Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Weighted Average Option Fair Values and Assumptions

Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model.

	Three Months Ended   March 31,
	2019	2018
Weighted average fair value of grants	$35.17	$37.96
Dividend yield	1.18%	1.07%
Volatility	24.79%	28.49%
Risk-free interest rate	2.53% - 3.05%	2.01% - 3.17%
Expected life (in years)	5.87	5.78

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   March 31,
	2019			2018
Cost of goods sold	$	192		$	206
Selling, general and administrative expenses	2,540			2,524
Total expense before income taxes	2,732			2,730
Income tax benefit	(368		)	(470		)
Total expense after income taxes	$	2,364		$	2,260

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of March 31, 2019, and changes during the three months endedMarch 31, 2019, are presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2019	1,714,003		$	85.08	6.70	$	74,191,783
Granted	332,625		144.83
Exercised	(131,565	)	67.42
Forfeited	(44,168	)	108.13
Outstanding at March 31, 2019	1,870,895		$	96.40	7.12	$	103,532,580
Vested and expected to vest as of March 31, 2019	1,747,058		$	94.14	6.99	$	100,638,073
Exercisable at March 31, 2019	1,023,778		$	75.01	5.74	$	78,549,384

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of March 31, 2019, and changes during the three months endedMarch 31, 2019, are presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019	148,041		$	101.50
Granted	32,945		144.25
Vested	(34,952	)	74.72
Forfeited	(3,165	)	128.71
Unvested at March 31, 2019	142,869		$	117.30

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   March 31,
	2019			2018
Cost of goods sold	$	138		$	156
Selling, general and administrative expenses	1,288			1,289
Total expense before income taxes	1,426			1,445
Income tax benefit	(275		)	(257		)
Total expense after income taxes	$	1,151		$	1,188

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2019, and changes during the three months endedMarch 31, 2019, are presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2019	88,225		$	126.26
Granted	24,305		144.74
Vested	(27,900	)	144.12
Forfeited	(3,625	)	151.74
Unvested at March 31, 2019	81,005		$	151.74

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation cost for cash-settled restricted stock is as follows:

	Three Months Ended   March 31,
	2019			2018
Cost of goods sold	$	500		$	413
Selling, general and administrative expenses	1,530			1,204
Total expense before income taxes	2,030			1,617
Income tax benefit	(187		)	(159		)
Total expense after income taxes	$	1,843		$	1,458

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions

Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.

	Three Months Ended   March 31,
	2019	2018
Weighted average fair value of grants	$203.06	$216.59
Dividend yield	—%	—%
Volatility	19.08%	17.42%
Risk-free interest rate	2.53%	2.40%
Expected life (in years)	2.84	2.85

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of March 31, 2019, and changes during the three months endedMarch 31, 2019, are presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2019	111,155		$	142.42
Granted	50,255		203.06
Vested	—		—
Forfeited	(8,970	)	162.86
Unvested at March 31, 2019	152,440		$	175.87

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total compensation cost for performance share units is as follows:

	Three Months Ended   March 31,
	2019			2018
Cost of goods sold	$	—		$	—
Selling, general and administrative expenses	1,372			1,860
Total expense before income taxes	1,372			1,860
Income tax benefit	(48		)	(317		)
Total expense after income taxes	$	1,324		$	1,543