Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2015

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:



	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands)	2015		2014		2015		2014
Cost of sales	$	10	$	4	$	19	$	8
Research and development expenses	106		100		211		201
Selling, general and administrative expenses:
Employees	1,535		1,253		3,006		2,611
Outside directors	373		216		747		431
Total stock-based compensation expense	$	2,024	$	1,573	$	3,983	$	3,251

Income tax benefit	$	574	$	454	$	1,134	$	944

Schedule of Stock Option Activity

Stock option activity was as follows:



	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 December 31, 2014	650		$	25.56
Granted	74		65.54
Exercised	(69	)	23.95			$	2,122
Forfeited/canceled/expired	(8	)	20.64
Outstanding on June 30, 2015 ⁽¹⁾	647		$	30.35	5.33	$	13,761
Vested and expected to vest on June 30, 2015⁽¹⁾	647		$	30.35	5.32	$	13,756
Exercisable on June 30, 2015 ⁽¹⁾	445		$	24.88	4.80	$	11,118

⁽¹⁾

The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of the second quarter of 2015 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 June 30, 2015. This amount will change based on the fair market value of our stock.

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:



	Three Months Ended June 30,						Six Months Ended June 30, 2015
	2015			2014			2015			2014
Weighted average fair value of grants ⁽¹⁾	$	—		$	—		$	24.77		$	13.64
Risk-free interest rate	—		%	—		%	1.38		%	1.29		%
Expected volatility	—		%	—		%	43.50		%	44.84		%
Expected life in years	0.00			0.00			4.56			4.56


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

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, 2014	266		$	39.28
Granted	29		65.53
Vested	(57	)	33.95
Forfeited	(1	)	63.19
Non-vested at June 30, 2015	237		$	43.69