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Share-based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Stock Option Activity

The following table summarizes the Company’s stock option activity (in thousands, except per share data and years) for the periods indicated:

 

 

 

Stock Options Outstanding

 

 

 

 

 

 

Weighted Average

 

 

Aggregate

 

 

Weighted Average

 

 

 

 

 

 

Exercise Price

 

 

Intrinsic

 

 

Remaining Contractual

 

 

Shares

 

 

Per Share

 

 

Value

 

 

Term (Years)

Balance as of January 1, 2014

 

 

600

 

 

$

92.84

 

 

 

 

 

 

 

Granted

 

 

745

 

 

 

125.46

 

 

 

 

 

 

 

Exercised

 

 

(9

)

 

 

92.84

 

 

$

653

 

 

 

Forfeited/Expired

 

 

(135

)

 

 

104.48

 

 

 

 

 

 

 

Balance as of December 31, 2014

 

 

1,201

 

 

$

111.77

 

 

 

 

 

 

 

Granted

 

 

380

 

 

 

178.93

 

 

 

 

 

 

 

Exercised

 

 

(91

)

 

 

105.25

 

 

$

6,367

 

 

 

Forfeited/Expired

 

 

(167

)

 

 

131.31

 

 

 

 

 

 

 

Balance as of December 31, 2015

 

 

1,323

 

 

$

129.04

 

 

 

 

 

 

 

Granted

 

45

 

 

189.62

 

 

 

 

 

 

 

Exercised

 

 

(112

)

 

97.82

 

 

$

8,102

 

 

 

Forfeited/Expired

 

 

(370

)

 

110.28

 

 

 

 

 

 

 

Balance as of December 31, 2016

 

 

886

 

 

$

143.89

 

 

 

 

 

 

 

Exercisable as of December 31, 2016

 

 

345

 

 

$

135.25

 

 

$

21,520

 

 

7.6

Expected to vest as of December 31, 2016

 

 

541

 

 

$

149.39

 

 

 

26,303

 

 

7.9

Total

 

 

886

 

 

$

143.89

 

 

$

47,823

 

 

7.7

 

Range Of Exercise Prices

Stock options outstanding as of December 31, 2016 are comprised of the following range of exercise prices per share (in thousands, except per share data and years):

 

 

 

Stock Options Outstanding at December 31, 2016

 

 

 

 

 

 

 

Weighted Average

 

 

Weighted Average

 

 

 

 

 

 

 

Exercise Price

 

 

Remaining Contractual

 

Range of Exercise Prices per Share

 

Shares

 

 

Per Share

 

 

Term (Years)

 

$117.85 - $120.00

 

 

30

 

 

$

118.63

 

 

7.3

 

$120.01 - $150.00

 

 

510

 

 

$

121.43

 

 

7.3

 

$150.01 - $180.00

 

 

216

 

 

$

167.21

 

 

8.2

 

$180.01 - $201.25

 

 

130

 

 

$

198.99

 

 

8.8

 

Total

 

 

886

 

 

$

143.89

 

 

 

7.7

 

 

Assumptions Used in Black-Scholes Pricing Model

The weighted average grant date fair value of stock option awards using the Black-Scholes option pricing model was $75.54, $73.86, and $55.84 for each share subject to a stock option granted during the years ended December 31, 2016, 2015, and 2014, respectively, based on the following assumptions:

 

 

 

Years Ended December 31,

 

 

2016

 

2015

 

2014

Expected term of options in years

 

6.3

 

6.3

 

6.3

Expected volatility

 

38.5%

 

39.0% - 40.2%

 

41.5% - 42.5%

Risk-free interest rate

 

1.4% - 1.6%

 

1.5% - 2.0%

 

2.1% - 2.3%

Expected dividend yield

 

0.0%

 

0.0%

 

0.0%