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Equity (Tables)
 12 Months Ended
Dec. 31, 2017
Summary of Option Activity
Stock option activity for the 2010 Stock Plan and predecessor plans for the years ended December 31, 2017, 2016 and 2015 is summarized as follows:
 
2017
 
2016
 
2015
(Shares in thousands)
Number of
shares
 
Weighted
average
exercise
price
 
Number of
shares
 
Weighted
average
exercise
price
 
Number of
shares
 
Weighted
average
exercise
price
Options outstanding, beginning of year
1,907

 
$
11.54

 
2,139

 
$
10.57

 
2,034

 
$
9.67

Granted
335

 
21.60

 
549

 
12.20

 
411

 
13.49

Exercised
(359
)
 
10.89

 
(633
)
 
8.66

 
(219
)
 
7.62

Expired or forfeited
(14
)
 
12.78

 
(148
)
 
12.32

 
(87
)
 
10.72

Options outstanding, end of year
1,869

 
$
13.46

 
1,907

 
$
11.54

 
2,139

 
$
10.57

Options exercisable, end of year
872

 
$
11.11

 
776

 
$
10.65

 
961

 
$
9.07
Summary of Options Outstanding
Options outstanding for the Company’s stock plans at December 31, 2017 are summarized as follows:
(Shares in thousands)
Options outstanding
 
Options exercisable
Range of exercise prices
Number
outstanding
 
Weighted
average
remaining life
in years
 
Weighted-
average
exercise
price
 
Number
exercisable
 
Weighted
average
exercise

price
$9.27 to $9.88
396

 
1.9 years
 
$
9.71

 
396

 
$
9.71

$11.71 to $11.71
382

 
3.1 years
 
11.71

 
255

 
11.71

$12.20 to $12.20
467

 
5.1 years
 
12.20

 
95

 
12.20

$13.49 to $13.49
289

 
4.1 years
 
13.49

 
126

 
13.49

$21.60 to $21.60
335

 
6.1 years
 
21.60

 
—

 
—

 
1,869

 
4.1 years
 
13.46

 
872

 
11.11
Weighted Average Assumptions Used In Valuation And Resulting Weighted Average Fair Value Per Option Granted
The fair value of each stock option grant was estimated at the date of grant using a Black-Scholes option pricing model. The following table presents the weighted-average assumptions used in the valuation and the resulting weighted-average fair value per option granted for the years ended December 31, 2017, 2016 and 2015:
Employee stock options:
2017
 
2016
 
2015
Volatility
26.9
%
 
27.6
%
 
34.6
%
Risk-free interest rate
1.7
%
 
1.1
%
 
1.3
%
Dividend yield
—
%
 
—
%
 
—
%
Expected life (years)
4.1

 
4.0

 
3.9

Weighted average fair value per option
$
5.25

 
$
2.85

 
$
3.86
Summary of Restricted Stock Activity
Restricted stock awards are awards of common stock made under the 2010 Stock Plan that are subject to a risk of forfeiture if the awardee terminates employment with the Company prior to the lapse of the restrictions. The value of such stock is determined using the market price on the grant date. Compensation expense for restricted stock awards is generally recognized using the straight-line single-option method. A summary of the Company’s restricted stock activity for the years ended December 31, 2017, 2016 and 2015 is presented in the following table:
 
2017
 
2016
 
2015
(Shares in thousands)
Number
of
shares
 
Weighted
average
grant date
fair value
 
Number
of
shares
 
Weighted
average
grant date
fair value
 
Number
of
shares
 
Weighted
average
grant date
fair value
Unvested, beginning of year
2,164

 
$
12.49

 
1,882

 
$
12.25

 
1,613

 
$
10.53

Granted
659

 
22.14

 
1,249

 
12.42

 
1,043

 
13.47

Vested
(801
)
 
12.22

 
(711
)
 
11.74

 
(638
)
 
10.13

Forfeited
(165
)
 
14.48

 
(256
)
 
12.44

 
(136
)
 
11.26

Unvested, end of year
1,857

 
15.86

 
2,164

 
12.49

 
1,882

 
12.25
Summary of Allocation of Share Based Compensation Expense
The following table summarizes the allocation of share-based compensation expense related to employee stock options, restricted stock awards and grants under the employee stock purchase plan for the years ended December 31, 2017, 2016 and 2015:
(In thousands)
2017
 
2016
 
2015
Cost of sales
$
1,031

 
$
1,579

 
$
1,317

Engineering, research and development expenses
1,457

 
1,124

 
1,000

Selling, general and administrative expenses
12,818

 
10,733

 
8,716

Share-based compensation expense
15,306

 
13,436

 
11,033

Tax benefit
4,978

 
4,153

 
3,362

Share-based compensation expense, net of tax
$
10,328

 
$
9,283

 
$
7,671