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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

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:

		2016				2015				2014
Risk-free interest rate			0.97	%			0.77	%			0.75	%
Teradyne volatility-historical			27.0	%			28.2	%			36.1	%
NYSE Composite Index volatility-historical			13.1	%			—	%			—	%
Philadelphia Semiconductor Index volatility-historical			—	%			19.7	%			24.6	%
Dividend yield			1.24	%			1.33	%			1.25	%

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:

		2016				2015				2014
Expected life (years)			5.0				4.0				4.0
Risk-free interest rate			1.4	%			1.1	%			1.2	%
Volatility-historical			32.9	%			33.4	%			38.8	%
Dividend yield			1.24	%			1.33	%			1.25	%

Stock Compensation Plan Activity

Stock compensation plan activity for the years 2016, 2015 and 2014 follows:

		2016				2015				2014
		(in thousands)
Restricted Stock Units:
Non-vested at January 1			4,070				4,352				4,636
Awarded			1,471				1,681				1,870
Vested			(1,530	)			(1,679	)			(1,965	)
Forfeited			(233	)			(284	)			(189	)
Non-vested at December 31			3,778				4,070				4,352
Stock Options:
Outstanding at January 1			1,121				1,507				2,706
Granted			130				132				89
Exercised			(324	)			(518	)			(1,248	)
Forfeited			—				—				(38	)
Expired			(2	)			—				(2	)
Outstanding at December 31			926				1,121				1,507
Vested and expected to vest at December 31			926				1,121				1,507
Exercisable at December 31			598				779				1,089

Share Based Compensation Total Shares Available

Total shares available for the years 2016, 2015 and 2014:

		2016				2015				2014
		(in thousands)
Shares available:
Available for grant at January 1			10,914				12,443				14,213
Options granted			(130	)			(132	)			(89	)
Restricted stock units awarded			(1,471	)			(1,681	)			(1,870	)
Restricted stock units forfeited			233				284				189
Available for grant at December 31			9,546				10,914				12,443

Weighted-Average Restricted Stock Unit Award Date Fair Value

Weighted average restricted stock unit award date fair value information for the years 2016, 2015 and 2014 follows:

		2016				2015				2014
Non-vested at January 1		$	17.46			$	17.24			$	15.60
Awarded			18.68				17.36				18.41
Vested			17.21				16.85				14.38
Forfeited			17.57				17.08				16.97
Non-vested at December 31		$	18.03			$	17.46			$	17.24

Restricted Stock Unit Awards Aggregate Intrinsic Value

Restricted stock unit awards aggregate intrinsic value information at December 31 for the years 2016, 2015 and 2014 follows:

		2016				2015				2014
		(in thousands)
Vested		$	30,008			$	32,200			$	37,160
Outstanding			95,952				84,129				86,113
Expected to vest			91,871				79,611				81,582

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 2016, 2015 and 2014 follows:

		2016				2015				2014
Outstanding			1.04				1.09				1.11
Expected to vest			1.03				1.08				1.10

Weighted Average Stock Options Exercise Price

Weighted average stock options exercise price information for the year ended December 31, 2016 follows:

		2016
Outstanding at January 1		$	10.21
Options granted			19.43
Options exercised			9.06
Options expired			3.07
Outstanding at December 31			11.93
Exercisable at December 31			8.32

Stock Option Aggregate Intrinsic Value Information

Stock option aggregate intrinsic value information for the years ended December 31, 2016, 2015 and 2014 follows:

		2016				2015				2014
		(in thousands)
Exercised		$	3,729			$	7,255			$	17,847
Outstanding			12,468				11,729				17,936
Vested and expected to vest			12,468				11,729				17,936
Exercisable			10,217				10,716				16,101

Stock Options Weighted Average Remaining Contractual Terms

Stock options weighted average remaining contractual terms (in years) information at December 31, for the years 2016, 2015 and 2014 follows:

		2016				2015				2014
Outstanding			3.9				4.2				4.5
Vested and expected to vest			3.9				4.2				4.5
Exercisable			3.2				3.9				4.2

Significant Option Groups Outstanding

Significant option groups outstanding at December 31, 2016 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			3.74				294			$	2.31				294			$	2.31
$3.23 – $7.71			1.77				75				4.26				75				4.26
$16.23 – $18.10			3.51				338				17.18				185				16.87
$19.16 – $19.43			5.26				219				19.32				44				19.16
							926			$	11.93				598			$	8.32

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:

		2016				2015				2014
		(in thousands)
Cost of revenues		$	3,153			$	3,065			$	3,675
Engineering and development			9,458				9,362				10,146
Selling and administrative			18,139				18,024				26,486
Stock-based compensation			30,750				30,451				40,307
Income tax benefit			(8,752	)			(8,528	)			(11,537	)
Total stock-based compensation expense after income taxes		$	21,998			$	21,923			$	28,770

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