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STOCK-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2019

The following table presents stock-based compensation expense included in the Company’s consolidated statements of income (in thousands):


	Year Ended December 31,
	2019		2018		2017
State enterprise cost of revenues, exclusive of depreciation & amortization	$	1,499	$	1,516	$	1,276
Software & services cost of revenues, exclusive of depreciation & amortization	101		151		86
Selling & administrative	4,495		3,994		3,456
Enterprise technology & product support	674		677		636
Stock-based compensation expense before income taxes	$	6,769	$	6,338	$	5,454

A summary of service-based restricted stock activity for the year ended December 31, 2019 is presented below:


	Service-based Restricted Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2019	717,079	$	16.58
Granted	362,459	$	16.96
Vested	(329,343)	$	16.79
Canceled	(38,033)	$	17.30
Outstanding at December 31, 2019	712,162	$	16.81
Expected to vest at December 31, 2019	712,162	$	16.81

A summary of performance-based restricted stock activity for the year ended December 31, 2019 is presented below:


	Performance- based Restricted Shares	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2019	426,599	$	17.12
Granted	111,135	$	17.27
Vested	(102,309)	$	17.62
Canceled	(96,955)	$	17.62
Outstanding at December 31, 2019	338,470	$	17.01
Expected to vest at December 31, 2019	40,789	$	15.89

The fair values of the offerings were estimated on the dates of grant using the Black-Scholes model using the assumptions in the following table.


	March 31, 2019 Offering			March 31, 2018 Offering			March 31, 2017 Offering
Risk-free interest rate	2.41		%	2.08		%	1.02		%
Expected dividend yield	1.93		%	2.06		%	2.69		%
Expected life	1.0 year			1.0 year			1.0 year
Expected stock price volatility	29.94		%	35.51		%	23.07		%
Weighted average fair value of ESPP rights	$	4.49		$	3.75		$	4.58