Stock-Based Awards (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| 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):
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|
Year Ended December 31, |
2016 |
|
2015 |
|
2014 |
Selling and marketing |
|
$ |
6,412 |
|
|
$ |
6,171 |
|
|
$ |
4,736 |
|
General and administrative |
|
12,821 |
|
|
12,237 |
|
|
10,870 |
|
Stock-based compensation expense before income taxes |
|
19,233 |
|
|
18,408 |
|
|
15,606 |
|
Income tax benefit |
|
(6,734 |
) |
|
(6,563 |
) |
|
(5,685 |
) |
Stock-based compensation expense after income taxes |
|
$ |
12,499 |
|
|
$ |
11,845 |
|
|
$ |
9,921 |
|
|
|
|
|
|
|
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|
| Summary Of Status Of Nonvested RSUs |
A summary of the status of the nonvested RSUs and dividend equivalents, as of December 31, 2016 and changes during the year ended December 31, 2016 is as follows:
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Number of
RSUs
|
|
Weighted
Average Grant
Date Fair Value
|
Nonvested at January 1, 2016 (including 83,132 outstanding dividend equivalents) |
|
674,894 |
|
|
$ |
57.92 |
|
Granted |
|
318,228 |
|
|
44.16 |
|
Additional units granted related to dividend equivalents due to quarterly dividends |
|
24,602 |
|
|
— |
|
Vested |
|
(152,252 |
) |
|
58.45 |
|
Forfeited |
|
(102,843 |
) |
|
56.01 |
|
Nonvested at December 31, 2016 (including 74,181 outstanding dividend equivalents) |
|
762,629 |
|
|
51.86 |
|
|
| 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, 2016 is as follows:
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|
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|
|
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Number of
options
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term (in years)
|
|
Aggregate
Intrinsic Value
|
Outstanding at January 1, 2016 |
|
1,810,973 |
|
|
$ |
45.80 |
|
|
|
|
|
Granted |
|
928,990 |
|
|
44.86 |
|
|
|
|
|
Exercised |
|
(39,054 |
) |
|
23.27 |
|
|
|
|
|
Forfeited |
|
(101,675 |
) |
|
49.41 |
|
|
|
|
|
Expired |
|
(19,017 |
) |
|
46.25 |
|
|
|
|
|
Outstanding at December 31, 2016 |
|
2,580,217 |
|
|
45.66 |
|
|
6.6 |
|
$ |
4,430,444 |
|
Vested and expected to vest at December 31, 2016 |
|
2,437,355 |
|
|
45.47 |
|
|
6.5 |
|
$ |
4,430,444 |
|
Exercisable at December 31, 2016 |
|
1,308,868 |
|
|
41.69 |
|
|
4.6 |
|
$ |
4,430,444 |
|
|
| 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, |
|
|
2016 |
|
2015 |
|
2014 |
Volatility factor |
|
26.3 |
% |
|
29.2 |
% |
|
36.4 |
% |
Risk-free interest rate |
|
1.23 |
% |
|
1.49 |
% |
|
1.55 |
% |
Expected term |
|
4.5 |
|
|
4.4 |
|
|
4.7 |
|
Dividend yield |
|
3.1 |
% |
|
2.1 |
% |
|
1.8 |
% |
|
| 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, 2016:
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|
|
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|
|
|
|
|
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|
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|
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Outstanding |
|
Exercisable |
|
|
Number
Outstanding at
December 31,
2016
|
|
Weighted
Average
Exercise Price
|
|
Weighted
Average
Remaining
Contractual
Term in Years
|
|
Number
Exercisable at
December 31,
2016
|
|
Weighted
Average
Exercise Price
|
$0.00 to $9.99 |
|
95,202 |
|
|
$ |
4.91 |
|
|
2.0 |
|
95,202 |
|
|
$ |
4.91 |
|
$10.00 to $19.99 |
|
48,873 |
|
|
16.11 |
|
|
2.3 |
|
48,873 |
|
|
16.11 |
|
$20.00 to $29.99 |
|
57,541 |
|
|
25.86 |
|
|
4.1 |
|
57,541 |
|
|
25.86 |
|
$30.00 to $39.99 |
|
450,822 |
|
|
37.52 |
|
|
2.2 |
|
450,822 |
|
|
37.52 |
|
$40.00 to $49.99 |
|
1,216,719 |
|
|
45.72 |
|
|
8.5 |
|
236,836 |
|
|
47.73 |
|
$50.00 to $59.99 |
|
283,116 |
|
|
51.56 |
|
|
6.2 |
|
275,666 |
|
|
51.57 |
|
$60.00 to $69.99 |
|
427,944 |
|
|
65.24 |
|
|
8.1 |
|
143,928 |
|
|
65.24 |
|
|
|
2,580,217 |
|
|
|
|
|
|
1,308,868 |
|
|
|
|
| Schedule of Nonvested Performance-based Units Activity [Table Text Block] |
A summary of the status of the nonvested MSUs, PSUs and dividend equivalents, as of December 31, 2016 and changes during the year ended December 31, 2016 is as follows:
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Number of
MSUs and PSUs (a)
|
|
Weighted
Average Grant
Date Fair Value
|
Nonvested at January 1, 2016 |
|
231,602 |
|
|
$ |
82.67 |
|
Granted (a) |
|
184,580 |
|
|
54.06 |
|
Additional units granted related to quarterly dividend equivalents |
|
5,810 |
|
|
— |
|
Vested |
|
(57,049 |
) |
|
78.04 |
|
Forfeited |
|
(69,557 |
) |
|
74.31 |
|
Nonvested at December 31, 2016 |
|
295,386 |
|
|
67.35 |
|
|
|
|
|
|
(a) Shares granted are based on the achievement of certain performance criteria and represent the maximum number of shares that can vest (200%).
|
| 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, 2016 and 2015:
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|
Year Ended December 31, |
|
|
|
|
2016 |
|
2015 |
|
2014 |
Volatility factor |
|
32.0 |
% |
|
21.7 |
% |
|
22.0 |
% |
Risk-free interest rate |
|
0.42 |
% |
|
0.12 |
% |
|
0.08 |
% |
Expected term |
|
0.5 |
|
|
0.5 |
|
|
0.5 |
|
Dividend yield |
|
2.8 |
% |
|
1.9 |
% |
|
1.7 |
% |
|