Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

Stock Based Compensation

Fair value of the stock option awards was determined on the grant date using the Black-Scholes valuation model based on the following weighted-average assumptions

	March 31, 2019			March 31, 2018
Expected term (years) (1)		6.25			6.25
Expected volatility (2)		35.00	%		35.00	%
Risk-free interest rate (3)		2.74	%		2.53	%
Dividend yield (4)		0.00	%		0.00	%

⁽¹⁾ The Company utilized the simplified method to determine the expected term of the stock options since we do not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term.

⁽²⁾ The expected volatility assumption was calculated based on a peer group analysis of stock price volatility with a look back period consistent with the expected option term.

⁽³⁾ The risk-free interest rate was based on the U.S. Treasury yield curve in effect at the time of grant, which corresponds to the expected term of the stock options.

⁽⁴⁾ The Company has not paid and does not anticipate paying a cash dividend on our common stock.  

Summary of the activity of the Company’s unvested stock options

							Weighted
							Average
			Weighted				Remaining
			Average		Aggregate		Contractual
	Stock		Exercise		Intrinsic		Life
	Options		Price		Value		(years)
Outstanding at December 31, 2018		1,944,589	$	23.45		5,527		9.1
Granted		319,387		27.73
Exercised		(16,553)		19.04
Forfeited		(43,000)		21.48
Cancelled		—
Outstanding at March 31, 2019		2,204,423	$	24.14	$	17,636		9.0
Options exercisable at March 31, 2019		356,356

Summary of RSU activity

			Weighted
			Average
	Number of		Grant Date
	Shares		Fair Value
Outstanding at December 31, 2018		50,758	$	33.16
Granted		96,833		27.73
Settled		(1,334)		24.97
Forfeited		(1,893)		27.73
Nonvested RSUs at March 31, 2019		144,364	$	29.67