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CAPITAL STOCK AND STOCK AWARD PLANS (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense A summary of our total compensation expense recognized within personnel expenses in our consolidated statements of operations and comprehensive income for stock-based compensation is as follows (in thousands):
201920182017
Stock options$16,073  $23,374  $10,109  
Stock awards20,170  61,826  29,217  
Company expense on ESPP discount2,840  2,591  2,479  
Total stock-based compensation expense$39,083  $87,791  $41,805  
Schedule of Stock Option Activity
The following schedule summarizes stock option activity in the plans. All outstanding unvested options as of December 31, 2019, relate to time-based grants from 2015 through 2019.
OptionsWeighted
Average
Exercise
Price
Aggregate
Intrinsic
Value
(in thousands)
Average
Remaining
Life
(years)
Outstanding at December 31, 20187,822,514  $74.42  $85,222  7.2
Grants151,040  82.46  
Exercised(725,685) 65.58  
Forfeitures(197,677) 77.87  
Outstanding at December 31, 20197,050,192  $75.40  $44,067  6.4
Vested at December 31, 20194,507,070  $71.17  5.6
Exercisable at December 31, 20194,507,070  $71.17  5.6
Schedule of Intrinsic Value of Options Exercised
Information on the intrinsic value of options exercised is as follows (in thousands):
2019$15,862  
201816,209  
20176,026  
Schedule of Unvested Stock Option Grants The following table summarizes these unvested stock option grants as of December 31, 2019:
First Vesting DateLast Vesting DateOptions
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value
Unvested Options  
December 31, 2016December 31, 20201,421,432  $12.66  280,033  
December 31, 2017December 31, 20211,238,090  12.60  484,683  
December 31, 2018December 31, 20221,447,294  14.25  855,028  
December 31, 2019December 31, 20231,159,662  20.13  923,378  
5,266,478  $14.73  2,543,122  
Schedule of Option Pricing Model Valuation Assumptions
The fair value per option was estimated using the Black-Scholes option pricing model with the following assumptions: 
2019 Grants2018 Grants2017 Grants
Weighted-average risk-free interest rate2.1%  3.1%  2.3%  
Expected dividend yield2.0%  2.0%  2.5%  
Weighted-average volatility25%  25%  20%  
Expected term (in years)6.086.086.20
Weighted average fair value per option$17.52  $20.52  $14.23  
Schedule of Performance Based Restricted Shares and Restricted Stock Units
The following table summarizes our unvested performance-based restricted shares and restricted stock unit grants as of December 31, 2019: 
Number of Restricted Shares and Restricted Stock UnitsWeighted Average
Grant Date Fair Value
Unvested at December 31, 2018846,170  $68.35  
Granted38,340  68.10  
Vested—  —  
Forfeitures(42,717) 63.24  
Unvested at December 31, 2019841,793  $68.68  
The following table summarizes performance based restricted shares and restricted stock units by vesting period: 
First Vesting DateLast Vesting DatePerformance Shares and Stock Units
Granted, Net of
Forfeitures
Weighted
Average Grant
Date Fair Value (1)
Unvested Performance Shares and Restricted Stock Units
December 31, 2016December 31, 2020388,578  $51.88  138,268  
December 31, 2017December 31, 2021338,693  64.91  161,722  
December 31, 2018December 31, 2022310,713  74.26  176,265  
December 31, 2019December 31, 2023365,538  73.82  365,538  
1,403,522  $65.59  841,793  
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(1) Amount shown is the weighted average grant date fair value of performance-based restricted shares and restricted stock units granted, net of forfeitures.
Schedule of Unvested Time-Based Restricted Share and Restricted Stock Unit Grants
The following table summarizes our unvested time-based restricted share and restricted stock unit grants as of December 31, 2019: 
Number of Restricted
Shares and Stock Units
Weighted Average
Grant Date Fair Value
Unvested at December 31, 2018926,692  $67.08  
Granted40,309  72.07  
Vested(291,318) 63.93  
Forfeitures(61,242) 67.66  
Unvested at December 31, 2019614,441  $68.76  
Schedule of Fair Value Stock Awards Vested
A summary of the fair value of stock awards vested (in thousands): 
2019$20,170  
201861,826  
201729,217  
Schedule of Employee Stock Purchase Plan Activity The following is a summary of the employee stock purchase plan activity (dollar amounts in thousands): 
Shares Purchased
By Employees
Aggregate Cost
to Employees
Expense Recognized
By the Company
2019224,596  $16,093  $2,840  
2018191,823  14,682  2,591  
2017215,613  14,048  2,479  
Schedule of Share Repurchase Program Activity The activity under these authorizations is as follows (dollar amounts in thousands):
Shares RepurchasedTotal Value of Shares
Repurchased
2017 Repurchases2,426,407  $179,985  
2018 Repurchases3,319,077  303,492  
2019 Repurchases3,434,102  306,444