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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Activity for RSUs

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

		Year Ended December 31, 2018
		Non-vested RSUs				Weighted Average Grant Date Fair Value
Non-vested RSUs — beginning of period			943,379			$	47.57
Accrued dividend shares			66			$	94.11
Granted			266,411			$	111.64
Vested			(490,453	)		$	44.70
Forfeited or expired			(72,009	)		$	66.22
Non-vested RSUs — end of period			647,394			$	74.04

Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights

At December 31, 2018, 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 and exercisable			177,538			$	28.52				2.4			$	6,408

Effect of Recording Stock-Based Compensation

The following table reflects the effect of recording stock-based compensation for the years 2018, 2017 and 2016:

		Years Ended December 31,
		2018				2017				2016
Stock-based compensation expense by type of award:
RSUs		$	24,883			$	22,428			$	23,302
SARs			98				529				700
Employee stock purchase plan			2,281				1,421				1,226
Total stock-based compensation		$	27,262				24,378				25,228
Windfall tax effect on stock-based compensation			(8,277	)			(11,071	)			—
Net effect on net income		$	18,985			$	13,307			$	25,228
Effect on net earnings per share:
Basic		$	0.35			$	0.25			$	0.47
Diluted		$	0.35			$	0.24			$	0.47

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 2018, 2017 and 2016 was as follows:

		Years Ended December 31,
		2018				2017				2016
Cost of revenues		$	3,516			$	3,894			$	2,997
Research and development expense			2,750				2,816				2,529
Selling, general and administrative expense			20,996				17,668				19,702
Total pre-tax stock-based compensation expense		$	27,262			$	24,378			$	25,228

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,
		2018				2017				2016
Employee stock purchase plan rights:
Expected life (years)			0.5				0.5				0.5
Risk-free interest rate			1.8	%			0.8	%			0.5	%
Expected volatility			38.6	%			26.5	%			25.4	%
Expected annual dividends per share		$	0.76			$	0.69			$	0.68

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, 2018
		Non-vested SARs				Weighted Average Base Value
SARs — beginning of period			282,907			$	28.62
Exercised			(103,419	)		$	28.78
Forfeited or expired			(1,950	)		$	29.00
SARs Outstanding — end of period			177,538			$	28.52

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