XML 59 R40.htm IDEA: XBRL DOCUMENT v3.22.0.1
Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Equity [Abstract]  
Summary of Option Activity Stock option activity for the years ended December 31, 2021, 2020 and 2019 is summarized as follows:
 202120202019
(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 year1,082 $33.38 1,575 $21.39 1,410 $18.22 
Granted167 98.11 216 55.72 293 33.33 
Exercised(592)27.32 (709)13.60 (128)13.89 
Expired or forfeited— — — — — — 
Options outstanding, end of year657 $55.32 1,082 $33.38 1,575 $21.39 
Options exercisable, end of year111 $34.54 426 $24.99 788 $15.75 
Summary of Options Outstanding Options outstanding under the Company’s stock plans at December 31, 2021 are summarized as follows:
(Shares in thousands)Options outstandingOptions exercisable
Range of exercise pricesNumber
outstanding		Weighted
average
remaining life
in years		Weighted-
average
exercise
price		Number
exercisable		Weighted
average
exercise

price
$21.60 to $21.60
29 2.1 years$21.60 29 $21.60 
$31.10 to $31.10
101 3.1 years31.10 31 31.10 
$33.33 to $33.33
173 4.1 years33.33 27 33.33 
$55.72 to $55.72
187 5.1 years55.72 24 55.72 
$98.11 to $98.11
167 6.1 years98.11 — — 
657 4.7 years$55.32 111 $34.54 
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, 2021, 2020 and 2019:
Employee stock options:202120202019
Volatility38.0 %31.9 %31.6 %
Risk-free interest rate0.4 %1.4 %2.5 %
Dividend yield0.3 %0.6 %0.8 %
Expected life (years)4.64.34.1
Weighted average fair value per option$30.69 $14.83 $8.89 
Summary of Restricted Stock Activity Restricted stock units are awards of common stock made under the Stock Plans 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 restricted stock units is determined using the market price on the grant date. Compensation expense for restricted stock units is generally recognized using the straight-line single-option method. A summary of the Company’s restricted stock unit activity for the years ended December 31, 2021, 2020 and 2019 is presented in the following table:
202120202019
(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 year1,083 $41.31 1,254 $27.48 1,519 $21.24 
Granted293 101.04 437 57.46 514 34.05 
Vested(439)35.58 (564)23.48 (679)18.89 
Forfeited(40)57.39 (44)35.86 (100)24.82 
Unvested, end of year897 62.69 1,083 41.31 1,254 27.48 
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, performance-based restricted stock awards and grants under the employee stock purchase plan for the years ended December 31, 2021, 2020 and 2019:
(In thousands)202120202019
Cost of sales$3,844 $1,463 $1,180 
Engineering, research and development expenses3,504 2,359 1,901 
Selling, general and administrative expenses22,536 19,098 16,548 
Share-based compensation expense29,884 22,920 19,629 
Tax benefit5,488 4,129 3,626 
Share-based compensation expense, net of tax$24,396 $18,791 $16,003