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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation [Abstract]  
Summary of the status of the company's stock option plan
A summary of the Company’s stock option activity at December 31, 2017 and changes during the period are presented in the table below (share numbers and aggregate intrinsic values in thousands):
 
Number of
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Contractual
Term (Years)
 
Aggregate
Intrinsic
Value
Balances, December 31, 2016
950

 
$
46.58

 
 
 
 
Granted
614

 
45.68

 
 
 
 

Exercised
(32
)
 
21.51

 
 
 
 

Forfeited, canceled or expired
(3
)
 
33.97

 
 
 
 
Balances, December 31, 2017
1,529

 
$
46.77

 
5.6
 
$
4,632

Options vested and expected to vest as of December 31, 2017
1,347

 
$
46.75

 
5.6
 
$
4,113

Options vested as of December 31, 2017
401

 
$
46.48

 
5.0
 
$
1,385
Assumption used to value options granted during the period
The assumptions used to value options granted during the years ended December 31, 2017 and 2016 are as follows (there were no option awards granted during the year ended December 31, 2015):

 
Year Ended December 31,
 
2017
 
2016
Dividend yield
—

 
—

Annual risk-free rate of return
1.9
%
 
1.2
%
Expected volatility
29.8
%
 
32.9
%
Expected term (years)
4.1

 
4.1
Summary of company restricted stock unit activity
A summary of the Company’s restricted stock unit activity for the year ended December 31, 2017, is as follows (share numbers in thousands):
 
Number of
Units
Outstanding
 
Weighted
Average
Grant Date
Fair Value
Awarded and unvested, December 31, 2016
2,834

 
$
43.52

Granted
821

 
47.21

Vested
(954
)
 
43.91

Forfeited
(408
)
 
43.78

Awarded and unvested as of December 31, 2017
2,293

 
$
44.64

Restricted stock units expected to vest as of December 31, 2017
1,954

 
 
Schedule of restricted award grant activity
The chart below summarizes grant activity during the year ended December 31, 2017 by equity plan (share numbers in thousands):
 
Grants in 2017
2015 Equity Incentive Plan
 
Stock options (1)
540

Restricted stock units (1)
773

Total grants under 2015 Plan
1,313

 
 
Inducement Shares
 
Stock options (2)
74

Restricted stock units (2)
48

Total grants pursuant to Inducement Shares
122

 
 
Total awards granted in 2017
1,435



(1) Awards issued under the 2015 Plan include stock options and restricted stock unit awards granted to new and current employees. Awards issued under this plan typically vest over a four-year total vesting term.

(2) Inducement awards are issued to newly hired officers and to certain new employees from acquired companies. During 2017, inducement awards included time-based awards and options issued to a newly hired officer.