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Shareholders' Equity
 3 Months Ended
Mar. 31, 2016
Stockholders' Equity Note [Abstract]  
Shareholders' Equity
Shareholders’ Equity
Stock-Based Compensation
The Company has only non-qualified stock options outstanding under its equity compensation plans. All outstanding stock options have performance-based vesting provisions specific to each option grant that tie the vesting of the applicable stock options to the Company’s financial performance. The Company’s stock options vest at a rate of 50 percent when specified diluted earnings per share targets are achieved, and the remaining 50 percent when secondary, higher specified diluted earnings per share targets are achieved. Options do not vest due to the passage of time but solely as a result of achievement of the financial vesting targets. The amount of stock-based compensation expense is based upon management’s estimate of when the earnings per share targets may be achieved.
The Company recognized stock-based compensation expense in its Consolidated Financial Statements in the three months ended March 31, 2016 and 2015, respectively, as follows: 
 
Three Months Ended March 31,
 
2016
 
2015
Stock-based compensation expense
$
3,789

 
$
3,750

Less: Deferred tax benefit
(1,299
)
 
(1,308
)
Stock-based compensation expense, net of tax
$
2,490

 
$
2,442

As of March 31, 2016, there was approximately $53,221 of unrecognized compensation cost remaining, adjusted for estimated forfeitures, related to unvested employee stock options that management expects will vest and is being amortized.
The Company issues new common shares associated with the exercise of stock options. The total intrinsic value of options exercised during the three months ended March 31, 2016 was $3,679. The total options exercisable as of March 31, 2016 had an intrinsic value of $174,765. The total intrinsic value for options exercisable is calculated as the difference between the market value of the Company’s common stock as of March 31, 2016 and the weighted average exercise price of the shares. The market value of the Company’s common stock as of March 31, 2016 was $43.05 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of March 31, 2016 was $21.97. Total options that were outstanding and exercisable as of March 31, 2016 were 18,797,000 and 8,291,000, respectively.
Common Stock Buyback
The Company’s Board of Directors, under multiple authorizations, has authorized the repurchase of the Company’s common stock on the open market or through private transactions. The Company purchased 2,073,000 shares at a total cost of $80,586 during the three months ended March 31, 2016. The cost of stock purchases during the period includes the cost of certain transactions that settled in the following quarter. As of March 31, 2016, the Company had approximately $32,540 of authorization remaining for the purchase of common stock under the program. On April 19, 2016, the Company’s Board of Directors approved an increase in the stock repurchase program by an additional $200,000, increasing the available authorization to approximately $232,540.
The Company immediately retires its common stock when purchased. Upon retirement, the Company reduces Capital in excess of par value for the average capital per share outstanding and the remainder is charged against Retained earnings. If the Company reduces its Retained earnings to zero, any subsequent purchases of common stock will be charged entirely to Capital in excess of par value.