Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Share-Based Compensation Expense

The table below sets forth compensation cost charged as an expense for share-based compensation plans, including stock options and share grants, recognized in the statements of income for the years ended December 31, 2015, 2014 and 2013:

	2015		2014		2013
Cost of goods sold	$	716	$	438	$	522
Selling, general and administrative expense		16,228		12,438		11,645
Research and development expense		2,026		1,228		1,384
Total share-based compensation expense	$	18,970	$	14,104	$	13,551

Schedule of Share Based Payment Award Stock Options Valuation Assumptions

Share-based compensation expense for stock options granted during 2014 and 2013 was calculated on the date of grant using the Black-Scholes-Merton option-pricing model with the following weighted-average assumptions:

	2014			2013
Weighted-average grant date fair value (1)	$	15.68		$	12.88
Weighted-average assumptions used:
Expected volatility		53.36	%		53.36	%
Expected term (years)		7.2			7.2
Risk-free interest rate		2.08	%		1.49	%
Forfeiture rate		0.00	%		0.78	%
Expected dividend yield		0.00	%		0.00	%
(1) No stock options were granted in 2015.

Schedule of Share Based Compensation Stock Options Activity

The table below sets forth a summary of activity in our stock option plans:

Stock Options	Shares			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (years)		Aggregate Intrinsic Value
Outstanding at January 1, 2013		3,713		$	17.85
Granted		186			23.35
Exercised		(341	)		7.70
Forfeited or expired		(432	)		20.34
Outstanding at December 31, 2013		3,126			18.93
Granted		176			27.92
Exercised		(564	)		10.37
Forfeited or expired ⁽¹⁾		(2	)		29.21
Outstanding at December 31, 2014		2,736			21.26
Granted		-			-
Exercised		(653	)		15.63
Forfeited or expired		(20	)		22.91
Outstanding at December 31, 2015		2,063		$	23.03		3.9	$	4,111
Exercisable at December 31, 2015		1,776		$	22.82		3.6	$	3,840

⁽¹⁾

The Compensation Committee of the Board of Directors reviewed the grants of stock options to the Chief Executive Officer (“CEO”) in 2009, 2010, 2011 and 2012 (each such annual grant, an “Option Grant”), and approved a Confirmation Agreement, dated April 1, 2013, in which we and our CEO agreed and confirmed that our CEO will assert no claim that any Option Grant in 2009, 2010, 2011 or 2012 provided for the purchase of more than 100,000 shares of our Common Stock, and that each Option Grant document be deemed amended to reflect the foregoing 100,000 share limitation.

Schedule of Share Based Compensation by Plan

The table below summarizes information about stock options outstanding at December 31, 2015:

Plan	Range of exercise prices		Number outstanding		Weighted average remaining contractual life (years)		Weighted average exercise price
2001 Plan	$	15.05-29.21		1,722		3.5	$	22.52
2013 Plan	$	23.35-27.92		341		5.9	$	25.61

The table below summarizes information about stock options exercisable at December 31, 2015:

Plan	Range of exercise prices		Number exercisable		Weighted average remaining contractual life (years)		Weighted average exercise price
2001 Plan	$	15.05-29.21		1,648		3.4	$	22.66
2013 Plan	$	23.35-27.92		128		5.8	$	24.86

Schedule of Nonvested Restricted Stock Units Activity

The table below sets forth a summary of our non-vested share grants in 2015, 2014 and 2013:

Restricted Stock Grants	Shares			Weighted Average Grant Date Fair Value		Aggregate Intrinsic Value
Nonvested at December 31, 2012		1,164			20.42
Granted		453			24.66
Vested		(428	)		19.90
Forfeited		(58	)		21.66
Nonvested at December 31, 2013		1,131			22.35
Granted		788			25.08
Vested		(346	)		22.34
Forfeited		(38	)		24.98
Nonvested at December 31, 2014		1,535			23.32	$	42,324
Granted		1,557			22.46
Vested		(370	)		25.02	$	9,462
Forfeited		(43	)		26.08
Nonvested at December 31, 2015		2,679		$	23.51	$	61,247