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Stock Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2020
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, 2020

 

March 31, 2019

Expected term (years) (1)

    

 
6.25

 

 

 
6.25

 

Expected volatility (2)

 

 
33.91

%

 

 
35.00

%

Risk-free interest rate (3)

 

 
0.72

%

 

 
2.74

%

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

 

Aggregate

 

Remaining

 

 

Stock

 

Average

 

Intrinsic

 

Contractual

 

 

Options

 

Exercise

 

Value

 

Life

 

 

(in 000's)

 

Price

 

(in 000's)

 

(years)

Outstanding at January 1, 2019

    

 

1,945

    

$

23.45

    

$

5,527

    

 
9.1

Granted

 

 

423

 

 

27.54

 

 

 

 

 

 

Exercised

 

 

(119)

 

 

19.51

 

 

 

 

 

 

Forfeited

 

 

(168)

 

 

21.92

 

 

 

 

 

 

Cancelled/Expired

 

 

(9)

 

 

25.70

 

 

 

 

 

 

Outstanding at December 31, 2019

 

 

2,072

 

$

24.63

 

$

6,266

 

 

8.0

Granted

 

 

478

 

 

19.49

 

 

 

 

 

 

Exercised

 

 

(46)

 

 

21.65

 

 

 

 

 

 

Forfeited

 

 

(13)

 

 

22.98

 

 

 

 

 

 

Outstanding at March 31, 2020

 

 

2,491

 

$

23.70

 

$

5,974

 

 

7.9

Options exercisable at March 31, 2020

 

 

870

 

 

 

 

 

 

 

 

 

 

Summary of RSU activity

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Number of

 

Average

 

 

Shares

 

Grant Date

 

 

(in 000's)

 

Fair Value

Outstanding at January 1, 2019

 

 

51

 

$

33.16

Granted

 

 

123

 

 

27.61

Settled

 

 

(25)

 

 

30.43

Forfeited

 

 

(15)

 

 

30.58

Outstanding at December 31, 2019

    

 

133

    

$

28.85

Granted

 

 

243

 

 

19.49

Settled

 

 

(22)

 

 

27.56

Forfeited

 

 

(1)

 

 

32.53

Nonvested RSUs at March 31, 2020

 

 

353

 

$

22.48