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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

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:

		2015				2014
Risk-free interest rate			0.77	%			0.75	%
Teradyne volatility-historical			28.2	%			36.1	%
Philadelphia Semiconductor Index volatility-historical			19.7	%			24.6	%
Dividend yield			1.33	%			1.25	%

Stock Compensation Plan Activity

Stock compensation plan activity for the years 2015, 2014 and 2013 follows:

		2015				2014				2013
		(in thousands)
Restricted Stock Units:
Non-vested at January 1			4,352				4,636				4,970
Awarded			1,681				1,870				2,110
Vested			(1,679	)			(1,965	)			(2,322	)
Forfeited			(284	)			(189	)			(122	)
Non-vested at December 31			4,070				4,352				4,636
Stock Options:
Outstanding at January 1			1,507				2,706				3,841
Granted			132				89				213
Exercised			(518	)			(1,248	)			(1,220	)
Forfeited			—				(38	)			(104	)
Expired			—				(2	)			(24	)
Outstanding at December 31			1,121				1,507				2,706
Vested and expected to vest at December 31			1,121				1,507				2,694
Exercisable at December 31			779				1,089				1,814

Share Based Compensation Total Shares Available

Total shares available for the years 2015, 2014 and 2013:

		2015				2014				2013
		(in thousands)
Shares available:
Available for grant at January 1			12,443				14,213				6,414
Options granted			(132	)			(89	)			(213	)
Restricted stock units awarded			(1,681	)			(1,870	)			(2,110	)
Restricted stock units forfeited			284				189				122
Additional shares reserved			—				—				10,000
Available for grant at December 31			10,914				12,443				14,213

Weighted-Average Restricted Stock Unit Award Date Fair Value

Weighted average restricted stock unit award date fair value information for the years 2015, 2014 and 2013 follows:

		2015				2014				2013
Non-vested at January 1		$	17.24			$	15.60			$	12.72
Awarded			17.36				18.41				16.62
Vested			16.85				14.38				10.40
Forfeited			17.08				16.97				15.48
Non-vested at December 31		$	17.46			$	17.24			$	15.60

Restricted Stock Unit Awards Aggregate Intrinsic Value

Restricted stock unit awards aggregate intrinsic value information at December 31 for the years 2015, 2014 and 2013 follows:

		2015				2014				2013
		(in thousands)
Outstanding		$	84,129			$	86,113			$	81,680
Expected to vest			79,611				81,582				77,388

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 2015, 2014 and 2013 follows:

		2015				2014				2013
Outstanding			1.09				1.11				1.14
Expected to vest			1.08				1.10				1.13

Weighted Average Stock Options Exercise Price

Weighted average stock options exercise price information for the years 2015, 2014 and 2013 follows:

		2015				2014				2013
Outstanding at January 1		$	7.89			$	6.29			$	4.64
Options granted			18.10				19.16				16.56
Options exercised			5.49				5.34				3.28
Options forfeited			8.67				3.59				2.57
Options cancelled			3.28				2.21				8.05
Outstanding at December 31			10.21				7.89				6.29
Exercisable at December 31			6.92				5.00				4.55

Stock Option Aggregate Intrinsic Value Information

Stock option aggregate intrinsic value information for the years ended December 31, 2015, 2014 and 2013 follows:

		2015				2014				2013
		(in thousands)
Exercised		$	7,255			$	17,847			$	16,848
Outstanding			11,729				17,936				30,673
Vested and expected to vest			11,729				17,936				30,512
Exercisable			10,716				16,101				23,707

Stock Options Weighted Average Remaining Contractual Terms

Stock options weighted average remaining contractual terms (in years) information at December 31, for the years 2015, 2014 and 2013 follows:

		2015				2014				2013
Outstanding			4.2				4.5				4.9
Vested and expected to vest			4.2				4.5				4.9
Exercisable			3.9				4.2				4.3

Significant Option Groups Outstanding

Significant option groups outstanding at December 31, 2015 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 – $2.67			4.58				416			$	2.33				416			$	2.33
$3.23 – $7.71			2.71				139				4.60				139				4.60
$11.37 – $16.95			3.54				345				16.63				202				16.62
$18.10 – $19.16			5.68				221				18.53				22				19.16
							1,121			$	10.21				779			$	6.92

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:

		2015				2014				2013
		(in thousands)
Cost of revenues		$	3,065			$	3,675			$	4,338
Engineering and development			9,362				10,146				12,452
Selling and administrative			18,024				26,486				19,822
Stock-based compensation			30,451				40,307				36,612
Income tax benefit			(8,528	)			(11,537	)			(9,762	)
Total stock-based compensation expense after income taxes		$	21,923			$	28,770			$	26,850

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:

		2015				2014				2013
Expected life (years)			4.0				4.0				4.0
Risk-free interest rate			1.1	%			1.2	%			0.6	%
Volatility-historical			33.4	%			38.8	%			46.8	%
Dividend yield			1.33	%			1.25	%			0.0	%

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