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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Summary of Activity for RSUs

The following table presents the activity for RSUs under the Plans:

		Year Ended December 31,
		2016
		Non-vested RSUs				Weighted Average Grant Date Fair Value
Non-vested RSUs — beginning of period			733,162			$	30.94
Assumed RSUs from Newport acquisition			360,674				35.01
Accrued dividend shares			187				47.84
Granted			746,721				35.62
Vested			(434,951	)			31.20
Forfeited or expired			(80,277	)			34.51
Non-vested RSUs — end of period			1,325,516			$	34.38

Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights

At December 31, 2016, the Company’s outstanding and exercisable stock appreciation rights, the weighted-average base value, the weighted average remaining contractual life and the aggregate intrinsic value thereof, were as follows:

		Number of Shares				Weighted Average Base Value				Weighted Average Remaining Contractual Life (years)				Aggregate Intrinsic Value
Stock appreciation rights outstanding			599,334			$	28.10				3.9			$	18,758
Stock appreciation rights exercisable			377,722			$	26.62				3.3			$	12,383

Effect of Recording Stock-Based Compensation

The following table reflects the effect of recording stock-based compensation for the years 2016, 2015 and 2014:

		Years Ended December 31,
		2016				2015				2014
Stock-based compensation expense by type of award:
Restricted stock units		$	23,302			$	11,885			$	10,203
Stock appreciation rights			700				—				—
Employee stock purchase plan			1,226				1,128				1,112
Total stock-based compensation			25,228				13,013				11,315
Tax effect on stock-based compensation			(1,254	)			(836	)			(331	)
Net effect on net income		$	23,974			$	12,177			$	10,984
Effect on net earnings per share:
Basic		$	0.45			$	0.23			$	0.21
Diluted		$	0.44			$	0.23			$	0.21

Pre-Tax Effect Within Consolidated Statements of Operations of Recording Stock-Based Compensation

The pre-tax effect within the consolidated statements of operations and comprehensive income of recording stock-based compensation for the years 2016, 2015 and 2014 was as follows:

		Years Ended December 31,
		2016				2015				2014
Cost of revenues		$	2,997			$	1,814			$	1,960
Research and development expense			2,529				1,590				1,659
Selling, general and administrative expense			19,702				9,609				7,696
Total pre-tax stock-based compensation expense		$	25,228			$	13,013			$	11,315

Fair Value of Employees' Purchase Rights Estimated using Black-Scholes Option-Pricing Model

The fair value of the employees’ purchase plan rights was estimated using the Black-Scholes option-pricing model with the following weighted average assumptions:

		Years Ended December 31,
		2016				2015				2014
Employee stock purchase plan rights:
Expected life (years)			0.5				0.5				0.5
Risk-free interest rate			0.5	%			0.1	%			0.1	%
Expected volatility			25.4	%			26.4	%			26.4	%
Expected annual dividends per share		$	0.68			$	0.675			$	0.655

Stock Appreciation Rights (SARs) [Member]

Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights

The following table presents the activity for SARs under the Plans:

		Year Ended December 31,
		2016
		Non-vested SARs				Weighted Average Base Value
SARs — beginning of period			—			$	—
Assumed SARs from Newport acquisition			899,851				27.71
Granted			—				—
Exercised			(280,106	)			26.70
Forfeited or expired			(20,411	)			30.29
SARs Outstanding — end of period			599,334			$	28.10

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Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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