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Equity and Cash Incentive Program (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock-based incentive plans compensation expense
Stock-based compensation costs are reported within selling, general and administrative expenses in the Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:
 Years Ended December 31,  
 201920182017
Pre-tax stock-based compensation expense (continuing)$29,702  $23,698  $24,073  
Tax benefit(2,490) (2,722) (8,411) 
Total stock-based compensation expense, net of tax$27,212  $20,976  $15,662  
Summary of activity relating to SARs and stock options
A summary of activity relating to SARs granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2019 is as follows:
 SARs
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual Term (Years)
Outstanding at January 1, 20195,329,204  $60.19   
Granted
615,089  91.24   
Forfeited / expired(181,498) 78.84   
Exercised(2,163,626) 52.66   
Outstanding at December 31, 20193,599,169  69.07  6.4
Exercisable at December 31, 20191,579,082  $57.26  4.3
Other information for SARs and stock options
Other information regarding the exercise of SARs is listed below:
201920182017
SARs
Fair value of SARs that became exercisable$8,611  $12,832  $16,006  
Aggregate intrinsic value of SARs exercised$89,473  $101,365  $44,646  
Summary of activity for performance share awards
A summary of activity for performance share awards for the year ended December 31, 2019 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019144,957  $76.99  
Granted
35,172  91.33  
Forfeited(19,026) 76.46  
Vested(23,294) 66.85  
Unvested at December 31, 2019137,809  $82.45  
Summary of activity for restricted stock units
A summary of activity for restricted stock units for the year ended December 31, 2019 is as follows:
 Number of Shares
Weighted Average
Grant-Date
Fair Value
Unvested at January 1, 2019390,481  $73.35  
Granted
124,929  91.34  
Forfeited(23,706) 84.02  
Vested(167,151) 69.55  
Unvested at December 31, 2019324,553  $81.45  
Shares granted to directors
The Company issued the following shares to its non-employee directors under the 2012 Plan as partial compensation for serving as directors of the Company:
 Years ended December 31,
 201920182017
Aggregate shares granted10,838  15,802  16,231  
Shares deferred(6,168) (9,917) (11,337) 
Net shares issued4,670  5,885  4,894  
Stock Appreciation Rights (SARs) [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:
 201920182017
Risk-free interest rate2.51 %2.58 %—  2.87%  1.80 %
Dividend yield2.13 %1.99 %—  2.43%  2.27 %
Expected life (years)5.65.6—  5.74.6
Volatility22.35 %20.95 %—  21.20%  21.90 %
Grant price (1)
$91.20  $79.75—  $82.09$66.85  
Fair value at date of grant (1)
$17.55  $14.58—  $15.41  $10.65  
(1) 2018 and 2017 grant prices and fair values at date of grant reflect the modification of grants in connection with the separation of Apergy on May 9, 2018.
Awards outstanding, vested and exercisable
The following table summarizes information about outstanding SARs at December 31, 2019: 
 SARs OutstandingSARs Exercisable
Range of Exercise PricesNumber of Shares
Weighted Average
Exercise Price
Weighted Average
Remaining Life
in Years
Aggregate Intrinsic ValueNumber of Shares
Weighted Average
Exercise Price
Weighted Average
Remaining Life
in Years
Aggregate Intrinsic Value
$25.96 - $58.69952,991  $51.11  4.0$61,132  952,991  $51.20  4.0$61,922  
$61.79 - $79.751,636,963  $68.43  6.376,655  624,996  $66.65  4.530,318  
$82.09 - $97.331,009,215  $87.06  8.728,457  1,095  $82.09  3.936  
3,599,169  $166,244  1,579,082  $92,276  
Performance Shares [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period
The fair value and average attainment used in determining compensation cost of the performance shares issued in 2019, 2018 and 2017 are as follows for the year ended December 31, 2019:
 201920182017
Fair value per share at date of grant (1)
$91.20$79.75 $82.09$66.85
Average attainment rate reflected in expense200.3%  282.4%  237.0 %