Equity Incentive Plans and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Shares available for grant under stock-based incentive plans

A summary of shares available for grant under the Company’s plans is as follows:



	Shares Available for Grant
Total shares available for grant as of December 31, 2016	7,305,368
Stock options granted	(558,426)
Stock options forfeited	1,978,042
Nonvested equity stock and stock units granted (1) (2)	(5,007,947)
Nonvested equity stock and stock units forfeited (1)	1,334,110
Total shares available for grant as of December 31, 2017	5,051,147
Increase in shares approved for issuance	5,500,000
Stock options granted	(711,479)
Stock options forfeited	877,803
Nonvested equity stock and stock units granted (1) (3)	(4,993,802)
Nonvested equity stock and stock units forfeited (1)	4,350,377
Total shares available for grant as of December 31, 2018	10,074,046
Increase in shares approved for issuance (5)	400,000
Stock options granted	(80,000)
Stock options forfeited	426,960
Nonvested equity stock and stock units granted (1) (4)	(7,261,845)
Nonvested equity stock and stock units forfeited (1)	3,267,702
Total shares available for grant as of December 31, 2019	6,826,863

______________________________________


(1)	For purposes of determining the number of shares available for grant under the 2015 Plan against the maximum number of shares authorized, each restricted stock granted reduces the number of shares available for grant by 1.5 shares and each restricted stock forfeited increases shares available for grant by 1.5 shares.


(2)	Amount includes 0.4 million shares that had been reserved for potential future issuance related to certain performance unit awards discussed under the section titled “Nonvested Equity Stock and Stock Units” below.


(3)	Amount includes 0.5 million shares that have been reserved for potential future issuance related to certain performance unit awards discussed under the section titled “Nonvested Equity Stock and Stock Units” below.


(4)	Amount includes 1.0 million shares that have been reserved for potential future issuance related to certain performance unit awards discussed under the section titled “Nonvested Equity Stock and Stock Units” below.

(5)

Shares were reserved under the 2019 Inducement Plan adopted in the third quarter of 2019.

Schedule of stock option activity

The following table summarizes stock option activity under the Company’s equity incentive plans for the years ended December 31, 2019, 2018 and 2017 and information regarding stock options outstanding, exercisable, and vested and expected to vest as of December 31, 2019:



	Options Outstanding			Weighted Average Remaining Contractual Term
	Number of Shares	Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value
	(Dollars in thousands, except per share amounts)
Outstanding as of December 31, 2016	7,008,833	$	9.34
Options granted	558,426	$	12.95
Options exercised	(1,278,856)	$	7.34
Options forfeited	(1,978,042)	$	10.68
Outstanding as of December 31, 2017	4,310,361	$	9.78
Options granted	711,479	$	12.84
Options exercised	(908,146)	$	6.70
Options forfeited	(877,803)	$	13.73
Outstanding as of December 31, 2018	3,235,891	$	10.25
Options granted	80,000	$	13.25
Options exercised	(1,249,785)	$	7.79
Options forfeited	(426,960)	$	13.71
Outstanding as of December 31, 2019	1,639,146	$	11.37	4.54	$	4,631
Vested or expected to vest at December 31, 2019	1,627,218	$	11.36	4.49	$	4,621
Options exercisable at December 31, 2019	1,319,210	$	11.01	3.63	$	4,327

Weighted-average assumptions for Stock Option Plans

The following table presents the weighted-average assumptions used to estimate the fair value of stock options granted that contain only service conditions in the periods presented:



	Stock Option Plan for Years Ended December 31,
	2019	2018	2017
Stock Option Plan
Expected stock price volatility	33%-36%	24%-32%	24%-32%
Risk free interest rate	1.4%-1.6%	2.6%-2.8%	1.8%-2.0%
Expected term (in years)	5.1-5.2	5.8	5.3-5.4
Weighted-average fair value of stock options granted	$4.36	$4.23	$4.09

Weighted-average assumptions for Employee Stock Purchase Plan



	Employee Stock Purchase Plan for Years Ended December 31,
	2019	2018	2017
Employee Stock Purchase Plan
Expected stock price volatility	32%	27%-34%	25%-27%
Risk free interest rate	1.6%-2.4%	2.05%-2.5%	0.98%-1.3%
Expected term (in years)	0.5	0.5	0.5
Weighted-average fair value of purchase rights granted under the purchase plan	$3.13	$2.59	$3.07

The following table reflects the activity related to nonvested equity stock and stock units for the three years ended December 31, 2019:



Nonvested Equity Stock and Stock Units	Shares	Weighted-Average Grant-Date Fair Value
Nonvested at December 31, 2016	4,863,056	$	12.33
Granted	3,075,396	$	13.02
Vested	(1,216,476)	$	12.15
Forfeited	(860,627)	$	12.61
Nonvested at December 31, 2017	5,861,349	$	12.68
Granted	2,978,558	$	12.77
Vested	(1,713,930)	$	12.39
Forfeited	(2,266,842)	$	12.97
Nonvested at December 31, 2018	4,859,135	$	12.71
Granted	4,233,701	$	10.17
Vested	(1,896,283)	$	12.40
Forfeited	(1,907,070)	$	11.33
Nonvested at December 31, 2019	5,289,483	$	11.27