Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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)	2016		2015		2014
Cost of sales	$	57	$	39	$	16
Research and development expenses	541		428		323
Selling, general and administrative expenses:
Employees	7,095		5,946		4,927
Outside directors	2,631		1,500		1,178
Total employee and director stock-based compensation expense	$	10,324	$	7,913	$	6,444

Income tax benefit	$	3,102	$	2,366	$	1,897

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,
	2016			2015			2014
Weighted average fair value of grants	$	17.96		$	24.47		$	13.64
Risk-free interest rate	1.36		%	1.39		%	1.29		%
Expected volatility	41.38		%	43.36		%	44.84		%
Expected life in years	4.55			4.57			4.56

Schedule of Stock Option Activity

Stock option activity was as follows:



	2016							2015							2014
	Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)		Number of Options (in 000's)		Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year	648		$	30.50				650		$	25.56				924		$	22.04
Granted	243		49.67					77		64.81					133		35.28
Exercised	(239	)	26.09			$	9,933	(71	)	23.97			$	2,193	(391	)	20.76			$	10,651
Forfeited/canceled/expired	—		—					(8	)	20.64					(16	)	20.77
Outstanding at end of the year ⁽¹⁾	652		$	39.27	4.78	$	16,553	648		$	30.50	4.85	$	14,556	650		$	25.56	5.59	$	25,653
Vested and expected to vest at the end of the year ⁽¹⁾	652		$	39.27	4.78	$	16,548	648		$	30.50	4.85	$	14,551	649		$	25.57	5.58	$	25,618
Exercisable at the end of the year ⁽¹⁾	363		$	30.21	3.88	$	12,511	493		$	25.03	4.51	$	12,979	421		$	23.84	4.87	$	17,345

⁽¹⁾

The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2016, 2015, and 2014 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, 2016, 2015, and 2014. This amount will change based on the fair market value of our stock.

Schedule of Exercise Price Range and Life Information

Significant option groups outstanding at December 31, 2016 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
$18.25 to $21.95	182	4.44	$	20.15	180	$	20.13
26.48 to 28.08	56	0.80	27.45		56	27.45
35.28 to 48.61	243	5.35	43.49		84	35.28
51.38 to 65.54	171	5.62	57.49		43	65.22
	652	4.78	$	39.27	363	$	30.21

Schedule of Non-vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:



	2016				2015				2014
	Shares (in 000’s)		Weighted-Average Grant Date Fair Value		Shares (in 000’s)		Weighted-Average Grant Date Fair Value		Shares (in 000’s)		Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year	225		$	51.31	266		$	39.28	285		$	24.64
Granted	77		63.30		138		53.64		155		51.29
Vested	(146	)	51.10		(178	)	35.09		(171	)	25.78
Forfeited	(3	)	60.17		(1	)	63.19		(3	)	37.78
Non-vested at end of the year	153		$	57.43	225		$	51.31	266		$	39.28

Schedule of Information Regarding Stock Incentive Plans

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2016:



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
1999A Stock Incentive Plan	10/7/1999	1,000,000	—	7,500
2003 Stock Incentive Plan	6/18/2003	1,000,000	—	37,541
2006 Stock Incentive Plan	6/13/2006	1,000,000	—	118,553
2010 Stock Incentive Plan	6/15/2010	1,000,000	—	222,935
2014 Stock Incentive Plan	6/12/2014	1,100,000	517,066	418,800
			517,066	805,329