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Shareholders' Equity
 3 Months Ended
Mar. 31, 2017
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 a specified diluted earnings per share target is achieved, and the remaining 50 percent when a second, higher specified diluted earnings per share target is 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, 2017 and 2016, respectively, as follows: 
 
Three Months Ended March 31,
 
2017
 
2016
Stock-based compensation expense
$
6,180

 
$
3,789

Less: Deferred tax benefit
(2,153
)
 
(1,299
)
Stock-based compensation expense, net of tax
$
4,027

 
$
2,490

As of March 31, 2017, there was approximately $70,634 of unrecognized compensation cost remaining 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, 2017 was $21,407. The total options exercisable as of March 31, 2017 had an intrinsic value of $174,085. 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, 2017 and the weighted average exercise price of the shares. The market value of the Company’s common stock as of March 31, 2017 was $50.44 as reported by the Nasdaq Stock Market, LLC. The weighted average exercise price of the options exercisable as of March 31, 2017 was $21.22. Total options that were outstanding and exercisable as of March 31, 2017 were 17,237,000 and 5,958,000, 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 1,099,000 shares at a total cost of $55,441 during the three months ended March 31, 2017, which reduced the total shares outstanding of common stock. The cost of stock purchases during the period includes the cost of certain transactions that settled in the following quarter. As of March 31, 2017, the Company had approximately $163,311 of authorization remaining for the purchase of common stock under the program.
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.