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Stock Plans (Note)
 12 Months Ended
Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] Stock Plans

The Company has share-based compensation plans (“SCP”) that allow it to grant restricted shares, or options to purchase shares, of Common Stock to certain current and prospective key employees, directors and consultants of the Company. These awards generally vest over periods ranging from three to five years from the date of grant, are generally exercisable during the shorter of a ten-year term or the term of employment with the Company. With the exception of certain awards made to the Company's employees in Germany, Singapore and Malaysia, awards under the SCP are settled through the issuance of new shares under the provisions of the SCP. For Company employees in Germany, Singapore and Malaysia, certain awards are settled through the issuance of treasury shares, which also reduces the number of shares available for future issuance under the SCP. As of December 31, 2019, the Company has approximately 2.1 million in total shares remaining available for issuance under the SCP.

Share-based compensation expense was $21.4 million, $16.8 million and $15.6 million for the years ended December 31, 2019, 2018 and 2017, respectively, and was recorded in salaries and benefits expense in the accompanying Consolidated Statements of Income. The Company recorded a tax benefit of $4.9 million, $2.7 million and $2.3 million during the years ended December 31, 2019, 2018 and 2017, respectively, for the portion of this expense that relates to foreign tax jurisdictions in which an income tax benefit is expected to be derived.

Stock options

Summary stock options activity is presented in the table below:
 
 
 
 
 
Number of
Shares
 
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term (years)
 
 
Aggregate
Intrinsic
Value
(thousands)
Balance at December 31, 2018 (1,637,801 shares exercisable)
 
2,562,570

 
$
57.10

 
 
 
 
Granted
 
795,274

 
$
145.92

 
 
 
 
Exercised
 
(295,420
)
 
$
44.22

 
 
 
 
Forfeited/Canceled
 
(46,287
)
 
$
89.67

 
 
 
 
Expired
 
(362
)
 
 
 
 
 
 
Balance at December 31, 2019
 
3,015,775

 
$
81.29

 
6.2
 
$
230,052

Exercisable at December 31, 2019
 
1,653,340

 
$
46.36

 
4.1
 
$
183,846

Vested and expected to vest at December 31, 2019
 
2,383,821

 
$
66.65

 
5.4
 
$
216,739



Options outstanding that are expected to vest are net of estimated future forfeitures. The Company received cash of $13.1 million, $17.1 million and $9.5 million in connection with stock options exercised in the years ended December 31, 2019, 2018 and 2017, respectively. The intrinsic value of these options exercised was $30.6 million, $73.0 million and $23.2 million in the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, unrecognized compensation expense related to nonvested stock options that are expected to vest totaled $23.9 million and will be recognized over the next 5 years, with an overall weighted-average period of 3.4 years. The following table provides the fair value of options granted under the SCP during 2019, 2018 and 2017, together with a description of the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model:
 
 
Year ended December 31,
 
 
2019
 
2018
 
2017
Volatility
 
29.3
%
 
29.8
%
 
28.8
%
Risk-free interest rate - weighted average
 
2.1
%
 
2.8
%
 
2.2
%
Risk-free interest rate - range
 
(a)

 
(a)

 
.022

Dividend yield
 
—
%
 
—
%
 
—
%
Assumed forfeitures
 
8.0
%
 
8.0
%
 
8.0
%
Expected lives
 
5.2 years

 
5.6 years

 
5.5 years

Weighted-average fair value (per share)
 
$
43.96

 
$
37.16

 
$
28.59


(a) At the date of grant, the risk fee rate for stock options awarded in 2019 and 2018 was 1.7% and 2.8%, respectively.

Restricted stock

Restricted stock awards vest based on the achievement of time-based service conditions and/or performance-based conditions. For certain awards, vesting is based on the achievement of more than one condition of an award with multiple time-based
and/or performance-based conditions.

Summary restricted stock activity is presented in the table below:
 
 
 
 
Number of
Shares
 
Weighted
Average Grant
Date Fair
Value Per Share
Nonvested at December 31, 2018
 
371,841

 
$
85.78

Granted
 
254,631

 
$
145.93

Vested
 
(115,740
)
 
$
78.77

Forfeited
 
(16,784
)
 
$
92.44

Nonvested at December 31, 2019
 
493,948

 
$
118.20



The fair value of shares vested in the years ended December 31, 2019, 2018 and 2017 was $16.6 million, $14.2 million and $13.1 million, respectively. As of December 31, 2019, there was $11.4 million of total unrecognized compensation cost related to unvested time-based restricted stock, which is expected to be recognized over a weighted-average period of 3.3 years. As of December 31, 2019, there was $11.2 million of total unrecognized compensation costs related to unvested performance-based restricted stock, which is expected to be recognized based on Company performance over a weighted-average period of 1.8 years. The weighted average grant date fair value of restricted stock granted during the years ended December 31, 2019, 2018 and 2017 was $145.93, $107.88 and $91.28 per share, respectively.

Employee stock purchase plan

The Company has a qualified Employee Stock Purchase Plan (the “ESPP”), which allows qualified employees (as defined by the plan documents) to participate in the purchase of rights to purchase designated shares of the Company's Common Stock at a price equal to the lower of 85% of the closing price at the beginning or end of each quarterly offering period. The Company reserved 1,000,000 shares of Common Stock for purchase under the ESPP. Pursuant to the ESPP, during the years ended December 31, 2019, 2018 and 2017, the Company issued 16,713, 21,872 and 21,547 rights, respectively, to purchase shares of Common Stock at a weighted average price per share of $110.37, $71.08 and $69.06, respectively. The grant date fair value of the option to purchase shares at the lower of the closing price at the beginning or end of the quarterly period, plus the actual total discount provided, are recorded as compensation expense. Total compensation expense recorded was $0.4 million, $0.4 million, and $0.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. The following table provides the weighted-average fair value of the ESPP stock purchase rights during the years ended December 31, 2019, 2018 and 2017 and the assumptions used to calculate the fair value using the Black-Scholes-Merton option-pricing model:

 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
Volatility - weighted average
 
24.3
%
 
30.1
%
 
18.4
%
Volatility - range
 
20.3% to 28.1%

 
23.5% to 36.7%

 
14.6% to 27.2%

Risk-free interest rate - weighted average
 
2.07
%
 
2.01
%
 
0.89
%
Risk-free interest rate - range
 
1.55% to 2.44%

 
1.73% to 2.45%

 
0.51% to 1.39%

Dividend yield
 
—
%
 
—
%
 
—
%
Expected lives
 
3 months

 
3 months

 
3 months

Weighted-average fair value (per share)
 
$
25.87

 
$
17.22

 
$
15.81