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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Costs Related to Company's Stock-Based Compensation Plan
The following costs related to the Company’s stock-based compensation plan are included in the consolidated statements of income:
 
Year ended December 31,
 
2016
 
2015
 
2014
Cost of revenue
$
3,664

 
$
2,895

 
$
2,290

General and administrative expenses
8,372

 
6,077

 
4,350

Selling and marketing expenses
7,734

 
7,075

 
4,371

Total
$
19,770

 
$
16,047

 
$
11,011
Stock Based Compensation Stock Option Activity
Stock option activity under the Company’s stock plans is shown below:

Number of
Options
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Contractual
Life (Years)
Outstanding at December 31, 2015
1,210,141

 
$
16.31

 
$
34,638


3.50
  Granted
—

 
—

 

 

  Exercised
(398,239
)
 
16.32

 

 

  Forfeited
—

 
—

 

 

Outstanding at December 31, 2016
811,902

 
$
16.31

 
$
27,718

 
2.96
Vested and exercisable at December 31, 2016
811,902

 
$
16.31

 
$
27,718

 
2.96
Company's Stock Options Outstanding and Stock Options Vested and Exercisable
The following table summarizes the status of the Company’s stock options outstanding, vested and exercisable at December 31, 2016:
 
Options Outstanding
 
Options Vested and Exercisable
Range of Exercise Prices
Shares
 
Weighted-
Average
Exercise Price
 
Shares
 
Weighted-
Average
Exercise Price
$8.00 to $15.00
362,134

 
$
9.31

 
362,134

 
$
9.31

$15.01 to $21.00
194,515

 
18.84

 
194,515

 
18.84

$21.01 to $28.00
255,253

 
24.30

 
255,253

 
24.30

Total
811,902

 
$
16.31

 
811,902

 
$
16.31
Weighted Average Valuation Assumptions for Market Condition Performance Restricted Stock Units
The fair value of each MU granted to employees is estimated on the date of grant using the following weighted average assumptions:
 
Year ended December 31,
 
2016
 
2015
 
2014
Dividend yield
—

 
—

 
—

Expected life (years)
2.85

 
2.84

 
2.88

Risk free interest rate
0.88
%
 
0.98
%
 
0.65
%
Volatility
28.0
%
 
30.3
%
 
30.4
%
Restricted Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock Activity Under Company's Stock Plans
Restricted stock and restricted stock unit activity under the Company’s stock plans is shown below:
 
Restricted Stock
 
Restricted Stock Units
 
Number
 
Weighted-
Average
Intrinsic Value
 
Number
 
Weighted-
Average
Intrinsic Value
Outstanding at December 31, 2015(1) (2)
134,934

 
$
35.28

 
1,228,287

 
$
30.06

Granted
127,063

 
49.08

 
468,370

 
48.94

Vested
(15,057
)
 
34.61

 
(358,712
)
 
28.55

Forfeited
—

 
—

 
(81,657
)
 
32.38

Outstanding at December 31, 2016(1)
246,940

 
$
42.42

 
1,256,288

 
$
37.38

 
 
 
 
 
(1)     Excludes 19,874 and 21,364 restricted stock units vested during the years ended December 31, 2016 and 2015, respectively. As of December 31, 2016 and 2015 restricted stock units vested for which the underlying common stock is yet to be issued are 135,054 and 149,364, respectively.
(2)    Includes adjustment of 5,296 forfeited shares in 2015.
Performance Based Stock Awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock Activity Under Company's Stock Plans
Performance restricted stock unit activity under the Company’s stock plans is shown below:
 
Revenue Based PRSUs
 
Market Condition Based PRSUs
 
Number
 
Weighted Avg
Fair Value
 
Number
 
Weighted Avg
Fair Value
Outstanding at December 31, 2015
107,213

 
$
30.88

 
207,212

 
$
38.80

Granted
59,861

 
48.57

 
59,859

 
67.94

Addition due to achievement of higher-than-target performance*
307


25.63


44,100


33.60

Vested
(44,407
)
 
25.63

 
(88,200
)
 
33.60

Forfeited
(7,800
)
 
36.51

 
(7,800
)
 
54.16

Outstanding at December 31, 2016
115,174

 
$
41.70

 
215,171

 
$
47.42


* Represents additional shares issued in respect of MUs granted in February 2014 due to the achievement of higher-than-target performance.