Stock-Based Compensation (Tables)

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(In thousands)	2015		2014		2015		2014
Cost of sales	$	10	$	4	$	29	$	12
Research and development expenses	94		60		305		261
Selling, general and administrative expenses:
Employees	1,459		1,143		4,465		3,754
Outside directors	377		373		1,124		804
Total stock-based compensation expense	$	1,940	$	1,580	$	5,923	$	4,831

Income tax benefit	$	550	$	473	$	1,684	$	1,417

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 September 30, 2015 ⁽¹⁾	647		$	30.35	5.07	$	9,286
Vested and expected to vest on September 30, 2015⁽¹⁾	647		$	30.35	5.07	$	9,282
Exercisable on September 30, 2015 ⁽¹⁾	471		$	24.96	4.65	$	8,034

⁽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 third 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 September 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 September 30,						Nine Months Ended September 30,
	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	60		57.60
Vested	(107	)	27.97
Forfeited	(1	)	63.19
Non-vested at September 30, 2015	218		$	49.80