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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Estimated Fair Value of TSR Performance-Based Restricted Stock Unit Awards Assumptions

The fair value was estimated using the Monte Carlo simulation model with the following assumptions:

		2014
Risk-free interest rate			0.75	%
Teradyne volatility-historical			36.1	%
Philadelphia Semiconductor Index volatility-historical			24.6	%
Dividend yield			1.25	%

Stock Compensation Plan Activity

Stock compensation plan activity for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
		(in thousands)
Restricted Stock Units:
Non-vested at January 1			4,636				4,970				5,840
Awarded			1,870				2,110				1,844
Vested			(1,965	)			(2,322	)			(2,510	)
Forfeited			(190	)			(122	)			(204	)
Non-vested at December 31			4,351				4,636				4,970
Stock Options:
Outstanding at January 1			2,706				3,841				5,335
Granted			89				213				151
Exercised			(1,248	)			(1,220	)			(1,396	)
Forfeited			(38	)			(104	)			(203	)
Cancelled			(2	)			(24	)			(46	)
Outstanding at December 31			1,507				2,706				3,841
Vested and expected to vest at December 31			1,507				2,694				3,785
Exercisable at December 31			1,089				1,814				2,004

Share Based Compensation Total Shares Available

Total shares available for the years 2014, 2013 and 2012:

		2014				2013				2012
		(in thousands)
Shares available:
Available for grant at January 1			14,213				6,414				8,205
Options granted			(89	)			(213	)			(151	)
Restricted stock units awarded			(1,870	)			(2,110	)			(1,844	)
Restricted stock units forfeited			189				122				204
Additional shares reserved			—				10,000				—
Available for grant at December 31			12,443				14,213				6,414

Weighted-Average Restricted Stock Unit Award Date Fair Value

Weighted-average restricted stock unit award date fair value information for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
Non-vested at January 1		$	15.56			$	12.72			$	10.01
Awarded			19.30				16.53				16.67
Vested			14.38				10.40				9.29
Forfeited			17.21				15.48				13.32
Non-vested at December 31		$	17.58			$	15.56			$	12.72

Restricted Stock Unit Awards Aggregate Intrinsic Value

Restricted stock unit awards aggregate intrinsic value information at December 31 for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
		(in thousands)
Outstanding		$	86,113			$	81,680			$	83,949
Expected to vest			81,582				77,388				78,718

Restricted Stock Units Weighted Average Remaining Contractual Terms

Restricted stock units weighted average remaining contractual terms (in years) information at December 31, for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
Outstanding			1.11				1.14				1.01
Expected to vest			1.10				1.13				1.00

Weighted Average Stock Options Exercise Price

Weighted average stock options exercise price information for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
Outstanding at January 1		$	6.29			$	4.64			$	4.12
Options granted			19.16				16.56				16.95
Options exercised			5.34				3.28				3.87
Options forfeited			3.59				2.57				3.11
Options cancelled			2.21				8.05				16.21
Outstanding at December 31			7.89				6.29				4.64
Exercisable at December 31			5.00				4.55				3.70

Stock Option Aggregate Intrinsic Value Information

Stock option aggregate intrinsic value information for the years ended December 31, 2014, 2013 and 2012 follows:

		2014				2013				2012
		(in thousands)
Exercised		$	17,847			$	16,848			$	17,136
Outstanding			17,936				30,673				47,051
Vested and expected to vest			17,936				30,512				46,283
Exercisable			16,101				23,707				26,436

Stock Options Weighted Average Remaining Contractual Terms

Stock options weighted average remaining contractual terms (in years) information at December 31, for the years 2014, 2013 and 2012 follows:

		2014				2013				2012
Outstanding			4.5				4.9				5.7
Vested and Expected to vest			4.5				4.9				5.6
Exercisable			4.2				4.3				4.9

Significant Option Groups Outstanding

Significant option groups outstanding at December 31, 2014 and related weighted average price and remaining contractual life information follow:

		Options Outstanding												Options Exercisable
Range Of Exercise Prices		Weighted- Average Remaining Contractual Life (Years)				Shares				Weighted- Average Exercise Price				Shares				Weighted- Average Exercise Price
		(shares in thousands)
$1.48 – $2.58			5.07				269			$	1.91				269			$	1.91
$2.67 – $2.74			4.40				462				2.69				429				2.69
$3.23 – $16.23			3.61				370				8.47				306				7.69
$16.56 – $19.16			4.99				406				17.25				85				16.79
							1,507			$	7.89				1,089			$	5.00

Effect to Income (Loss) from Operations for Recording Stock-Based Compensation

The effect to income from operations for recording stock-based compensation for the years ended December 31 was as follows:

		2014				2013				2012
		(in thousands)
Cost of revenues		$	3,675			$	4,338			$	6,604
Engineering and development			10,146				12,452				13,589
Selling and administrative			26,486				19,822				19,727
Stock-based compensation			40,307				36,612				39,920
Income tax benefit			(11,537	)			(9,762	)			(9,548	)
Total stock-based compensation expense after income taxes		$	28,771			$	26,850			$	30,372

Stock Options

Fair Value of Stock Options Using Assumptions

The fair value of the stock options at grant date was estimated using the Black-Scholes option-pricing model with the following assumptions:

		2014				2013				2012
Expected life (years)			4.00				4.00				3.50
Risk-free interest rate			1.2	%			0.6	%			0.4	%
Volatility-historical			38.8	%			46.8	%			56.0	%
Dividend yield			1.25	%			0.0	%			0.0	%

Stock Purchase Rights

Fair Value of Stock Options Using Assumptions

The fair value of the employees’ purchase rights was estimated using the Black-Scholes option-pricing model with the following assumptions:

		2012
Expected life (years)			0.5
Risk-free interest rate			0.1	%
Volatility-historical			42.7	%
Dividend yield			0.0	%

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