Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

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

Schedule of Stock-based Compensation Expense

Stock-based compensation expense by income statement caption and the related income tax benefit were as follows:



	Year Ended December 31,
(In thousands)	2014		2013		2012
Cost of sales	$	16	$	1	$	—
Research and development	323		226		223
Selling, general and administrative:
Employees	4,927		4,494		3,733
Outside directors	1,178		621		619
Total stock-based compensation expense	$	6,444	$	5,342	$	4,575

Income tax benefit	$	1,897	$	1,575	$	1,488

Schedule of Black Scholes Assumptions

The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:



	Year Ended December 31,
	2014			2013			2012
Weighted average fair value of grants ⁽¹⁾	$	13.64		$	9.26		$	9.57
Risk-free interest rate	1.29		%	0.95		%	0.86		%
Expected volatility	44.84		%	53.39		%	55.22		%
Expected life in years	4.56			5.20			5.15


⁽¹⁾	The weighted average fair value of grants was calculated utilizing the stock options granted during each respective period.

Schedule of Stock Option Activity

Stock option activity was as follows:



	2014							2013							2012
	Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Terms (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	924		$	22.04				1,412		$	20.56				1,502		$	19.53
Granted	133		35.28					201		19.68					153		19.92
Exercised	(391	)	20.76			$	10,651	(679	)	18.22			$	8,355	(189	)	11.62			$	1,155
Forfeited/canceled/expired	(16	)	20.77					(10	)	24.75					(54	)	21.48
Outstanding at end of the year ⁽¹⁾	650		$	25.56	5.59	$	25,653	924		$	22.04	6.09	$	14,854	1,412		$	20.56	4.91	$	2,452
Vested and expected to vest at the end of the year ⁽¹⁾	649		$	25.57	5.58	$	25,618	921		$	22.05	6.08	$	14,791	1,409		$	20.56	4.90	$	2,446
Exercisable at the end of the year ⁽¹⁾	421		$	23.84	4.87	$	17,345	671		$	22.62	5.14	$	10,388	1,181		$	20.24	4.25	$	2,347

⁽¹⁾

The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2014, 2013, and 2012 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2014, 2013, and 2012. This amount will change based on the fair market value of our stock.

Schedule of Exercise Price Range

Significant option groups outstanding at December 31, 2014 and the related weighted average exercise price and life information were as follows:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number Outstanding (in 000’s)	Weighted-Average Remaining Years of Contractual Life	Weighted-Average Exercise Price		Number Exercisable (in 000’s)	Weighted-Average Exercise Price
$16.64 to $17.60	9	0.39	$	17.43	9	$	17.43
18.25 to 21.95	319	6.44	20.17		223	20.42
24.91 to 29.25	184	4.04	28.00		184	28.00
35.28 to 35.35	138	6.01	35.28		5	35.35
	650	5.59	$	25.56	421	$	23.84

Schedule of Non-vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:



	Shares Granted (in 000’s)		Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2011	205		$	24.43
Granted	205		15.22
Vested	(133	)	21.91
Forfeited	(7	)	23.11
Non-vested at December 31, 2012	270		18.72
Granted	196		28.86
Vested	(178	)	20.44
Forfeited	(3	)	15.49
Non-vested at December 31, 2013	285		24.64
Granted	155		51.29
Vested	(171	)	25.78
Forfeited	(3	)	37.78
Non-vested at December 31, 2014	266		$	39.28

Schedule of Information Regarding Stock Incentive Plans

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2014:



Name	Approval Date	Initial Shares Available for Grant Under the Plan	Remaining Shares Available for Grant Under the Plan	Outstanding Shares Granted Under the Plan
1998 Stock Incentive Plan	5/27/1998	630,000	—	5,000
1999A Stock Incentive Plan	10/7/1999	1,000,000	—	22,500
2002 Stock Incentive Plan	2/5/2002	1,000,000	—	13,480
2003 Stock Incentive Plan	6/18/2003	1,000,000	—	77,556
2006 Stock Incentive Plan	6/13/2006	1,000,000	2,250	201,247
2010 Stock Incentive Plan	6/15/2010	1,000,000	49,164	509,260
2014 Stock Incentive Plan	6/12/2014	1,100,000	998,000	87,000
			1,049,414	916,043

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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