XML 49 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Shareholders' Equity (Tables)
12 Months Ended
Dec. 31, 2018
Equity [Abstract]  
Schedule of Weighted-Average Assumptions Used in BSM Model to Calculate Fair Value of Options

The following table sets forth the key weighted-average assumptions used in the BSM Model to calculate the fair value of options:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Expected holding period - years

 

5.4

 

 

5.4

 

 

3.6

 

Expected volatility

 

27.0%

 

 

28.0%

 

 

30.2%

 

Risk-free interest rate

 

2.8%

 

 

2.0%

 

 

1.0%

 

Expected dividend yield

 

 

0.0%

 

 

 

0.0%

 

 

 

0.0%

 

Schedule of Grant Date Fair Value and Stock-based Compensation Expense Allocated

The following table summarizes the grant date fair values of stock options and restricted shares issued during the period as well as the allocation of stock-based compensation expense to Total direct costs, and Selling, general and administrative reported in the consolidated statements of operations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Weighted average, grant date fair value

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

11.51

 

 

$

8.54

 

 

$

6.91

 

Restricted shares (RSAs and RSUs)

 

$

49.38

 

 

$

31.90

 

 

$

15.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation expense

   allocated to:

 

 

 

 

 

 

 

 

 

 

 

 

Total direct costs

 

$

4,132

 

 

$

2,128

 

 

$

5,555

 

Selling, general, and administrative

 

 

2,367

 

 

 

2,335

 

 

 

4,260

 

Total stock-based compensation expense

 

$

6,499

 

 

$

4,463

 

 

$

9,815

 

Schedule of Stock Option Activity

The following table sets forth the Company’s stock option activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Weighted Average

 

 

 

 

 

 

Weighted Average

 

 

 

Options

 

 

Exercise Price

 

 

Options

 

 

Exercise Price

 

 

Shares

 

 

Exercise Price

 

Outstanding - beginning of Period

 

 

2,782,868

 

 

$

20.73

 

 

 

2,350,166

 

 

$

17.57

 

 

 

1,794,709

 

 

$

15.42

 

Granted

 

 

584,301

 

 

$

37.72

 

 

 

853,896

 

 

$

28.67

 

 

 

683,001

 

 

$

22.80

 

Exercised

 

 

(169,771

)

 

$

14.98

 

 

 

(116,787

)

 

$

15.52

 

 

 

(36,980

)

 

$

14.50

 

Forfeited/Expired

 

 

(252,358

)

 

$

23.69

 

 

 

(304,407

)

 

$

20.55

 

 

 

(90,564

)

 

$

15.85

 

Outstanding - end of period

 

 

2,945,040

 

 

$

24.18

 

 

 

2,782,868

 

 

$

20.73

 

 

 

2,350,166

 

 

$

17.57

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable - end of period

 

 

1,096,116

 

 

$

16.01

 

 

 

917,592

 

 

$

15.40

 

 

 

647,343

 

 

$

15.22

 

Schedule of Restricted Share Activity

The following table sets forth the Company’s Restricted Share activity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

 

 

Shares/Units

 

 

Shares/Units

 

 

Shares/Units

 

Outstanding and unvested - beginning of

   period

 

 

183,629

 

 

 

59,258

 

 

 

90,697

 

Granted

 

 

300,200

 

 

 

156,000

 

 

 

11,111

 

Vested

 

 

(29,629

)

 

 

(29,629

)

 

 

(41,069

)

Forfeited

 

 

(33,000

)

 

 

(2,000

)

 

 

(1,481

)

Outstanding and unvested - end of period

 

 

421,200

 

 

 

183,629

 

 

 

59,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cumulative vested shares - end of period

 

 

1,913,916

 

 

 

1,884,287

 

 

 

1,854,658

 

Schedule of Stock Options Expected To Vest, Stock Options Exercisable, and Unvested Restricted Share Awards Expected To Vest

The following table summarizes information about stock options expected to vest, stock options exercisable, and unvested restricted share awards expected to vest at December 31, 2018:

 

 

 

Weighted Average

 

 

 

 

 

 

 

 

 

 

Weighted Average

 

 

 

Exercise

 

 

Stock

 

 

Restricted

 

 

Remaining

 

 

 

Price

 

 

Options

 

 

Shares

 

 

Life (Years)

 

December 31, 2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of stock options expected

   to vest

 

$

24.18

 

 

 

2,945,040

 

 

 

-

 

 

 

4.4

 

Number of Restricted Shares expected

   to vest

 

 

 

 

 

 

-

 

 

 

421,200

 

 

 

 

 

Total expected to vest - December 31, 2018

 

 

 

 

 

 

2,945,040

 

 

 

421,200

 

 

 

 

 

Total stock options exercisable -

   December 31, 2018

 

$

16.01

 

 

 

1,096,116

 

 

 

 

 

 

 

3.0

 

Unrecognized compensation cost -

   December 31, 2018 (in thousands)

 

 

 

 

 

$

10,021

 

 

$

15,734

 

 

 

 

 

Weighted average years over which

   unrecognized compensation cost will be

   recognized

 

 

 

 

 

 

2.7

 

 

 

3.5

 

 

 

 

 

Schedule of Aggregate Intrinsic Value of Stock Options Exercised, Fair Values of Awards Vested, and Share Based Liabilities Settled

The following table sets forth the aggregate intrinsic value of stock options exercised, the fair values of awards vested, and share based liabilities settled during the respective periods (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2018

 

 

2017

 

 

2016

 

Total intrinsic value of stock options

   exercised

 

$

5,326

 

 

$

1,619

 

 

$

403

 

Total grant-date fair value of stock

   options vested

 

$

1,417

 

 

$

1,317

 

 

$

1,384

 

Total grant-date fair value of

   restricted shares vested

 

$

447

 

 

$

447

 

 

$

614

 

Total settlement date fair value of

   restricted shares vested

 

$

1,568

 

 

$

1,074

 

 

$

1,236

 

Total share-based liabilities settled

 

$

-

 

 

$

-

 

 

$

76