Options and Awards (Tables)
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9 Months Ended |
Sep. 30, 2019 |
Share-based Payment Arrangement [Abstract] |
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable |
The aggregate intrinsic value of options outstanding, vested, expected to vest and exercised as of September 30, 2019 and December 31, 2018 is as follows: | | | | | | | | | | Options | | September 30, 2019 | | December 31, 2018 | Outstanding | | $ | 100,008 |
| | $ | 89,806 |
| Vested | | 77,801 |
| | 64,222 |
| Expected to vest | | 19,521 |
| | 22,963 |
| Exercisable | | 27,851 |
| | 27,646 |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
The Company used the following assumptions for stock options granted during the three months ended September 30, 2019 and 2018: | | | | | | | | | | | | Grant Year | | Options Granted | | Weighted Average Risk-Free Rate | | Expected Life | | Weighted Average Volatility | | Weighted Average Dividend Yield | 2019 | | 154 | | 1.5% | | 6.2 years | | 34.0% | | 0.4% | 2018 | | 101 | | 2.8% | | 6.3 years | | 32.0% | | 0.5% |
The Company used the following assumptions for stock options granted during the nine months ended September 30, 2019 and 2018: | | | | | | | | | | | | | Grant Year | | Options Granted | | Weighted Average Risk-Free Rate | | Expected Life | | Weighted Average Volatility | | Weighted Average Dividend Yield | 2019 | | 553 |
| | 2.0% | | 6.2 years | | 33.9% | | 0.4% | 2018 | | 496 |
| | 2.7% | | 6.2 years | | 32.0% | | 0.5% |
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Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value |
For the nine months ended September 30, 2019 and 2018, the following represents the exercise price and fair value displayed at grant date for stock option grants: | | | | | | | | | | | | | Grant Year | | Granted | | Weighted Average Exercise Price | | Weighted Average Fair Value of Options | 2019 | | 553 |
| | $ | 53.05 |
| | $ | 18.89 |
| 2018 | | 496 |
| | $ | 33.61 |
| | $ | 11.64 |
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Schedule of Common Stock Outstanding Roll Forward |
The following table represents the employee stock option activity during the nine months ended September 30, 2019: | | | | | | | | | | | | | | | | Number of Options Outstanding | | Weighted Average Exercise Price | | Number of Options Vested | | Weighted Average Exercise Price of Options Vested | January 1, 2019 | 4,188 |
| | $ | 17.35 |
| | 2,431 |
| | $ | 12.37 |
| Granted | 553 |
| | 53.05 |
| | | | | Forfeited | (46 | ) | | 31.26 |
| | | | | Exercised | (687 | ) | | 10.74 |
| | | | | September 30, 2019 | 4,008 |
| | $ | 23.24 |
| | 2,364 |
| | $ | 14.52 |
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Share-based Payment Arrangement, Option, Exercise Price Range |
The following summary information reflects stock options outstanding, vested and related details as of September 30, 2019: | | | | | | | | | | | | | | | | | | | | Stock Options Outstanding | | Stock Options Vested | | | | | | | | Number Outstanding | | Black-Scholes Fair Value | | Remaining Contractual Life (Years) | | Vested and Exercisable | Year of Grant | | Exercise Price | | | | | 2009 | | $4.06 | - | $4.56 | | 33 |
| | $ | 67 |
| | 0 | | 33 |
| 2010 | | 4.77 | - | 4.96 | | 38 |
| | 93 |
| | 1 | | 38 |
| 2011 | | 5.90 | - | 7.99 | | 73 |
| | 249 |
| | 2 | | 73 |
| 2012 | | 6.56 | - | 7.96 | | 198 |
| | 729 |
| | 3 | | 198 |
| 2013 | | 7.98 | - | 11.49 | | 322 |
| | 1,552 |
| | 4 | | 322 |
| 2014 | | 10.55 | - | 18.94 | | 1,000 |
| | 5,687 |
| | 5 | | 992 |
| 2015 | | 21.47 | - | 25.24 | | 422 |
| | 3,838 |
| | 6 | | 302 |
| 2016 | | 18.79 | - | 19.89 | | 368 |
| | 2,563 |
| | 7 | | 189 |
| 2017 | | 18.64 | - | 22.90 | | 412 |
| | 2,876 |
| | 8 | | 130 |
| 2018 | | 26.53 | - | 38.59 | | 595 |
| | 7,194 |
| | 9 | | 87 |
| 2019 | | $51.43 | - | $53.99 | | 547 |
| | 10,332 |
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| 10 |
| — |
| Total | | | | | | 4,008 |
| | $ | 35,180 |
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| 2,364 |
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Schedule of Nonvested Restricted Stock Units Activity |
A summary of the status of the Company's non-vested restricted stock awards as of September 30, 2019 and changes during the nine months ended September 30, 2019 is presented below: | | | | | | | | | Non-Vested Restricted Awards | | Weighted Average Grant Date Fair Value | Nonvested at January 1, 2019 | 573 |
| | $ | 29.31 |
| Granted | 252 |
| | 52.13 |
| Vested | (210 | ) | | 36.74 |
| Forfeited | (11 | ) | | 34.91 |
| Nonvested at September 30, 2019 | 604 |
| | $ | 36.14 |
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Share-based Payment Arrangement, Expensed and Capitalized, Amount |
Share-based compensation expense recognized for the Company's equity incentive plans for the three and nine months ended September 30, 2019 and 2018 was as follows: | | | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | 2019 | | 2018 | | 2019 | | 2018 | Share-based compensation expense related to stock options | $ | 1,291 |
| | $ | 1,213 |
| | $ | 4,113 |
| | $ | 3,721 |
| Share-based compensation expense related to restricted stock awards | 1,347 |
| | 968 |
| | 3,544 |
| | 2,220 |
| Share-based compensation expense related to stock options and restricted stock awards to non-employee directors | 323 |
| | 281 |
| | 982 |
| | 668 |
| Total | $ | 2,961 |
| | $ | 2,462 |
| | $ | 8,639 |
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| $ | 6,609 |
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