Stock-Based Awards (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Share-based Compensation [Abstract] |
|
| Stock-Based Compensation Expense |
Stock-based compensation expense is included in the following line items in the accompanying consolidated statements of operations (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
2015 |
|
2014 |
|
2013 |
Selling and marketing |
|
$ |
6,171 |
|
|
$ |
4,736 |
|
|
$ |
3,793 |
|
General and administrative |
|
12,237 |
|
|
10,870 |
|
|
10,250 |
|
Stock-based compensation expense before income taxes |
|
18,408 |
|
|
15,606 |
|
|
14,043 |
|
Income tax benefit |
|
(6,563 |
) |
|
(5,685 |
) |
|
(4,835 |
) |
Stock-based compensation expense after income taxes |
|
$ |
11,845 |
|
|
$ |
9,921 |
|
|
$ |
9,208 |
|
|
|
|
|
|
|
|
|
| Summary Of Status Of Nonvested RSUs |
A summary of the status of the nonvested RSUs and dividend equivalents, as of December 31, 2015 and changes during the year ended December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
Number of
RSUs
|
|
Weighted
Average Grant
Date Fair Value
|
Nonvested at January 1, 2015 (including 18,302 outstanding dividend equivalents) |
|
619,881 |
|
|
$ |
48.88 |
|
Granted |
|
235,207 |
|
|
65.89 |
|
Additional units granted related to dividend equivalents due to special dividend and quarterly dividends |
|
106,593 |
|
|
— |
|
Vested |
|
(211,248 |
) |
|
37.52 |
|
Forfeited |
|
(75,539 |
) |
|
57.59 |
|
Nonvested at December 31, 2015 (including 83,132 outstanding dividend equivalents) |
|
674,894 |
|
|
57.92 |
|
|
| Summary Of Status Of Outstanding Stock Options And SARs |
A summary of the status of the outstanding stock options and SARs as of December 31, 2015 is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of
options
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term (in years)
|
|
Aggregate
Intrinsic Value
|
Outstanding at January 1, 2015 |
|
2,296,680 |
|
|
$ |
40.54 |
|
|
|
|
|
Granted |
|
508,420 |
|
|
65.24 |
|
|
|
|
|
Anti-dilution adjustment due to special dividend |
|
343,485 |
|
|
— |
|
|
|
|
|
Exercised |
|
(1,239,846 |
) |
|
30.58 |
|
|
|
|
|
Forfeited |
|
(96,242 |
) |
|
55.77 |
|
|
|
|
|
Expired |
|
(1,524 |
) |
|
13.29 |
|
|
|
|
|
Outstanding at December 31, 2015 |
|
1,810,973 |
|
|
45.80 |
|
|
6.4 |
|
$ |
15,771,007 |
|
Vested and expected to vest at December 31, 2015 |
|
1,721,799 |
|
|
45.07 |
|
|
6.3 |
|
$ |
15,694,922 |
|
Exercisable at December 31, 2015 |
|
979,546 |
|
|
35.53 |
|
|
4.6 |
|
$ |
14,990,911 |
|
|
| Weighted Average Assumptions Used In Black-Scholes Option Pricing Model |
The weighted average assumptions used in the Black-Scholes option pricing model are as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2015 |
|
2014 |
|
2013 |
Volatility factor |
|
29.2 |
% |
|
36.4 |
% |
|
49.1 |
% |
Risk-free interest rate |
|
1.49 |
% |
|
1.55 |
% |
|
0.85 |
% |
Expected term |
|
4.4 |
|
|
4.7 |
|
|
4.8 |
|
Dividend yield |
|
2.1 |
% |
|
1.8 |
% |
|
1.2 |
% |
|
| Summary Of Information About Stock Options And SARs Outstanding And Exercisable |
The following table summarizes the information about stock options and SARs outstanding and exercisable as of December 31, 2015:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding |
|
Exercisable |
|
|
Number
Outstanding at
December 31,
2015
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term in Years
|
|
Number
Exercisable at
December 31,
2015
|
|
Weighted
Average
Exercise Price
|
$0.00 to $9.99 |
|
106,698 |
|
|
$ |
4.92 |
|
|
3.0 |
|
106,698 |
|
|
$ |
4.92 |
|
$10.00 to $19.99 |
|
68,851 |
|
|
15.59 |
|
|
2.9 |
|
68,851 |
|
|
15.59 |
|
$20.00 to $29.99 |
|
57,541 |
|
|
25.86 |
|
|
5.1 |
|
57,541 |
|
|
25.86 |
|
$30.00 to $39.99 |
|
450,822 |
|
|
37.52 |
|
|
3.2 |
|
450,822 |
|
|
37.52 |
|
$40.00 to $49.99 |
|
380,709 |
|
|
47.73 |
|
|
8.1 |
|
115,890 |
|
|
47.74 |
|
$50.00 to $59.99 |
|
287,182 |
|
|
51.56 |
|
|
7.2 |
|
179,744 |
|
|
51.57 |
|
$60.00 to $69.99 |
|
459,170 |
|
|
65.24 |
|
|
9.1 |
|
— |
|
|
— |
|
|
|
1,810,973 |
|
|
|
|
|
|
979,546 |
|
|
|
|
| Weighted Average Assumptions Used In Valuation Of ESPP Options |
The following are the weighted average assumptions used in the valuation of the ESPP options for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2015 |
|
2014 |
Volatility factor |
|
21.7 |
% |
|
22.0 |
% |
Risk-free interest rate |
|
0.12 |
% |
|
0.08 |
% |
Expected term |
|
0.5 |
|
|
0.5 |
|
Dividend yield |
|
1.9 |
% |
|
1.7 |
% |
|