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Stock Based Compensation | 12 Months Ended
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Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock Based Compensation | 5. Stock Based Compensation The Company accounts for stock-based compensation pursuant to relevant authoritative guidance, which requires measurement of compensation cost for all stock awards at fair value on the date of grant and recognition of compensation, net of estimated forfeitures, over the requisite service period for awards expected to vest. The Company has Stock Incentive Plans (the Plans) pursuant to which the Company’s board of directors may grant stock options or restricted stock to employees. The Company is authorized to issue grants of restricted stock and stock options to purchase up to 26,963,150 shares for the years ended December 31, 2015, 2014 and 2013, respectively. On May 13, 2013, the Company’s stockholders authorized an increase of 6,500,000 shares of common stock available for grant pursuant to the 2010 Equity Compensation Plan. Giving effect to this increase, there were 4,685,531 additional shares remaining available for grant under the Plans at December 31, 2015. The table below summarizes the expense recognized related to share-based payments recognized for the years ended December 31 (in thousands):
|  | 2015 |  |  | 2014 |  |  | 2013 |
Stock options |  | $ | 44,260 |  |  | $ | 13,267 |  |  | $ | 11,677 |
Restricted stock |  |  | 45,862 |  |  |  | 24,382 |  |  |  | 14,999 |
Stock-based compensation |  | $ | 90,122 |  |  | $ | 37,649 |  |  | $ | 26,676 |
The tax benefits recorded on stock based compensation were $35.7 million, $13.0 million and $9.8 million for the years ended December 31, 2015, 2014 and 2013, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of December 31, 2015 (cost in thousands):
|  | Unrecognized Compensation Cost |  |  | Weighted Average Period of Expense Recognition (in Years) |
Stock options |  | $ | 44,643 |  |  |  | 0.89 |
Restricted stock |  |  | 7,213 |  |  |  | 1.24 |
Total |  | $ | 51,856 |  |  |  |  |
Stock Options The following summarizes the changes in the number of shares of common stock under option for the following periods (shares and aggregate intrinsic value in thousands):
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Options Exercisable at End of Year |  |  | Weighted Average Exercise Price of Exercisable Options |  |  | Weighted Average Fair Value of Options Granted During the Year |  |  | Aggregate Intrinsic Value |
Outstanding at December 31, 2012 |  |  | 6,565 |  |  | $ | 22.17 |  |  |  | 2,666 |  |  | $ | 14.71 |  |  |  |  |  |  | $ | 206,636 |
Granted |  |  | 307 |  |  |  | 80.77 |  |  |  |  |  |  |  |  |  |  | $ | 23.00 |  |  |  |  |
Exercised |  |  | (1,425 | ) |  |  | 21.13 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 136,807 |
Forfeited |  |  | (116 | ) |  |  | 28.68 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2013 |  |  | 5,331 |  |  |  | 25.68 |  |  |  | 2,589 |  |  |  | 16.57 |  |  |  |  |  |  |  | 487,673 |
Granted |  |  | 1,544 |  |  |  | 135.16 |  |  |  |  |  |  |  |  |  |  |  | 42.77 |  |  |  |  |
Exercised |  |  | (1,429 | ) |  |  | 20.75 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 182,904 |
Forfeited |  |  | (315 | ) |  |  | 41.72 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2014 |  |  | 5,131 |  |  |  | 58.71 |  |  |  | 2,370 |  |  |  | 21.75 |  |  |  |  |  |  |  | 461,770 |
Granted |  |  | 654 |  |  |  | 154.56 |  |  |  |  |  |  |  |  |  |  | $ | 35.32 |  |  |  |  |
Exercised |  |  | (586 | ) |  |  | 33.97 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 63,863 |
Forfeited |  |  | (196 | ) |  |  | 95.16 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Outstanding at December 31, 2015 |  |  | 5,003 |  |  | $ | 72.72 |  |  |  | 2,545 |  |  | $ | 26.82 |  |  |  |  |  |  | $ | 351,277 |
Expected to vest at December 31, 2015 |  |  | 5,003 |  |  | $ | 72.72 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The following table summarizes information about stock options outstanding at December 31, 2015 (shares in thousands):
Exercise Price |  | Options Outstanding |  |  | Weighted Average Remaining Vesting Life in Years |  |  | Options Exercisable |
$10.00 – 27.83 |  |  | 1,938 |  |  |  | 0.07 |  |  |  | 1,713 |
29.99 – 40.65 |  |  | 995 |  |  |  | 0.50 |  |  |  | 712 |
47.63 – 58.02 |  |  | 5 |  |  |  | 1.07 |  |  |  | — |
74.99 – 111.09 |  |  | 231 |  |  |  | 1.72 |  |  |  | 55 |
115.45 – 138.47 |  |  | 347 |  |  |  | 2.52 |  |  |  | 63 |
146.36 – 158.24 |  |  | 1,487 |  |  |  | 2.44 |  |  |  | 2 |
|  |  | 5,003 |  |  |  |  |  |  |  | 2,545 |
The aggregate intrinsic value of stock options exercisable at December 31, 2015 was $295.5 million. The weighted average remaining contractual term of options exercisable at December 31, 2015 was 5.1 years. The fair value of stock option awards granted was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions for grants or modifications during the years ended December 31 as follows:
|  | 2015 |  |  | 2014 |  |  | 2013 |
Risk-free interest rate |  |  | 1.47 | % |  |  | 1.24 | % |  |  | 0.76 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Expected volatility |  |  | 27.77 | % |  |  | 34.61 | % |  |  | 34.95 | %
Expected life (in years) |  |  | 4.46 |  |  |  | 3.90 |  |  |  | 4.00 |
The weighted-average remaining contractual life for options outstanding was 6.7 and 6.9 years at December 31, 2015 and 2014, respectively. Restricted Stock The fair value of restricted stock shares granted based on market conditions was estimated using the Monte Carlo option pricing model with the following assumptions during 2013. There were no restricted stock shares granted with performance based conditions or market conditions in 2015 and 2014.
|  | 2013 |
Risk-free interest rate |  |  | 0.42 | %
Dividend yield |  |  | — |
Expected volatility |  |  | 30.00 | %
Expected life (in years) |  |  | 1.75 |
The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the following periods (shares in thousands):
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Outstanding at December 31, 2012 |  |  | 472 |  |  | $ | 28.98 |
Granted |  |  | 358 |  |  |  | 92.16 |
Cancelled |  |  | (31 | ) |  |  | 35.42 |
Issued |  |  | (165 | ) |  |  | 30.93 |
Outstanding at December 31, 2013 |  |  | 634 |  |  |  | 67.83 |
Granted |  |  | 467 |  |  |  | 146.12 |
Cancelled |  |  | (76 | ) |  |  | 31.48 |
Issued |  |  | (309 | ) |  |  | 74.56 |
Outstanding at December 31, 2014 |  |  | 716 |  |  |  | 121.38 |
Granted |  |  | 126 |  |  |  | 151.33 |
Cancelled |  |  | (52 | ) |  |  | 135.92 |
Issued |  |  | (293 | ) |  |  | 85.40 |
Outstanding at December 31, 2015 |  |  | 497 |  |  | $ | 149.40 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51659978&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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