Note 10 - Stock-based Compensation

12 Months Ended

Dec. 31, 2016

Notes to Financial Statements

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

(10)

        

Stock-Based Compensation

2009

Employee Stock Purchase Plan

The

2009

Employee Stock Purchase Plan (the

“2009

ESPP”) allows for the issuance of

1,500,000

shares of our Class A common stock. The

2009

ESPP is intended to qualify as an “Employee Stock Purchase Plan” under Section

423

of the Internal Revenue Code of

1986,

as amended, and is administered by the Compensation Committee of the Board of Directors.

Eligible employees are entitled to defer up to

10%

of their base pay for the purchase of stock, up to

$25,000

of fair market value of our Class A common stock annually. The purchase price is equal to

85%

of the fair market value at the end of the purchase period.

Following is information regarding our

2009

ESPP:

Year Ended December 31,	2016
Shares purchased pursuant to 2009 ESPP		94,909
Weighted average per share price of shares purchased	$	73.67
Weighted average per share discount from market value for shares purchased	$	13.00

As of December 31,	2016
Shares available for purchase pursuant to 2009 ESPP		372,751

Compensation expense related to our

2009

ESPP is calculated based on the

15%

discount from the per share market price on the date of grant.

2013

Stock Incentive Plan

Our

2013

Stock Incentive Plan, as amended, (the

“2013

Plan”) allows for the grant of a total of

3.8

million shares in the form of stock appreciation rights, qualified stock options, nonqualified stock options and shares of restricted stock to our officers, key employees, directors and consultants. The

2013

Plan is administered by the Compensation Committee of the Board of Directors and permits accelerated vesting of outstanding awards upon the occurrence of certain changes in control. As of

December

31,

2016,

1,487,405

shares of Class A common stock were available for future grants. As of

December

31,

2016,

there were no stock appreciation rights, qualified stock options or shares of restricted stock outstanding.

Restricted Stock Units (“RSUs”)

RSU grants vest over a period up to

four

years from the date of grant. RSU activity was as follows:

	RSUs			Weighted average grant date fair value
Balance, December 31, 2015		411,074		$	59.13
Granted		144,152			82.90
Vested		(240,433	)		47.45
Forfeited		(15,809	)		79.34
Balance, December 31, 2016		298,984			80.37

We granted

33,548

time-vesting RSUs to members of our Board of Directors and employees in

2016.

Each grant entitles the holder to receive shares of our Class A common stock upon vesting. A quarter of the RSUs vest on each of the

four

anniversaries of the grant date for employees and vests quarterly for our Board of Directors, over their service period.

Certain key employees were granted

79,034

performance and time-vesting RSUs in

2016.

Of these,

46,258

shares were earned based on attaining various target levels of operational performance. Based on the levels of performance achieved in

2016,

a weighted average attainment level of

58.5%

for these RSUs was met. These RSUs will vest over

four

years from the grant date.

Twelve

senior executives and vice presidents were also granted

31,570

long-term RSUs which vest based on attaining or exceeding a specified target level of adjusted net income per share in any fiscal year ending between

December

31,

2016

and

December

31,

2019.

The RSUs will vest on the date the target level is certified.

Stock-Based Compensation

As of

December

31,

2016,

unrecognized stock-based compensation related to outstanding, but unvested RSUs was

$9.4

million, which will be recognized over the remaining weighted average vesting period of

2.1

years.

Certain information regarding our stock-based compensation was as follows:

Year Ended December 31,	2016		2015		2014
Per share intrinsic value of non-vested stock granted	$	82.90	$	88.74	$	68.99
Weighted average per share discount for compensation expense recognized under the 2009 ESPP		13.00		15.89		11.92
Total intrinsic value of stock options exercised (in millions)		—		0.5		3.1
Fair value of non-vested stock that vested during the period (in millions)		47.5		19.3		18.9
Stock-based compensation recognized in Consolidated Statements of Operations, as a component of selling, general and administrative expense (in millions)		11.0		11.9		7.4
Tax benefit recognized in Consolidated Statements of Operations (in millions)		3.8		4.2		2.6
Cash received from options exercised and shares purchased under all share-based arrangements (in millions)		7.0		6.5		4.9
Tax deduction realized related to stock options exercised (in millions)		8.9		7.6		8.4