Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

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

Stock-Based Compensation Expense Related to Stock Options, Restricted Stock Units (RSUs) and Restricted Stock

The following table summarizes the stock-based compensation expense related to stock options, restricted stock units (RSUs) and restricted stock for the three and nine months ended September 30, 2014 and 2013, which was recognized as follows:

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
(In thousands)	2014			2013			2014			2013
Stock-based compensation expense included in cost of sales	$	124		$	118		$	359		$	334
Selling, general and administrative expense		1,048			1,024			3,089			3,129
Research and development expense		975			1,034			2,848			3,053
Stock-based compensation expense included in operating expenses		2,023			2,058			5,937			6,182
Total stock-based compensation expense		2,147			2,176			6,296			6,516
Tax benefit for expense associated with non-qualified options		(298	)		(307	)		(878	)		(924	)
Total stock-based compensation expense, net of tax	$	1,849		$	1,869		$	5,418		$	5,592

Summary of Weighted-Average Assumptions and Value of Options Granted

The weighted-average assumptions and value of options granted for the nine months ended September 30, 2014 are summarized as follows:

	Nine Months Ended
	September 30, 2014
Expected volatility		39.57	%
Risk-free interest rate		1.86	%
Expected dividend yield		1.38	%
Expected life (in years)		6.25
Weighted-average estimated value	$	9.28

Summary of Stock Options Outstanding

The following table is a summary of our stock options outstanding as of December 31, 2013 and September 30, 2014 and the changes that occurred during the nine months ended September 30, 2014:

(In thousands, except per share amounts)	Number of Options			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life In Years		Aggregate Intrinsic Value
Options outstanding, December 31, 2013		6,358		$	24.43		6.60	$	25,878
Options granted		2		$	26.03
Options cancelled/forfeited		(203	)	$	25.86
Options exercised		(117	)	$	19.66
Options outstanding, September 30, 2014		6,040		$	24.47		5.85	$	5,699
Options exercisable, September 30, 2014		3,961		$	25.14		4.59	$	3,295