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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Summary of Activity for RSUs

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

		Year Ended December 31,
		2017
		Non-vested RSUs				Weighted Average Grant Date Fair Value
Non-vested RSUs — beginning of period			1,325,516			$	34.38
Accrued dividend shares Granted			122 389,610				78.34 67.69
Vested			(684,967	)			34.58
Forfeited or expired			(86,902	)			38.97
Non-vested RSUs — end of period			943,379			$	47.57

Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights

At December 31, 2017, the Company’s outstanding and exercisable SARs, 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
SARs outstanding			282,907			$	28.62				3.3			$	18,639
SARs exercisable			221,375			$	27.92				3.0			$	14,740

Effect of Recording Stock-Based Compensation

The following table reflects the effect of recording stock-based compensation for the years 2017, 2016 and 2015:

		Years Ended December 31,
		2017				2016				2015
Stock-based compensation expense by type of award:
RSUs		$	22,428			$	23,302			$	11,885
SARs			529				700				—
Employee stock purchase plan			1,421				1,226				1,128
Total stock-based compensation			24,378				25,228				13,013
Windfall tax effect on stock-based compensation			(11,071	)			—				—
Net effect on net income		$	13,307			$	25,228			$	13,013
Effect on net earnings per share:
Basic		$	0.25			$	0.47			$	0.24
Diluted		$	0.24			$	0.47			$	0.24

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 2017, 2016 and 2015 was as follows:

		Years Ended December 31,
		2017				2016				2015
Cost of revenues		$	3,894			$	2,997			$	1,814
Research and development expense			2,816				2,529				1,590
Selling, general and administrative expense			17,668				19,702				9,609
Total pre-tax stock-based compensation expense		$	24,378			$	25,228			$	13,013

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,
		2017				2016				2015
Employee stock purchase plan rights:
Expected life (years)			0.5				0.5				0.5
Risk-free interest rate			0.8	%			0.5	%			0.1	%
Expected volatility			26.5	%			25.4	%			26.4	%
Expected annual dividends per share		$	0.69			$	0.68			$	0.675

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,
		2017
		Non-vested SARs				Weighted Average Base Value
SARs — beginning of period			599,334			$	28.10
Exercised			(289,822	)			27.60
Forfeited or expired			(26,605	)			28.07
SARs Outstanding — end of period			282,907			$	28.62

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- Definition

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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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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