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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of Restricted Stock Unit Activity

RSUs activity is summarized as follows:

			Number of Shares Outstanding						Weighted Average Grant Date Fair Value per Share						Weighted Average Remaining Contractual Life (Years)						Aggregate Intrinsic Value (1) (Dollars in Thousands)
RSUs outstanding, December 31, 2017			1,303,891						$	252.30
RSUs granted			704,249						387.31
RSUs released, vested			(593,528)						299.07
Special distribution shares released			(13,880)						283.14
RSUs canceled			(173,460)						336.75
Special distribution shares canceled			(485)						295.77
RSUs outstanding, December 31, 2018			1,226,787						361.22
RSUs granted			779,478						448.16
RSUs released, vested			(549,259)						362.66
Special distribution shares released			(1,781)						295.31
RSUs canceled			(142,477)						364.42
Special distribution shares canceled			(23)						297.04
RSUs outstanding, December 31, 2019			1,312,725						411.99
RSUs granted			695,383						596.80
RSUs released, vested			(606,250)						426.03
Special distribution shares released			(722)						264.57
RSUs canceled			(63,502)						457.91
RSUs outstanding, December 31, 2020			1,337,634						$	499.60					1.22						$	955,311

(1)The intrinsic value is calculated based on the market value of the stock as of December 31, 2020.

Disclosures for 2004 Purchase Plan

The Company provides the following disclosures for the 2004 Purchase Plan as of December 31 (dollars, except shares):

			2020						2019						2018
Weighted-average purchase price per share			$	371.71					$	354.72					$	341.48
Weighted average grant-date fair value per share of shares purchased			$	114.08					$	104.84					$	90.04
Number of shares purchased			167,113						146,640						145,346

Assumptions in Computation of Fair Value

The Company uses the Black-Scholes option-pricing model to determine the fair value of shares under the 2004 Purchase Plan with the following assumptions during the years ended December 31:

			2020						2019						2018
Range of dividend yield			1.94 - 2.08%						2.07 - 2.09%						1.97 - 2.00%
Range of risk-free interest rate			0.10 - 1.55%						1.55 - 2.58%						1.79 - 2.68%
Range of expected volatility			19.28 - 51.93%						19.27 - 25.55%						19.04 - 24.33%
Weighted-average expected volatility			32.94		%				22.95		%				20.74		%
Weighted average expected life (in years)			1.36						1.24						1.43

Schedule of Allocated Share-based Compensation

The following table presents, by operating expense, the Company's stock-based compensation expense recognized in the Company's consolidated statement of operations for the years ended December 31 (in thousands):

			2020						2019						2018
Cost of revenues			$	32,893					$	25,355					$	18,247
Sales and marketing			72,895						56,719						53,448
General and administrative			205,232						154,465						109,021
Total			$	311,020					$	236,539					$	180,716

Schedule of Share-based Compensation by Plan

The Company's stock-based compensation recognized in the consolidated statement of operations was comprised of the following types of equity awards for the years ended December 31 (in thousands):

			2020						2019						2018
RSUs			$	289,426					$	217,541					$	165,141
RSAs(1)			8,289						—						—
Employee stock purchase plan			13,305						18,998						15,575
Total			$	311,020					$	236,539					$	180,716

(1) During the year ended December 31, 2020, the Company awarded 48,799 shares of RSAs. See Note 1 for further discussion.

Schedule of Shares Reserved and Shares Available for Grant

As of December 31, 2020, shares reserved and available for issuance under the equity compensation plans are as follows:

			Shares reserved						Shares available for grant
2004 Purchase Plan			5,392,206						2,806,672
2020 Equity Incentive Plan			4,687,435						4,623,380

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