XML 23 R40.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [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,
 
 
2019
 
2018
 
2017
Cost of revenues (exclusive of depreciation and amortization)
 
$
37,580

 
$
27,245

 
$
20,868

Selling, general and administrative expenses 
 
34,456

 
31,943

 
31,539

Total
 
$
72,036

 
$
59,188

 
$
52,407
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, 2017
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

 
 
Options granted
131,849

 
$
169.13

 
 
 
 
Options modified
17,871

 
$
163.55

 
 
 
 
Options exercised
(899,033
)
 
$
41.21

 
 
 
 
Options forfeited/cancelled
(10,701
)
 
$
97.83

 
 
 
 
Options outstanding as of December 31, 2019
3,322,930

 
$
50.85

 
$
536,015

 
4.8
 
 
 
 
 
 
 
 
Options vested and exercisable as of December 31, 2019
2,908,237

 
$
41.53

 
$
496,226

 
4.3
Options expected to vest as of December 31, 2019
392,241

 
$
115.26

 
$
38,010

 
8.1
Black-Scholes Option Valuation Model Assumptions
The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The model incorporated the following weighted-average assumptions:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Expected volatility
33.5
%
 
33.8
%
 
30.5
%
Expected term (in years)
6.25

 
6.25

 
6.25

Risk-free interest rate
2.3
%
 
2.7
%
 
2.1
%
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, 2019, 2018 and 2017:
 
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, 2017
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

Awards granted
9,394

 
$
167.18

 
284,269

 
$
170.29

 
55,923

 
$
170.13

Awards modified
—

 
$
—

 
6,897

 
$
170.74

 
668

 
$
168.36

Awards vested
(396
)
 
$
63.10

 
(286,654
)
 
$
87.79

 
(110,643
)
 
$
80.51

Awards forfeited/cancelled
—

 
$
—

 
(43,630
)
 
$
114.45

 
(6,627
)
 
$
94.77

Unvested service-based awards outstanding as of December 31, 2019
9,791

 
$
162.96

 
758,785

 
$
122.48

 
242,288

 
$
105.40
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, 2019, 2018 and 2017 was as follows:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Equity-classified equity-settled
 
 
 
 
 
Restricted stock
$
73

 
$
142

 
$
12,607

Restricted stock units
48,111

 
24,987

 
10,620

Liability-classified cash-settled
 
 
 
 
 
Restricted stock units
18,449

 
10,349

 
3,811

Total fair value of vested service-based awards
$
66,633

 
$
35,478

 
$
27,038
Performance-Based Awards Activity
The table below summarizes activity related to the Company’s performance-based awards for the years ended December 31, 2019, 2018 and 2017:
 
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, 2017
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

Awards granted
9,393

 
$
165.87

 
—

 
$
—

 
—

 
$
—

Awards modified
—

 
$
—

 
—

 
$
—

 
(29,592
)
 
$
121.75

Unvested performance-based awards outstanding as of December 31, 2019
9,393

 
$
165.87

 
—

 
$
—

 
—

 
$
—
Fair Value of Performance-Based Awards Vested
The fair value of vested performance-based awards (measured at the vesting date) for the years ended December 31, 2019, 2018 and 2017 was as follows:
 
For the Years Ended December 31,
 
2019
 
2018
 
2017
Equity-classified equity-settled
 
 
 
 
 
Restricted stock
$
—

 
$
—

 
$
452

Restricted stock units
—

 
1,046

 
—

Liability-classified equity-settled
 
 
 
 
 
Restricted stock
—

 
—

 
8,633

Total fair value of vested performance-based awards
$
—

 
$
1,046

 
$
9,085