Stock-Based Compensation (Tables)
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12 Months Ended |
Dec. 31, 2018 |
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Stock-Based Compensation Expense |
Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows: | | | | | | | | | | | | | | Year Ended December 31, | (In thousands) | 2018 | | 2017 | | 2016 | Cost of sales | $ | 84 |
| | $ | 71 |
| | $ | 57 |
| Research and development expenses | 744 |
| | 551 |
| | 541 |
| Selling, general and administrative expenses: | | | | | | Employees | 6,491 |
| | 7,368 |
| | 7,095 |
| Outside directors | 1,501 |
| | 3,953 |
| | 2,631 |
| Total employee and director stock-based compensation expense | $ | 8,820 |
| | $ | 11,943 |
| | $ | 10,324 |
| | | | | | | Income tax benefit | $ | 1,870 |
| | $ | 2,954 |
| | $ | 3,102 |
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| Assumptions Used and Weighted Average Fair Value of Stock Option Grants |
The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following: | | | | | | | | | | | | | | Year Ended December 31, | | 2018 | | 2017 | | 2016 | Weighted average fair value of grants | $ | 14.26 |
| | $ | 19.61 |
| | $ | 17.96 |
| Risk-free interest rate | 2.51 | % | | 1.75 | % | | 1.36 | % | Expected volatility | 33.09 | % | | 34.25 | % | | 41.38 | % | Expected life in years | 4.53 |
| | 4.52 |
| | 4.55 |
|
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| Stock Option Activity |
Stock option activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | Number of Options (in 000's) | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in 000's) | | Number of Options (in 000's) | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value
(in 000's) | | Number of Options (in 000's) | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term (in years) | | Aggregate Intrinsic Value (in 000's) | Outstanding at beginning of the year | 520 |
| | $ | 42.56 |
| | | | | | 652 |
| | $ | 39.27 |
| | | | | | 648 |
| | $ | 30.50 |
| | | | | Granted | 119 |
| | 44.95 |
| | | | | | 92 |
| | 62.70 |
| | | | | | 243 |
| | 49.67 |
| | | | | Exercised | (35 | ) | | 24.67 |
| | | | $ | 744 |
| | (56 | ) | | 25.72 |
| | | | $ | 2,140 |
| | (239 | ) | | 26.09 |
| | | | $ | 9,933 |
| Forfeited/canceled/expired | (7 | ) | | 27.74 |
| | | | | | (168 | ) | | 46.44 |
| | | | | | — |
| | — |
| | | | | Outstanding at end of the year (1) | 597 |
| | $ | 44.27 |
| | 4.08 | | $ | 758 |
| | 520 |
| | $ | 42.56 |
| | 4.25 | | $ | 5,607 |
| | 652 |
| | $ | 39.27 |
| | 4.78 | | $ | 16,553 |
| Vested and expected to vest at the end of the year (1) | 597 |
| | $ | 44.27 |
| | 4.08 | | $ | 758 |
| | 520 |
| | $ | 42.56 |
| | 4.25 | | $ | 5,607 |
| | 652 |
| | $ | 39.27 |
| | 4.78 | | $ | 16,548 |
| Exercisable at the end of the year (1) | 430 |
| | $ | 42.30 |
| | 3.43 | | $ | 758 |
| | 381 |
| | $ | 36.39 |
| | 3.72 | | $ | 5,607 |
| | 363 |
| | $ | 30.21 |
| | 3.88 | | $ | 12,511 |
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| | (1) | The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2018, 2017, and 2016 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2018, 2017, and 2016. This amount will change based on the fair market value of our stock. |
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| Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information |
Significant option groups outstanding at December 31, 2018 and the related weighted average exercise price and life information were as follows: | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | Range of Exercise Prices | | Number Outstanding (in 000’s) | | Weighted-Average Remaining Contractual Term (in years) | | Weighted-Average Exercise Price | | Number Exercisable (in 000’s) | | Weighted-Average Exercise Price | $18.25 to $20.55 | | 134 |
| | 3.35 | | $ | 19.63 |
| | 134 |
| | $ | 19.63 |
| $35.28 to $44.95 | | 200 |
| | 4.50 | | 41.04 |
| | 81 |
| | 35.28 |
| $51.38 to $65.54 | | 263 |
| | 4.14 | | 59.31 |
| | 215 |
| | 59.03 |
| | | 597 |
| | 4.08 | | $ | 44.27 |
| | 430 |
| | $ | 42.30 |
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| Non-Vested Restricted Stock Awards Activity |
Non-vested restricted stock award activity was as follows: | | | | | | | | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | Shares
(in 000’s) | | Weighted-Average
Grant Date
Fair Value | | Shares
(in 000’s) | | Weighted-Average
Grant Date
Fair Value | | Shares (in 000’s) | | Weighted-Average Grant Date Fair Value | Non-vested at beginning of the year | 162 |
| | $ | 61.19 |
| | 153 |
| | $ | 57.43 |
| | 225 |
| | $ | 51.31 |
| Granted | 167 |
| | 42.65 |
| | 133 |
| | 64.14 |
| | 77 |
| | 63.30 |
| Vested | (109 | ) | | 56.16 |
| | (119 | ) | | 59.67 |
| | (146 | ) | | 51.10 |
| Forfeited | (16 | ) | | 54.16 |
| | (5 | ) | | 60.11 |
| | (3 | ) | | 60.17 |
| Non-vested at end of the year | 204 |
| | $ | 49.23 |
| | 162 |
| | $ | 61.19 |
| | 153 |
| | $ | 57.43 |
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| Detailed Information Regarding Active Stock Incentive Plans |
Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2018: | | | | | | | | | | | | | Name | | Approval Date | | Initial Shares Available for Grant Under the Plan | | Remaining Shares Available for Grant Under the Plan | | Outstanding Shares Granted Under the Plan | 2003 Stock Incentive Plan | | 6/18/2003 | | 1,000,000 |
| | — |
| | 14,391 |
| 2006 Stock Incentive Plan | | 6/13/2006 | | 1,000,000 |
| | — |
| | 51,092 |
| 2010 Stock Incentive Plan | | 6/15/2010 | | 1,000,000 |
| | — |
| | 198,971 |
| 2014 Stock Incentive Plan | | 6/12/2014 | | 1,100,000 |
| | — |
| | 520,273 |
| 2018 Stock Incentive Plan | | 6/4/2018 | | 1,000,000 |
| | 969,150 |
| | 15,850 |
| | | | | | | 969,150 |
| | 800,577 |
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