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Stock-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Summary of the stock-based compensation expense by instrument awarded

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31, 

 

 

2019

    

2018

    

2017

 

 

(in thousands)

Performance-based RSUs

 

$

14,820

 

$

12,425

 

$

11,020

Time-based RSUs

 

 

6,659

 

 

6,608

 

 

4,768

Stock options

 

 

3,292

 

 

6,218

 

 

4,909

 

 

$

24,771

 

$

25,251

 

$

20,697

 

Summary of valuation assumptions, stock options

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

    

2019

    

2018

    

2017

 

Expected volatility (1)

 

30%

 

30%

 

31%

 

Expected dividends

 

0%

 

0%

 

0%

 

Risk-free interest rate

 

2.5% - 2.7%

 

1.7% - 3.0%

 

0.8% - 2.7%

 

Expected grantee forfeiture rate

 

2.3% - 22.7%

 

0.0% - 23.2%

 

0.0% - 21.1%

 

(1)

Based on historical volatilities of the Company’s common stock.

 

Summary of Stock Option award activity

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

    

2019

 

2018

 

2017

 

 

(in thousands, except per option amounts)

Number of stock options:

 

 

 

 

 

 

    

 

 

Outstanding at beginning of year

 

 

3,693

 

 

3,457

 

 

2,738

Granted

 

 

344

 

 

674

 

 

861

Exercised

 

 

(317)

 

 

(322)

 

 

(90)

Forfeited

 

 

(21)

 

 

(116)

 

 

(52)

Outstanding at end of year

 

 

3,699

 

 

3,693

 

 

3,457

Weighted average exercise price per option:

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

$

17.81

 

$

16.40

 

$

15.81

Granted

 

$

22.92

 

$

24.40

 

$

18.05

Exercised

 

$

16.26

 

$

16.24

 

$

15.04

Forfeited

 

$

20.70

 

$

18.46

 

$

15.58

Outstanding at end of year

 

$

18.40

 

$

17.81

 

$

16.40

 

Following is a summary of stock options as of December 31, 2019:

 

 

 

 

 

 

 

 

Number of options exercisable at end of year (in thousands)

 

 

 

 

 

2,676

Weighted average exercise price per exercisable option

 

 

 

 

$

16.91

Weighted average remaining contractual term (in years):

 

 

 

 

 

 

Outstanding

 

 

 

 

 

6.3

Exercisable

 

 

 

 

 

5.5

Aggregate intrinsic value:

 

 

 

 

 

 

Outstanding (in thousands)

 

 

 

 

$

57,858

Exercisable (in thousands)

 

 

 

 

$

45,837

Expected vesting amounts:

 

 

 

 

 

 

Number of options expected to vest (in thousands)

 

 

 

 

 

929

Weighted average vesting period (in months)

 

 

 

 

 

 9

 

Performance-based RSUs  
Summary of RSU activity and compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

Year ended December 31,

 

 

 

2019

 

2018

 

2017

 

 

 

(in thousands, except per unit amounts)

 

Number of units:

    

 

 

    

 

 

    

 

 

 

Outstanding at beginning of year

 

 

1,892

 

 

2,389

 

 

2,475

 

Granted

 

 

682

 

 

524

 

 

694

 

Vested (1)

 

 

(735)

 

 

(730)

 

 

(446)

 

Forfeited or cancelled

 

 

(32)

 

 

(291)

 

 

(334)

 

Outstanding at end of year

 

 

1,807

 

 

1,892

    

 

2,389

 

Weighted average grant date fair value per unit:

 

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

$

14.48

 

$

15.57

 

$

14.24

 

Granted

 

$

23.11

 

$

24.40

 

$

18.04

 

Vested

 

$

11.28

 

$

12.86

 

$

13.65

 

Forfeited

 

$

21.72

 

$

16.17

 

$

14.45

 

Outstanding at end of year

 

$

21.67

 

$

14.48

 

$

15.57

 

(1)

The actual number of performance-based RSUs vested during the year ended December 31, 2019 and 2018 was 648,000 and 774,000 shares, respectively, which is approximately 88% and 106% of the 735,000 and 730,000 originally granted units, respectively, due to the performance varying from the established target for the respective grant.  

 

Following is a summary of performance-based RSUs as of December 31, 2019:

 

 

 

 

 

 

 

 

 

Unamortized compensation cost (in thousands)

 

 

 

 

 

$

14,252

Number of shares expected to vest (in thousands)

 

 

 

 

 

 

1,596

Weighted average remaining vesting period (in months)

 

 

 

 

 

 

12

 

Time-based RSUs  
Summary of RSU activity and compensation expense

 

 

 

 

 

 

 

 

 

 

 

    

Year ended December 31,

 

 

2019

 

2018

 

2017

 

 

(in thousands, except per unit amounts)

Number of units:

    

 

 

    

 

 

    

 

 

Outstanding at beginning of year

 

 

627

 

 

600

 

 

382

Granted

 

 

334

 

 

328

 

 

408

Vested

 

 

(300)

 

 

(254)

 

 

(173)

Forfeited

 

 

(19)

 

 

(47)

 

 

(17)

Outstanding at end of year

 

 

642

 

 

627

 

 

600

Weighted average grant date fair value per unit:

 

 

 

 

 

 

 

 

 

Outstanding at beginning of year

 

$

20.39

 

$

16.37

 

$

13.71

Granted

 

$

22.88

 

$

24.25

 

$

18.02

Vested

 

$

18.73

 

$

16.08

 

$

14.66

Forfeited

 

$

22.29

 

$

19.40

 

$

14.87

Outstanding at end of year

 

$

22.40

 

$

20.39

 

$

16.37

 

Following is a summary of RSUs as of December 31, 2019:

 

 

 

 

 

 

 

 

Unamortized compensation cost (in thousands)

 

 

 

 

$

4,107

Number of units expected to vest (in thousands)

 

 

 

 

 

570

Weighted average remaining vesting period (in months)

 

 

 

 

 

10