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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock-Based Compensation Expense

Total stock-based compensation expense was as follows:

 

 

Year Ended December 31,

 

 

2017

 

 

2016

 

 

2015

 

 

(In thousands)

 

Employees:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock and performance shares

$

11,566

 

 

$

12,459

 

 

$

10,792

 

Stock options

 

1,882

 

 

 

1,143

 

 

 

826

 

 

 

13,448

 

 

 

13,602

 

 

 

11,618

 

Non-employee directors:

 

 

 

 

 

 

 

 

 

 

 

Restricted stock

 

973

 

 

 

909

 

 

 

901

 

Total stock-based compensation

$

14,421

 

 

$

14,511

 

 

$

12,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted

The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted for the three years ended December 31, 2017:

 

 

2017

 

 

2016

 

 

2015

 

Expected life (years)

 

5.0

 

 

 

6.0

 

 

 

7.0

 

Risk-free interest rate

 

1.9

%

 

 

1.9

%

 

 

1.9

%

Expected volatility

 

28.0

%

 

 

33.0

%

 

 

56.7

%

Expected dividend yield

 

0.8

%

 

 

1.0

%

 

 

1.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock Option Activity

The following table reports stock option activity during the three years ended December 31, 2017 and the intrinsic value as of December 31, 2017:

 

 

 

Number of Shares

 

 

Weighted-Average Exercise Price ($)

 

 

Remaining Contractual

Term

 

 

Intrinsic Value ($)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

Outstanding at December 31, 2014

 

 

1,014,420

 

 

$

13.81

 

 

 

 

 

 

 

 

 

Granted

 

 

120,650

 

 

 

88.15

 

 

 

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(196,034

)

 

 

11.60

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2015

 

 

939,036

 

 

 

23.83

 

 

 

 

 

 

 

 

 

Granted

 

 

112,988

 

 

 

102.40

 

 

 

 

 

 

 

 

 

Canceled

 

 

(874

)

 

 

101.77

 

 

 

 

 

 

 

 

 

Exercised

 

 

(195,410

)

 

 

12.35

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2016

 

 

855,740

 

 

 

36.80

 

 

 

 

 

 

 

 

 

Granted

 

 

54,838

 

 

 

156.85

 

 

 

 

 

 

 

 

 

Canceled

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(380,967

)

 

 

11.26

 

 

 

 

 

 

$

68,068

 

Outstanding at December 31, 2017

 

 

529,611

 

 

 

67.60

 

 

 

3.3

 

 

 

71,046

 

Exercisable at December 31, 2017

 

 

254,079

 

 

 

24.61

 

 

 

3.0

 

 

 

45,009

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Summary of Performance of Share Activity for Annual Awards

The following table reports performance share activity for annual awards for the three years ended December 31, 2017:

 

 

 

 

Performance year:

2017

 

 

2016

 

 

2015

 

Share pay-out plan

 

12,971

 

 

 

15,390

 

 

 

28,520

 

Actual share pay-out in following year

 

8,094

 

 

 

21,423

 

 

 

37,696

 

Weighted average fair value per share on grant date

$

155.53

 

 

$

101.77

 

 

$

70.60

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock and Performance Share Activity

The following table reports restricted stock and performance share activity during the three years ended December 31, 2017:

 

 

 

Number of Restricted Shares

 

 

Weighted-Average Grant Date Fair Value

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

 

435,989

 

 

$

41.83

 

Granted

 

 

117,668

 

 

 

 

 

Performance share pay-out

 

 

117,647

 

 

 

 

 

Canceled

 

 

(3,845

)

 

 

 

 

Vested

 

 

(235,321

)

 

 

 

 

Outstanding at December 31, 2015

 

 

432,138

 

 

$

56.24

 

Granted

 

 

95,419

 

 

 

 

 

Performance share pay-out

 

 

61,936

 

 

 

 

 

Canceled

 

 

(12,786

)

 

 

 

 

Vested

 

 

(192,729

)

 

 

 

 

Outstanding at December 31, 2016

 

 

383,978

 

 

$

71.50

 

Granted

 

 

61,434

 

 

 

 

 

Performance share pay-out

 

 

21,422

 

 

 

 

 

Canceled

 

 

(4,590

)

 

 

 

 

Vested

 

 

(142,645

)

 

 

 

 

Outstanding at December 31, 2017

 

 

319,599

 

 

$

88.77