Shareholders' Equity (Tables)
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12 Months Ended |
Dec. 31, 2016 |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Stock-based compensation expense |
Total stock-based compensation expense was as follows (in thousands): | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Stock options | | $ | 2,281 |
| | $ | 2,634 |
| | $ | 2,125 |
| Stock awards | | 9,680 |
| | 7,656 |
| | 4,673 |
| Total stock-based compensation expense(1) | | 11,961 |
| | 10,290 |
| | 6,798 |
| Income tax benefit | | 3,947 |
| | 3,413 |
| | 2,284 |
| Total stock-based compensation expense, net of tax | | $ | 8,014 |
| | $ | 6,877 |
| | $ | 4,514 |
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___________________ (1) Reflects a $1.2 million benefit in 2014 related to a change in estimated forfeitures due to employee turnover. |
| Stock options rollforward |
A summary of our stock option activity was as follows (in thousands, except per share amounts and years): | | | | | | | | | | | | | | | | | Stock Options | | Weighted- Average Exercise Price per Share | | Weighted- Average Remaining Contractual Term (years) | | Aggregate Intrinsic Value (1) | Balance at January 2, 2016 | | 1,388 |
| | $ | 18.44 |
| | 5.3 | | $ | 7,366 |
| Granted | | 299 |
| | 19.19 |
| | | | |
| Exercised | | (188 | ) | | 12.21 |
| | | | |
| Canceled/Forfeited | | (145 | ) | | 25.71 |
| | | | |
| Outstanding at December 31, 2016 | | 1,354 |
| | $ | 18.70 |
| | 5.9 | | $ | 7,541 |
| | | | | | | | | | Exercisable at December 31, 2016 | | 927 |
| | $ | 17.40 |
| | 4.6 | | $ | 6,264 |
| | | | | | | | | | Vested and expected to vest at December 31, 2016 | | 1,315 |
| | $ | 18.61 |
| | 5.9 | | $ | 7,442 |
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___________________ | | (1) | Aggregate intrinsic value includes only those options where the current share price is equal to or greater than the share price on the date of grant. |
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| Stock options - other information |
Other information pertaining to options was as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Weighted-average grant date fair value of stock options granted | | $ | 8.85 |
| | $ | 15.94 |
| | $ | 9.33 |
| Total intrinsic value (at exercise) of stock options exercised | | $ | 2,088 |
| | $ | 4,592 |
| | $ | 2,478 |
|
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| Stock options - valuation assumptions |
The assumptions used to calculate the fair value of options granted using the Black-Scholes-Merton option-pricing model were as follows: | | | | | | | | | | | Valuation Assumptions | | 2016 | | 2015 | | 2014 | Expected dividend yield | | 0 | % | | 0 | % | | 0 | % | Expected volatility | | 50 | % | | 54 | % | | 58 | % | Risk-free interest rate | | 1.4 | % | | 1.6 | % | | 1.8 | % | Expected term (in years) | | 5.2 |
| | 5.2 |
| | 5.3 |
|
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| Stock awards rollforward |
Stock award activity was as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | | | Time- Based Stock Awards | | Weighted-Average Grant Date Fair Value | | Performance- and Market-Based Stock Awards | | Weighted-Average Grant Date Fair Value | Outstanding at January 2, 2016 | | 454 |
| | $23.14 | | 710 |
| | $22.01 | Granted | | 289 |
| | 19.78 |
| | 347 |
| | 18.84 |
| Vested | | (189 | ) | | 24.55 |
| | (52 | ) | | 24.57 |
| Canceled/Forfeited | | (24 | ) | | 21.34 |
| | (106 | ) | | 20.24 |
| Outstanding at December 31, 2016 | | 530 |
| | $20.83 | | 899 |
| | $20.87 | | | | | | | | | |
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| Stock awards - valuation assumptions |
The assumptions used to calculate the fair value of market-based stock awards granted using the Monte Carlo simulation model were as follows: | | | | | | | | Valuation Assumptions | | 2016 | | 2015 | | 2014 | Expected dividend yield | | NA | | NA | | 0% | Expected volatility | | NA | | NA | | 58% | Risk-free interest rate | | NA | | NA | | 0.9% |
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| Share Repurchase |
Repurchases of our common stock were as follows (in thousands): | | | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Amount repurchased under Board-approved share repurchase program | | $ | 125,000 |
| | $ | 98,446 |
| | $ | 45,044 |
| Amount repurchased in connection with the vesting of employee restricted stock grants | | 1,693 |
| | 1,755 |
| | 1,448 |
| Total amount repurchased | | $ | 126,693 |
| | $ | 100,201 |
| | $ | 46,492 |
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| Schedule of Earnings Per Share Reconciliation |
The components of basic and diluted net income per share were as follows (in thousands, except per share amounts): | | | | | | | | | | | | | | 2016 | | 2015 | | 2014 | Net income | $ | 51,417 |
| | $ | 50,519 |
| | $ | 67,974 |
| | | | | | | Reconciliation of weighted-average shares outstanding: | |
| | |
| | | Basic weighted-average shares outstanding | 46,154 |
| | 51,252 |
| | 53,452 |
| Dilutive effect of stock-based awards | 748 |
| | 849 |
| | 741 |
| Diluted weighted-average shares outstanding | 46,902 |
| | 52,101 |
| | 54,193 |
| | | | | | | Net income per share – basic | $ | 1.11 |
| | $ | 0.99 |
| | $ | 1.27 |
| Net income per share – diluted | $ | 1.10 |
| | $ | 0.97 |
| | $ | 1.25 |
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