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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationWe grant stock-based compensation awards under the Second Amended and Restated 2010 Stock Incentive Plan (Stock Incentive Plan), including stock options, restricted stock units, phantom stock, and unrestricted stock units. In the Stock Incentive Plan, we have 12,623,538 shares of common stock reserved and authorized for issuance subject to stock splits, dividends, and other similar events, and at September 30, 2020, 5,594,481 shares were available for grant. We issue new shares
of common stock upon the exercise of stock options or when vesting conditions on restricted stock units are fully satisfied. These shares are subject to a fungible share provision such that the authorized share reserve is reduced by (i) one share for every one share subject to a stock option or share appreciation right granted under the Plan and (ii) 1.7 shares for every one share of common stock that was subject to an award other than an option or share appreciation right.

We also periodically award phantom stock units, which are settled in cash upon vesting and accounted for as liability-based awards with no impact to the shares available for grant.

In addition, we maintain the Employee Stock Purchase Plan (ESPP), for which 190,736 shares of common stock were available for future issuance at September 30, 2020.

All other forms of stock grants, including unrestricted stock, ESPP, and phantom stock units were not significant for the three and nine months ended September 30, 2020 and 2019.

Stock-Based Compensation Expense
Total stock-based compensation expense and the related tax benefit were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
In thousands2020201920202019
Stock options$452 $389 $1,445 $1,413 
Restricted stock units4,399 6,734 18,575 19,178 
Unrestricted stock awards206 158 618 473 
Phantom stock units582 822 2,075 2,265 
Total stock-based compensation$5,639 $8,103 $22,713 $23,329 
Related tax benefit$1,070 $1,443 $4,257 $4,161 

Stock Options
A summary of our stock option activity is as follows:
SharesWeighted
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, 2019895 $47.93 6.2$4,806 
Granted76 76.55 $26.20 
Exercised(117)40.10 2,745 
Forfeited(8)67.38 
Expired(11)66.24 
Outstanding, September 30, 2019835 $51.22 5.5$19,190 
Outstanding, January 1, 2020458 $56.38 7.0$12,641 
Granted80 84.38 $26.21 
Exercised(49)50.90 1,189 
        Forfeited(5)83.80 
Outstanding, September 30, 2020484 $61.30 7.0$3,816 
Exercisable, September 30, 2020319 $52.68 6.0$3,764 

At September 30, 2020, total unrecognized stock-based compensation expense related to nonvested stock options was $3.0 million, which is expected to be recognized over a weighted average period of approximately 2.0 years.
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,
2020201920202019
Expected volatility41.5 %31.7 %32.1 %31.7 %
Risk-free interest rate0.3 %1.7 %1.3 %1.7 %
Expected term (years)5.36.15.36.1


Restricted Stock Units
The following table summarizes restricted stock unit activity:
In thousands, except fair valueNumber of
Restricted Stock Units		Weighted
Average Grant
Date Fair Value		Aggregate
Intrinsic Value
Outstanding, January 1, 2019817 
Granted334 $62.04 
Released (1)
(435)$26,852 
Forfeited(53)
Outstanding, September 30, 2019663 
Outstanding, January 1, 2020684 $64.38 
Granted209 83.34 
Released (1)
(338)65.01 $21,947 
Forfeited(23)69.12 
Outstanding, September 30, 2020532 71.45 
Vested but not released, September 30, 20209 $549 
(1)     Shares released is presented gross of shares netted for employee payroll tax obligations.

At September 30, 2020, total unrecognized compensation expense on restricted stock units was $31.8 million, which is expected to be recognized over a weighted average period of approximately 1.8 years.

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 September 30,Nine Months Ended September 30,
2020201920202019
Expected volatility52.6 %33.4 %38.2 %31.4 %
Risk-free interest rate0.2 %1.8 %1.5 %2.5 %
Expected term (years)2.32.51.81.6
Weighted average fair value$61.45 $72.18 $93.05 $61.25