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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Stock-Based Compensation [Abstract]  
Stock Option Valuation Assumptions
The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair values as follows:

  
December 31,
 
Stock Options:
 
2018
  
2017
  
2016
 
          
Weighted-average grant date fair value of grants
 
$
24.72
  
$
18.84
  
$
12.59
 
Risk-free interest rate(1)
  
2.6
%
  
2.1
%
  
1.4
%
Dividend yield(2)
  
2.6
%
  
2.5
%
  
2.3
%
Expected volatility(3)
  
45.6
%
  
48.2
%
  
47.9
%
Expected life in months(4)
 

66 months
  

68 months
  

68 months
 



(1)
The risk-free interest rate is based upon the rate on a zero-coupon U.S. Treasury bill, for periods within the contractual life of the option, in effect at the time of the grant.


(2)
The dividend yield is based on the average of historical stock prices and actual dividends paid.


(3)
Expected volatility is based on the historical volatility of the Company’s stock price, over a period similar to the expected life of the option.


(4)
The expected term of the option is based on the historical employee exercise behavior, the vesting terms of the respective option, and a contractual life of either seven or ten years.
Stock Options
Options under the plans as of December 31, 2018 and changes during the year ended December 31, 2018 were as follows:

  
Shares
(in thousands)
  
Weighted-
average
Exercise
Price
  
Weighted-
average
Remaining
Contractual
Term
(in years)
  
Aggregate
Intrinsic Value
(in thousands)
 
             
Options activity – service based
            
Outstanding at December 31, 2017
  
1,392.9
  
$
39.76
       
Granted
 
─
  
─
       
Exercised
  
(337.7
)
  
37.40
       
Forfeited/cancelled/expired
  
(8.8
)
  
39.45
       
Outstanding at December 31, 2018
  
1,046.4
   
40.53
   
3.53
   
24,330
 
Exercisable at December 31, 2018
  
648.6
   
43.72
   
3.08
   
19,984
 
                 
Options activity – performance based
                
Outstanding at December 31, 2017
  
2,301.5
  
$
62.89
         
Granted
  
920.1
   
71.19
         
Exercised
  
(151.9
)
  
36.91
         
Forfeited/cancelled/expired
  
(698.9
)
  
75.68
         
Outstanding at December 31, 2018
  
2,370.8
   
64.00
   
4.16
   
15,190
 
Exercisable at December 31, 2018
  
416.2
   
37.88
   
3.95
   
9,762
 
                 
Options activity – all options
                
Outstanding at December 31, 2017
  
3,694.4
  
$
54.17
         
Granted
  
920.1
   
71.19
         
Exercised
  
(489.6
)
  
37.25
         
Forfeited/cancelled/expired
  
(707.7
)
  
75.23
         
Outstanding at December 31, 2018
  
3,417.2
   
56.81
   
3.97
   
39,519
 
Exercisable at December 31, 2018
  
1,064.8
   
41.44
   
3.42
   
23,746
 
Stock Options Exercised
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised during 2018, 2017 and 2016, were as follows (U.S. dollars in thousands):

  
December 31,
 
  
2018
  
2017
  
2016
 
          
Cash proceeds from stock options exercised
 
$
13,908
  
$
26,980
  
$
15,707
 
Tax benefit realized for stock options exercised
  
3,217
   
6,457
   
3,840
 
Intrinsic value of stock options exercised
  
11,855
   
42,749
   
30,587
 
Nonvested Restricted Stock Awards
Nonvested restricted stock awards as of December 31, 2018 and changes during the year ended December 31, 2018 were as follows:

  
Number of
Shares
(in thousands)
  
Weighted-
average Grant
Date Fair
Value
 
       
Nonvested at December 31, 2017
  
562.8
   
51.17
 
         
Granted
  
202.7
   
72.62
 
Vested
  
(233.9
)
  
56.00
 
Forfeited
  
(64.0
)
  
54.40
 
         
Nonvested at December 31, 2018
  
467.6
   
57.61