Share-Based Compensation (Tables)
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9 Months Ended |
Sep. 30, 2019 |
Share-Based Compensation |
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Schedule of share-based compensation expense and related income tax benefit |
The following table presents share-based compensation amounts recognized in our condensed consolidated statements of operations, in thousands: | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2019 | | 2018 | | 2019 | | 2018 | Share-based compensation expense | | $ | 3,926 | | $ | 2,848 | | $ | 11,411 | | $ | 8,244 | Income tax benefit realized | | $ | 1,304 | | $ | 545 | | $ | 5,110 | | $ | 3,140 |
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Schedule of share-based compensation activity |
The following table presents a summary of our share-based compensation activity for the nine months ended September 30, 2019, in thousands, except per share amounts: | | | | | | | | | | | | | | | | | | | RSAs | | Stock Options | | | Number of Shares | | Weighted Average Grant Date Fair Value Per Share | | Number of Shares | | Weighted Average Grant Date Fair Value Per Share | | Weighted Average Exercise Price Per Share | | Aggregate Intrinsic Value | Balance December 31, 2018 | | 499.2 | | $ | 41.29 | | 611.4 | | $ | 13.10 | | $ | 34.45 | | $ | 8,685.8 | Granted | | 249.1 | | $ | 67.37 | | 103.5 | | $ | 21.16 | | $ | 58.08 | | | | Converted/Exercised | | (310.0) | | $ | 30.99 | | (273.8) | | $ | 10.87 | | $ | 28.14 | | $ | 14,184.1 | Forfeited | | (20.6) | | $ | 58.32 | | (9.7) | | $ | 20.28 | | $ | 54.62 | | | | Expired | | | | | | | (2.7) | | $ | 14.44 | | $ | 38.39 | | | | Balance September 30, 2019 | | 417.7 | | $ | 57.35 | | 428.7 | | $ | 16.30 | | $ | 43.71 | | $ | 22,603.3 | | | | | | | | | | | | | | | | | | Exercisable September 30, 2019 (a) | | | | | 129.1 | | $ | 13.96 | | $ | 36.94 | | $ | 7,678.4 |
(a) | The weighted average remaining contractual term for vested stock options is approximately 6.9 years. |
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Schedule of unrecognized share-based compensation expense relating to unvested awards |
We had unrecognized share-based compensation expense relating to unvested awards as shown in the following table, dollars in thousands: | | | | | | | | | As of September 30, 2019 | | | Unrecognized Compensation Expense on Unvested Awards | | Weighted Average Remaining Vesting Period | Unrecognized compensation expense related to unvested awards: | | | | | | | RSAs | | $ | 10,319 | | | 1.2 years | Stock options | | | 1,910 | | | 1.0 years | Total unrecognized compensation expense related to unvested awards | | $ | 12,229 | | | |
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Schedule of key inputs used to estimate the fair value of awards |
The following are key inputs in the Monte Carlo analysis for awards granted in 2019 and 2018: | | | | | | | | | | | 2019 | | | 2018 | | Measurement period (years) | | | 2.87 | | | | 2.87 | | Risk free interest rate | | | 2.50 | % | | | 2.36 | % | Dividend yield | | | 0.00 | % | | | 0.00 | % | Estimated fair value of market-based RSAs granted | | $ | 80.74 | | | $ | 103.31 | |
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Schedule of assumptions used to estimate the fair values of options granted |
The following table presents the assumptions used to estimate the fair values of stock options granted in 2019 and 2018: | | | | | | | | | | | 2019 | | | 2018 | | Risk free interest rate | | | 2.59 | % | | | 2.78 | % | Expected volatility, using historical return volatility and implied volatility | | | 32.50 | % | | | 32.50 | % | Expected life (in years) | | | 6.0 | | | | 6.0 | | Dividend yield | | | 0.00 | % | | | 0.00 | % | Estimated fair value of stock options granted | | $ | 21.16 | | | $ | 27.44 | |
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Performance-based conditions | Restricted Stock Awards |
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Share-Based Compensation |
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Schedule of the range of payouts and the related expense for RSAs with performance-based conditions |
The following table shows the range of payouts and the related expense for our outstanding RSAs with performance-based conditions, in thousands: | | | | | | | | | | | | | | | | | | | | | Payout Ranges and Related Expense | RSAs with Performance-Based Conditions | | Grant Date Fair Value | | 0% | | 25% | | 100% | | 200% | February 21, 2017 | | $ | 1,839 | | $ | — | | $ | 460 | | $ | 1,839 | | $ | 3,678 | February 19, 2018 | | $ | 2,082 | | $ | — | | $ | 521 | | $ | 2,082 | | $ | 4,164 | February 18, 2019 | | $ | 2,510 | | $ | — | | $ | 628 | | $ | 2,510 | | $ | 5,020 |
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