Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

The components of the Company’s shared-based compensation expense for the six months ended June 30, 2020 and 2019 are as follows:

	Six Months Ended June 30,
	2020		2019
	(in thousands)
Stock options	$	1,054	$	1,326
Restricted stock and restricted stock units	2,598		1,998
Employee Stock Purchase Plan	273		335
Total pre-tax share-based compensation expense charged against income1	$	3,925	$	3,659

1.Share-based compensation expense is recorded in cost of services and selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income.

Summary of Other Information of Stock Option Plans

A summary of stock options outstanding under as of December 31, 2019 and changes during the six months ended June 30, 2020 is as follows:

	Stock Options Outstanding
	Number of Shares	Weighted Average Exercise Price
	(in thousands)
December 31, 2019	2,107	$	32.99
Granted	210	$	24.43
Exercised	(99)	$	17.75
Forfeited	(11)	$	37.65
Expired	(39)	$	31.97
June 30, 2020	2,168	$	32.85

Assumption For Fair Value of Options Granted

The fair value of stock option awards granted in 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

	Six Months Ended June 30,
	2020		2019
Risk-free interest rate	1.8	%	2.5	%
Weighted average expected life	6.6 years		5.7 years
Expected volatility	26.5	%	22.6	%
Dividend yield	3.2	%	1.9	%

Summarized Information of Stock Options Outstanding

The following table summarizes other information about the stock options at June 30, 2020:

	June 30, 2020
	(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value	$	1,497
Weighted average remaining contractual life	5.6 years
Exercisable:
Number of options	1,450
Weighted average exercise price	$	31.08
Aggregate intrinsic value	$	1,491
Weighted average remaining contractual life	4.5 years

Summary of Outstanding Restricted Stock Units and Restricted Stock

A summary of the outstanding restricted stock units and restricted stock as of December 31, 2019 and changes during the six months ended June 30, 2020 is as follows:

	Restricted Stock Units and Restricted Stock
	Number	Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2019	362	$	43.24
Granted	307	$	24.43
Vested	(93)	$	42.30
Forfeited	(10)	$	32.69
June 30, 2020	566	$	33.37

Options Granted Estimated Expense Valuation Assumptions

The expense associated with the options granted under the ESPP during the six months ended June 30, 2020 and 2019 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

	Six Months Ended June 30,
	2020	2019
Risk-free interest rate	1.6%	2.6%
Weighted average expected life (years)	1.0	1.0
Expected volatility	42.0%	30.8%
Dividend yield	3.3%	1.9%

Summary of ESPP Annual Offerings

The following table summarizes information about the SERP during the six months ended June 30, 2020 and 2019:

	Six Months Ended June 30,
	2020		2019
	(in thousands)
SERP expense 1	$	298	$	346
Unrealized gain recorded in SERP liability account	$	763	$	4,939

1.Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.