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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Stock-Based Compensation [Abstract]

Schedule of Stock-Based Compensation Expense

The consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 include the following stock-based compensation expense related to stock option awards, restricted stock awards, restricted stock unit awards, performance stock unit awards and the employee stock purchase plan (in thousands):

			2017			2016			2015
Cost of sales			$	3,032		$	2,738		$	2,590
Selling and administrative expenses				33,335			34,451			26,431
Research and development expenses				3,069			3,809			4,347
	Total stock-based compensation		$	39,436		$	40,998		$	33,368

Relevant Data Used to Determine the Value of Stock Options Granted During the Period

The relevant data used to determine the value of the stock options granted during 2017, 2016 and 2015 are as follows:

Options Issued and Significant Assumptions Used to Estimate Option Fair Values		2017		2016		2015
Options issued in thousands		389		324		673
Risk-free interest rate		2.2%		1.9%		1.8%
Expected life in years		6		6		6
Expected volatility		0.227		0.247		0.257
Expected dividends		-		-		-

Weighted-Average Exercise Price and Fair Value of Options on the Date of Grant		2017			2016			2015
Exercise price		$	170.24		$	135.02		$	127.63
Fair value		$	45.73		$	37.44		$	35.84

Stock Options Outstanding Roll Forward

The following table summarizes stock option activity for the plans for the year ended December 31, 2017 (in thousands, except per share data):

				Number of Shares		Exercise Price per Share						Weighted-Average Exercise Price
Outstanding at December 31, 2016				2,697		$	38.09	to	$	139.51		$	106.55
	Granted			389		$	136.43	to	$	194.26		$	170.24
	Exercised			(972)		$	41.20	to	$	139.51		$	93.49
	Canceled			(75)		$	87.06	to	$	139.51		$	120.59
Outstanding at December 31, 2017				2,039		$	38.09	to	$	194.26		$	124.41

Stock Options Outstanding by Exercise Price Range

The following table details the options outstanding at December 31, 2017 by range of exercise prices (in thousands, except per share data):

											Remaining
						Number			Weighted-		Contractual		Number			Weighted-
						of Shares			Average		Life of Options		of Shares			Average
Exercise Price Range						Outstanding			Exercise Price		Outstanding		Exercisable			Exercise Price
$	38.09	to	$	79.99		157		$	67.58		2.7		157		$	67.58
$	80.00	to	$	113.36		642		$	103.01		6.2		391		$	98.74
$	113.37	to	$	194.26		1,240		$	142.69		8.6		307		$	128.26
		Total				2,039		$	124.41		7.4		855		$	103.63

Restricted Stock Units Unvested Roll Forward

The following table summarizes the unvested restricted stock unit award activity for the year ended December 31, 2017 (in thousands, except for per share amounts):

			Shares		Weighted-Average Fair Value
Unvested at December 31, 2016			453		$	110.34
	Granted		107		$	154.60
	Vested		(164)		$	105.02
	Forfeited		(22)		$	119.27
Unvested at December 31, 2017			374		$	124.81

Relevant Data Used to Determine the Value of Performance Shares

The relevant data used to determine the value of the performance stock units granted during 2017 are as follows:

Performance Stock Units Issued and Significant Assumptions Used to Estimate Fair Values		2017
Performance stock units issued in thousands		40
Risk-free interest rate		1.6%
Expected life in years		3.0
Expected volatility		0.209
Average volatility of peer companies		0.256
Correlation Coefficient		0.378
Expected dividends		-

Performance Stock Units Unvested Roll Forward

The following table summarizes the unvested performance stock unit award activity for the year ended December 31, 2017 (in thousands, except for per share amounts):

			Shares		Weighted-Average Fair Value
Unvested at December 31, 2016			27		$	171.16
	Granted		40		$	210.25
	Forfeited		(3)		$	156.25
Unvested at December 31, 2017			64		$	196.29

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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