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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation 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. On February 7, 2018, the stockholders of the Company approved the FleetCor Technologies, Inc. Amended and Restated 2010 Equity Incentive Plan (the "Amended Plan"). The Amended Plan was authorized and approved by the Company's Board of Directors on December 20, 2017, and Company's stockholders at a meeting held on February 7, 2018. The Amended Plan amends the Registrant’s existing 2010 Equity Incentive Plan (as amended, the "Prior Plan") to, among other things, increase the number of shares of common stock available for issuance from 13,250,000 to 16,750,000 and make certain other amendments to the Prior Plan. The table below summarizes the expense recognized related to share-based payments recognized for the three month period ended March 31 (in thousands):
|  | Three Months Ended March 31,
|  | 2018 |  | 2017
Stock options |  | $ | 10,699 |  |  | $ | 12,089 |
Restricted stock |  | 3,704 |  |  | 11,004 |
Stock-based compensation |  | $ | 14,403 |  |  | $ | 23,093 |
The tax benefits recorded on stock based compensation were $8.1 million and $15.0 million for the three month period ended March 31, 2018 and 2017, respectively. The following table summarizes the Company’s total unrecognized compensation cost related to stock-based compensation as of March 31, 2018 (cost in thousands):
|  | Unrecognized Compensation Cost |  | Weighted Average Period of Expense Recognition (in Years)
Stock options |  | $ | 80,807 |  |  | 1.63
Restricted stock |  | 21,634 |  |  | 0.83
Total |  | $ | 102,441 |  |  |
Stock Options Stock options are granted with an exercise price estimated to be equal to the fair market value on the date of grant as authorized by the Company’s board of directors. Options granted have vesting provisions ranging from one to five years and vesting of the options is generally based on the passage of time or performance. Stock option grants are subject to forfeiture if employment terminates prior to vesting. The following summarizes the changes in the number of shares of common stock under option for the three month period ended March 31, 2018 (shares and aggregate intrinsic value in thousands):
|  | Shares |  | Weighted Average Exercise Price |  | Options Exercisable at End of Period |  | Weighted Average Exercise Price of Exercisable Options |  | Weighted Average Fair Value of Options Granted During the Period |  | Aggregate Intrinsic Value
Outstanding at December 31, 2017 |  | 8,031 |  |  | $ | 109.78 |  |  | 4,029 |  |  | $ | 75.80 |  |  |  |  | $ | 663,815 |
Granted |  | 181 |  |  | 200.16 |  |  |  |  |  |  | $ | 49.69 |  |  |
Exercised |  | (230 | ) |  | 87.81 |  |  |  |  |  |  |  |  | 26,357 |
Forfeited |  | (16 | ) |  | 146.27 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2018 |  | 7,966 |  |  | $ | 112.39 |  |  | 4,444 |  |  | $ | 81.95 |  |  |  |  | $ | 717,856 |
Expected to vest as of March 31, 2018 |  | 7,966 |  |  | $ | 112.39 |  |  |  |  |  |  |  |  |
The aggregate intrinsic value of stock options exercisable at March 31, 2018 was $535.7 million. The weighted average remaining contractual term of options exercisable at March 31, 2018 was 5.2 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 three month period ended March 31, 2018 and 2017:
|  | March 31,
|  | 2018 |  | 2017
Risk-free interest rate |  | 2.46 | % |  | 1.83 | %
Dividend yield |  | — |  |  | — |
Expected volatility |  | 27.11 | % |  | 27.31 | %
Expected life (in years) |  | 3.9 |  |  | 4.2 |
Restricted Stock Awards of restricted stock and restricted stock units are independent of stock option grants and are subject to forfeiture if employment terminates prior to vesting. The vesting of shares granted is generally based on the passage of time, performance or market conditions, or a combination of these. Shares vesting based on the passage of time have vesting provisions of one to three years. The following table summarizes the changes in the number of shares of restricted stock and restricted stock units for the three months ended March 31, 2018 (shares in thousands):
|  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017 |  | 365 |  |  | $ | 155.58 |
Granted |  | 49 |  |  | 199.75 |
Vested |  | (47 | ) |  | 158.54 |
Canceled or forfeited |  | (26 | ) |  | 154.46 |
Outstanding at March 31, 2018 |  | 341 |  |  | $ | 163.95 |

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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