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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2020
Summary of Activity for RSUs

The following table presents the activity for RSUs under the 2014 Plan, including the Newport Assumed RSUs and the ESI Assumed RSUs:

 

 

 

Year Ended December 31, 2020

 

 

 

RSUs

 

 

Weighted

Average

Grant Date

Fair

Value

 

RSUs — beginning of period

 

 

1,102,533

 

 

$

85.93

 

Accrued dividend shares

 

 

629

 

 

$

114.35

 

Granted

 

 

309,435

 

 

$

98.72

 

Vested

 

 

(737,007

)

 

$

85.32

 

Forfeited or expired

 

 

(69,504

)

 

$

85.71

 

RSUs — end of period

 

 

606,086

 

 

$

93.26

 
Summary of Activity for SARs

At December 31, 2020, the Company’s outstanding and exercisable SARs, the weighted-average base value, the weighted average remaining contractual life and the aggregate intrinsic value thereof, were as follows:

 

 

 

Number

of Shares

 

 

Weighted

Average

Base

Value

 

 

Weighted

Average

Remaining

Contractual

Life (years)

 

 

Aggregate

Intrinsic

Value

 

SARs outstanding and exercisable

 

 

51,589

 

 

$

30.64

 

 

 

1.0

 

 

$

6.2

 
Effect of Recording Stock-Based Compensation The following table reflects the effect of recording stock-based compensation:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Stock-based compensation expense by type of award:

 

 

 

 

 

 

 

 

 

 

 

 

RSUs

 

$

27.0

 

 

$

47.0

 

 

$

24.9

 

SARs

 

 

—

 

 

 

0.1

 

 

 

0.1

 

Employee stock purchase plan

 

 

2.5

 

 

 

2.1

 

 

 

2.3

 

Total stock-based compensation

 

 

29.5

 

 

 

49.2

 

 

 

27.3

 

Windfall tax effect on stock-based compensation

 

 

(2.2

)

 

 

(2.2

)

 

 

(8.3

)

Net effect on net income

 

$

27.3

 

 

$

47.0

 

 

$

19.0

 

Effect on net earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.50

 

 

$

0.86

 

 

$

0.35

 

Diluted

 

$

0.49

 

 

$

0.85

 

 

$

0.35

 

 

 
Pre-Tax Effect Within Consolidated Statements of Operations of Recording Stock-Based Compensation

The pre-tax effect within the consolidated statements of operations and comprehensive income of recording stock-based compensation was as follows:

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Cost of revenues

 

$

4.2

 

 

$

2.8

 

 

$

3.5

 

Research and development expense

 

 

4.0

 

 

 

3.8

 

 

 

2.8

 

Selling, general and administrative expense

 

 

20.4

 

 

 

20.5

 

 

 

21.0

 

Acquisition and integration related expense

 

 

0.9

 

 

 

21.7

 

 

 

—

 

Restructuring related expense

 

 

—

 

 

 

0.4

 

 

 

—

 

Total pre-tax stock-based compensation expense

 

$

29.5

 

 

$

49.2

 

 

$

27.3

 
Fair Value of Employee Purchase Rights Estimated using Black-Scholes Option-Pricing Model The fair value of employee stock purchase plan rights was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:

 

 

 

Years Ended December 31,

 

Employee stock purchase plan rights:

 

2020

 

 

2019

 

 

2018

 

Expected life (years)

 

 

0.5

 

 

 

0.5

 

 

 

0.5

 

Risk-free interest rate

 

 

0.9

%

 

 

2.4

%

 

 

1.8

%

Expected volatility

 

 

45.4

%

 

 

38.7

%

 

 

38.6

%

Expected annual dividends per share

 

$

0.80

 

 

$

0.80

 

 

$

0.76

 

 
Stock Appreciation Rights (SARs) [Member]  
Summary of Activity for SARs

The following table presents the activity for SARs under the 2014 Plan, including the Newport Assumed SARs and the ESI Assumed SARs:

 

 

 

 

Year Ended December 31, 2020

 

 

 

Outstanding and

Exercisable

SARs

 

 

Weighted

Average

Base Value

 

SARs — beginning of period

 

 

108,854

 

 

$

29.05

 

Exercised

 

 

(55,865

)

 

$

27.76

 

Forfeited or expired

 

 

(1,400

)

 

$

22.39

 

SARs — end of period

 

 

51,589

 

 

$

30.64