Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

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 March 31,
In thousands	2020		2019
Stock options	$	467	$	581
Restricted stock units	7,809		6,467
Unrestricted stock awards	206		157
Phantom stock units	433		918
Total stock-based compensation	$	8,915	$	8,123
Related tax benefit	$	1,767	$	1,443

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, 2019	895	$	47.93	6.2	$	4,806
Exercised	(20)	44.99			211
Forfeited	(7)	67.53
Outstanding, March 31, 2019	868	$	47.83	6.0	$	4,402
Outstanding, January 1, 2020	458	$	56.38	7.0	$	12,641
Granted	73	87.27					$	26.72
Exercised	(40)	54.03			934
Outstanding, March 31, 2020	491	$	61.13	7.5	$	3,106
Exercisable, March 31, 2020	295	$	49.74	6.3	$	3,096

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 March 31,
	2020		2019
Expected volatility	31.0	%	—	%
Risk-free interest rate	1.4	%	—	%
Expected term (years)	5.3		N/A

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, 2019	817
Granted	107	$	56.04
Released (1)	(316)			$	19,074
Forfeited	(17)
Outstanding, March 31, 2019	591
Outstanding, January 1, 2020	684	$	64.38
Granted	182	87.17
Released (1)	(192)	65.08		$	12,454
Forfeited	(7)	67.42
Outstanding, March 31, 2020	667	70.55
Vested but not released, March 31, 2020	8			$	473

⁽¹⁾  Shares released is presented gross of shares netted for employee payroll tax obligations.

^[1]

Restricted Stock Units, Valuation Assumptions

The weighted average assumptions used to estimate the fair value of performance-based restricted stock units granted with a service and market condition and the resulting weighted average fair value are as follows:

	Three Months Ended March 31,
	2020			2019
Expected volatility	37.6		%	31.3		%
Risk-free interest rate	1.5		%	2.5		%
Expected term (years)	1.8			1.6
Weighted average fair value	$	94.28		$	60.91

[1] ⁽¹⁾  Shares released is presented gross of shares netted for employee payroll tax obligations.