Stock Compensation Expense

9 Months Ended

Sep. 30, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Stock Compensation Expense

Stock Compensation Expense

The Company recorded stock compensation expense of approximately $7.9 million and $8.1 million for the three months ended September 30, 2017 and 2016, respectively, and $24.1 million and $24.7 million for the nine months ended September 30, 2017 and 2016, respectively. As of September 30, 2017, there was approximately $35.3 million of total unrecognized compensation costs related to non-vested share-based employee compensation arrangements granted under the Company’s equity compensation plans. The Company expects to recognize those costs over a weighted average period of 1.3 years.

During the nine months ended September 30, 2017 and 2016, the Company issued a total of 1,754,744 and 1,322,091, respectively, of shares of its common stock upon the exercise of stock options, grants of restricted stock, and purchases under the Company’s 2010 employee stock purchase plan (ESPP). Cash received from the exercise of stock options and purchases through the ESPP during the nine months ended September 30, 2017 and 2016 was $40.7 million and $27.4 million, respectively, and is included within the financing activities section of the accompanying condensed consolidated statements of cash flows.