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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Costs Related to Stock Compensation Plans
The following costs related to the Company’s stock compensation plans were included in the consolidated statements of income and comprehensive income:
 
 
For the Years Ended December 31,
 
 
2018
 
2017
 
2016
Cost of revenues (exclusive of depreciation and amortization)
 
$
27,245

 
$
20,868

 
$
16,619

Selling, general and administrative expenses 
 
31,943

 
31,539

 
32,625

Total
 
$
59,188

 
$
52,407

 
$
49,244
Stock Option Activity
Stock option activity under the Company’s plans is set forth below:
 
Number of
Options 
 
Weighted Average
Exercise Price 
 
Aggregate
Intrinsic Value 
 
Weighted Average
Remaining Contractual Term (in years)
Options outstanding as of January 1, 2016
7,450,914

 
$
34.07

 
$
331,938

 
 
Options granted
313,088

 
$
70.27

 
 
 
 
Options exercised
(895,804
)
 
$
20.13

 
 
 
 
Options forfeited/cancelled
(227,759
)
 
$
47.89

 
 
 
 
Options expired
(3,200
)
 
$
1.52

 
 
 
 
Options outstanding as of December 31, 2016
6,637,239

 
$
37.20

 
$
179,936

 
 
Options granted
261,373

 
$
73.40

 
 
 
 
Options exercised
(1,789,434
)
 
$
30.23

 
 
 
 
Options forfeited/cancelled
(200,210
)
 
$
57.09

 
 
 
 
Options expired
(7,220
)
 
$
4.63

 
 
 
 
Options outstanding as of December 31, 2017
4,901,748

 
$
40.91

 
$
326,064

 
 
Options granted
160,181

 
$
112.81

 
 
 
 
Options exercised
(945,166
)
 
$
36.69

 
 
 
 
Options forfeited/cancelled
(32,569
)
 
$
63.28

 
 
 
 
Options expired
(1,250
)
 
$
25.72

 
 
 
 
Options outstanding as of December 31, 2018
4,082,944

 
$
44.54

 
$
291,846

 
5.5
 
 
 
 
 
 
 
 
Options vested and exercisable as of December 31, 2018
3,183,103

 
$
36.10

 
$
254,360

 
4.9
Options expected to vest as of December 31, 2018
867,711

 
$
73.93

 
$
36,539

 
7.3
Black-Scholes Model Valuation Assumptions
he grant-date fair value for stock options granted was determined using a Black-Scholes model incorporating the following average assumptions:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Expected volatility
33.8
%
 
30.5
%
 
31.9
%
Expected term (in years)
6.25

 
6.25

 
6.24

Risk-free interest rate
2.7
%
 
2.1
%
 
1.5
%
Expected dividends
—
%
 
—
%
 
—
%
Service-Based Awards Activity
The table below summarizes activity related to the Company’s equity-classified and liability-classified service-based awards for the years ended December 31, 2018, 2017 and 2016:
 
Equity-Classified
Equity-Settled
Restricted Stock
 
Equity-Classified
Equity-Settled
Restricted Stock Units
 
Liability-Classified
Cash-Settled
Restricted Stock Units
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
Unvested service-based awards outstanding as of January 1, 2016
306,839

 
$
41.14

 
149,272

 
$
57.55

 
—

 
$
—

Awards granted
6,510

 
$
73.00

 
408,629

 
$
70.39

 
207,586

 
$
70.53

Awards vested
(156,535
)
 
$
42.64

 
(41,015
)
 
$
55.60

 
—

 
$
—

Awards forfeited/cancelled
(2,689
)
 
$
45.32

 
(31,698
)
 
$
70.44

 
(3,085
)
 
$
70.52

Unvested service-based awards outstanding as of December 31, 2016
154,125

 
$
40.89

 
485,188

 
$
67.69

 
204,501

 
$
70.53

Awards granted
—

 
$
—

 
424,623

 
$
73.89

 
170,295

 
$
74.21

Awards modified
—

 
$
—

 
(2,570
)
 
$
26.85

 
2,570

 
$
73.27

Awards vested
(152,285
)
 
$
43.39

 
(140,043
)
 
$
66.54

 
(52,004
)
 
$
70.56

Awards forfeited/cancelled
—

 
$
—

 
(79,186
)
 
$
70.30

 
(10,533
)
 
$
71.72

Unvested service-based awards outstanding as of December 31, 2017
1,840

 
$
54.37

 
688,012

 
$
71.60

 
314,829

 
$
72.50

Awards granted
—

 
$
—

 
380,864

 
$
115.84

 
85,380

 
$
112.65

Awards modified
—

 
$
—

 
(3,110
)
 
$
80.27

 
3,110

 
$
120.18

Awards vested
(1,047
)
 
$
47.76

 
(217,800
)
 
$
70.10

 
(91,684
)
 
$
72.69

Awards forfeited/cancelled
—

 
$
—

 
(50,063
)
 
$
86.97

 
(8,668
)
 
$
81.40

Unvested service-based awards outstanding as of December 31, 2018
793

 
$
63.10

 
797,903

 
$
92.13

 
302,967

 
$
83.99
Fair Value of Service-Based Awards Vested
The fair value of vested service-based awards (measured at the vesting date) for the years ended December 31, 2018, 2017 and 2016 was as follows:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Equity-classified equity-settled
 
 
 
 
 
Restricted stock
$
142

 
$
12,607

 
$
11,431

Restricted stock units
24,987

 
10,620

 
2,932

Liability-classified cash-settled
 
 
 
 
 
Restricted stock units
10,349

 
3,811

 
—

Total fair value of vested service-based awards
$
35,478

 
$
27,038

 
$
14,363
Performance-Based Awards Activity
ummarizes activity related to the Company’s performance-based awards for the years ended December 31, 2018, 2017 and 2016:
 
Equity-Classified
Equity-Settled
Restricted Stock
 
Liability-Classified
Equity-Settled
Restricted Stock
 
Equity-Classified
Equity-Settled
Restricted Stock Units
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
 
Number of
Shares 
 
Weighted Average Grant Date
Fair Value Per Share 
Unvested performance-based awards outstanding as of January 1, 2016
22,090

 
$
37.52

 
211,206

 
$
39.65

 
14,000

 
$
70.22

Awards granted
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Awards vested
(9,978
)
 
$
40.15

 
(105,604
)
 
$
40.44

 
(4,666
)
 
$
70.22

Awards forfeited/cancelled
(6,539
)
 
$
36.97

 
—

 
$
—

 
(4,667
)
 
$
70.22

Unvested performance-based awards outstanding as of December 31, 2016
5,573

 
$
33.47

 
105,602

 
$
38.86

 
4,667

 
$
70.22

Awards granted
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Awards vested
(5,573
)
 
$
33.47

 
(105,602
)
 
$
38.86

 
—

 
$
—

Awards forfeited/cancelled
—

 
$
—

 
—

 
$
—

 
(4,667
)
 
$
70.22

Unvested performance-based awards outstanding as of December 31, 2017
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Awards granted
—

 
$
—

 
—

 
$
—

 
45,375

 
$
121.75

Awards vested
—

 
$
—

 
—

 
$
—

 
(8,769
)
 
$
121.75

Awards forfeited/cancelled
—

 
$
—

 
—

 
$
—

 
(7,014
)
 
$
121.75

Unvested performance-based awards outstanding as of December 31, 2018
—

 
$
—

 
—

 
$
—

 
29,592

 
$
121.75

As of December 31, 2018, $2,779 of total remaining unrecognized stock-based compensation cost related to performance-based equity-classified restricted stock units is expected to be recognized over the weighted-average remaining requisite service period of 1.9 years.
Performance-based equity-classified RSUs were granted during the year ended December 31, 2018 in connection with the acquisition of Continuum and have a variable vesting period, subject to satisfaction of the applicable performance conditions with each vesting portion having its own service inception date. Compensation is recognized over the vesting period and adjusted each period for the probability of achievement of the performance criteria for each vesting portion separately.
Fair Value of Performance-Based Awards Vested
Performance-based equity-classified RSUs were granted during the year ended December 31, 2018 in connection with the acquisition of Continuum and have a va