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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense and Related Tax Benefit
Total stock-based compensation expense and the related tax benefit were as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
In thousands
2019
 
2018
 
2019
 
2018
Stock options
$
389

 
$
911

 
$
1,413

 
$
2,694

Restricted stock units
6,734

 
5,381

 
19,178

 
19,803

Unrestricted stock awards
158

 
158

 
473

 
572

Phantom stock units
822

 
762

 
2,265

 
2,039

Total stock-based compensation
$
8,103

 
$
7,212

 
$
23,329

 
$
25,108

 
 
 
 
 
 
 
 
Related tax benefit
$
1,443

 
$
1,259

 
$
4,161

 
$
4,387
Employee Stock Options Activity
A summary of our stock option activity is as follows:
 
Shares
 
Weighted
Average Exercise
Price per Share
 
Weighted Average
Remaining
Contractual Life
 
Aggregate
Intrinsic Value
 
Weighted
Average Grant
Date Fair Value
 
(in thousands)
 
 
 
(years)
 
(in thousands)
 
 
Outstanding, January 1, 2018
956

 
$
47.10

 
6.3
 
$
21,965

 
 
Converted upon acquisition
42

 
51.86

 
 
 
 
 
$
14.86

Granted
117

 
68.90

 
 
 
 
 
24.55

Exercised
(151
)
 
38.98

 
 
 
4,509

 
 
Forfeited
(3
)
 
68.43

 
 
 
 
 
 
Expired
(66
)
 
95.31

 
 
 
 
 
 
Outstanding, September 30, 2018
895

 
$
47.92

 
6.6
 
$
15,332

 
 
 
 
 
 
 
 
 
 
 
 
Outstanding, January 1, 2019
895

 
$
47.93

 
6.2
 
$
4,806

 
 
Granted
76

 
76.55

 
 
 
 
 
$
26.20

Exercised
(117
)
 
40.10

 
 
 
2,745

 
 
Forfeited
(8
)
 
67.38

 
 
 
 
 
 
Expired
(11
)
 
66.24

 
 
 
 
 
 
Outstanding, September 30, 2019
835

 
$
51.22

 
5.5
 
$
19,190

 
 
 
 
 
 
 
 
 
 
 
 
Exercisable, September 30, 2019
640

 
$
45.32

 
4.5
 
$
18,328

 
 
 
 
 
 
 
 
 
 
 
 
Expected to vest, September 30, 2019
195

 
$
70.56

 
8.8
 
$
861

 
 
Stock Options, Valuation Assumptions
The weighted average assumptions used to estimate the fair value of stock options granted and the resulting weighted average fair value are as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Expected volatility
31.7
%
 
28.6
%
 
31.7
%
 
30.6
%
Risk-free interest rate
1.7
%
 
2.9
%
 
1.7
%
 
2.8
%
Expected term (years)
6.1

 
6.1

 
6.1

 
6.1
Restricted Stock Units Award Activity
The following table summarizes restricted stock unit activity:
In thousands, except fair value
Number of
Restricted Stock Units
 
Weighted
Average Grant
Date Fair Value
 
Aggregate
Intrinsic Value
Outstanding, January 1, 2018
556

 

 
 
Converted upon acquisition
579

 
 
 
 
Granted
262

 
$
65.22

 
 
Released (1)
(494
)
 

 
$
26,753

Forfeited
(102
)
 

 
 
Outstanding, September 30, 2018
801

 

 
 
 
 
 
 
 
 
Outstanding, January 1, 2019
817

 
$
59.70

 
 
Granted
334

 
62.04

 
 
Released (1)
(435
)
 
61.79

 
$
26,852

Forfeited
(53
)
 
66.27

 
 
Outstanding, September 30, 2019
663

 
64.30

 
 
 
 
 
 
 
 
Vested but not released, September 30, 2019
8

 
 
 
$
602

 
 
 
 
 
 
Expected to vest, September 30, 2019
652

 
 
 
$
48,190



(1)     Shares released is presented gross of shares netted for employee payroll tax obligations.
Restricted Stock Units, Valuation Assumptions
The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted and the resulting weighted average fair value are as follows:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Expected volatility
33.4
%
 
N/A
 
31.4
%
 
28.0
%
Risk-free interest rate
1.8
%
 
N/A
 
2.5
%
 
2.2
%
Expected term (years)
2.5

 
N/A
 
1.6

 
2.1

 
 
 
 
 
 
 
 
Weighted average fair value
$
72.18

 
N/A
 
$
61.25

 
$
78.56
Schedule of Other Share-based Compensation, Activity
The following table summarizes phantom stock unit activity:
In thousands, except fair value
Number of Phantom Stock Units
 
Weighted
Average Grant
Date Fair Value
Outstanding, January 1, 2018
63

 


Converted upon acquisition
21

 
 
Granted
37

 
$
68.06

Released
(34
)
 


Forfeited
(3
)
 


Outstanding, September 30, 2018
84

 


 
 
 
 
Expected to vest, September 30, 2018
84

 
 
 
 
 
 
Outstanding, January 1, 2019
83

 
$
61.80

Granted
55

 
60.34

Released
(40
)
 
56.89

Forfeited
(7
)
 
66.26

Outstanding, September 30, 2019
91

 
62.73

 
 
 
 
Expected to vest, September 30, 2019
91