awards

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