Quarterly report pursuant to Section 13 or 15(d)

Stock-Based Awards (Tables)

v3.7.0.1
Stock-Based Awards (Tables)
 3 Months Ended
Mar. 31, 2017
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):
 
Three Months Ended March 31,
2017
 
2016
Selling and marketing
$
1,588

 
$
1,808

General and administrative
3,116

 
3,568

Stock-based compensation expense before income taxes
4,704

 
5,376

Income tax benefit
(1,240
)
 
(1,876
)
Stock-based compensation expense after income taxes
$
3,464

 
$
3,500

 
 
 
 
Summary of Stock-Based Awards Granted
A summary of the stock-based awards granted during the three months ended March 31, 2017 is as follows:
 
Three Months Ended March 31, 2017
 
Number of Awards Granted

Weighted Average per Share Fair Value
Maximum value stock appreciation rights (a)
1,144,049

 
$6.36
Restricted stock units
291,420

 
$38.14
Performance share units (b)
192,878

 
$57.36
Employee stock purchase plan options
31,729

 
$8.63
Dividend equivalents due to quarterly dividend
8,940

 
-
(a) Maximum value SARs are similar to traditional SARs, except these instruments contain a predetermined cap of 200% on the maximum earnings potential a recipient can expect to receive upon exercise.

(b) PSUs are reflected at the maximum 200% potential value.
Weighted Average Assumptions Used In Black-Scholes Option Pricing Model
The weighted average assumptions used in the valuation of each for the three months ended March 31, 2017 are as follows: 
 
 
Three Months Ended March 31, 2017
 
 
Maximum Value Stock Appreciation Rights
 
Employee Stock Purchase Plan Options
 
Performance Share Units
Volatility factor
 
27.4
%
 
38.7
%
 
30.0
%
Risk-free interest rate
 
1.79
%
 
0.65
%
 
1.40
%
Expected term
 
4.7

 
0.5

 
2.9

Dividend yield
 
3.6
%
 
4.1
%
 
0.0
%