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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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,
 
2018
 
2017
 
2016
Cost of revenues
$
4,924

 
$
4,600

 
$
3,664

General and administrative expenses
10,371

 
10,363

 
8,372

Selling and marketing expenses
8,606

 
8,078

 
7,734

Total
$
23,901

 
$
23,041

 
$
19,770
Stock Based Compensation Stock Option Activity
Stock option activity under the Company’s stock-based compensation plans is shown below:

Number of
Options
 
Weighted-
Average
Exercise
Price
 
Aggregate
Intrinsic
Value
 
Weighted-
Average
Remaining
Contractual
Life (Years)
Outstanding at December 31, 2017
259,563

 
$
18.03

 
$
10,985

 
2.76

  Granted
—

 
—

 
—

 
—

  Exercised
(97,088
)
 
14.39

 
4,446

 
—

  Forfeited
—

 
—

 
—

 
—

Outstanding at December 31, 2018
162,475

 
$
20.21

 
$
5,267

 
2.24

Vested and exercisable at December 31, 2018
162,475

 
$
20.21

 
$
5,267

 
2.24
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, 2018:
 
Options Outstanding, Vested and Exercisable
Range of Exercise Prices
Shares
 
Weighted-
Average
Exercise Price
$8.00 to $15.00
35,500

 
$
9.53

$15.01 to $21.00
25,466

 
18.74

$21.01 to $28.00
101,509

 
24.30

Total
162,475

 
$
20.21
Restricted Stock Activity Under Company's Stock Plans
Restricted stock and restricted stock unit activity under the Company’s stock-based compensation plans is shown below:
 
Restricted Stock
 
Restricted Stock Units
 
Number
 
Weighted-
Average
Fair Value
 
Number
 
Weighted-
Average
Fair Value
Outstanding at December 31, 2017*
182,267

 
$
42.64

 
1,046,999

 
$
42.26

  Granted
—

 
—

 
444,063

 
60.64

  Vested
(69,714
)
 
40.38

 
(444,470
)
 
38.36

  Forfeited
(8,930
)
 
59.77

 
(93,014
)
 
50.75

Outstanding at December 31, 2018*
103,623

 
$
42.68

 
953,578

 
$
51.81

 
 
 
 
 
* Excludes 9,641 and 11,058 restricted stock units vested during the years ended December 31, 2018 and 2017, respectively. As of December 31, 2018 and 2017 restricted stock units vested for which the underlying common stock is yet to be issued are 155,753 and 146,112, respectively.
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, 2017
113,190

 
$
48.13

 
113,174

 
$
60.80

Granted
55,268

 
60.58

 
55,262

 
70.97

Adjustment upon final determination of level of performance goal achievement*
(44,467
)
 
48.57

 
(14,896
)
 
67.94

Vested
(2,459
)
 
48.57

 
(32,028
)
 
67.94

Forfeited
(21,179
)
 
51.51

 
(21,176
)
 
63.78

Outstanding at December 31, 2018
100,353

 
$
54.07

 
100,336

 
$
62.43


* Represents adjustment of shares issued in respect of PUs and MUs granted in February 2016 upon certification of the level of achievement of the performance targets for such awards for which the underlying common stock was issued subsequent to December 31, 2018.
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,
 
2018
 
2017
 
2016
Dividend yield
—

 
—

 
—

Expected life (years)
2.86

 
2.86

 
2.85

Risk free interest rate
2.38
%
 
1.40
%
 
0.88
%
Volatility
21.79
%
 
23.78
%
 
28.00
%