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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Summary of Activity for RSUs

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

		Year Ended December 31, 2019
		RSUs				Weighted Average Grant Date Fair Value
RSUs — beginning of period			647,394			$	74.04
Assumed from ESI Merger			736,133			$	84.10
Accrued dividend shares			5,222			$	85.67
Granted			434,970			$	87.11
Vested			(577,688	)		$	70.27
Forfeited or expired			(143,498	)		$	89.55
RSUs — end of period			1,102,533			$	85.93

Summary of Activity for Outstanding and Exercisable Stock Appreciation Rights

At December 31, 2019, 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			108,854			$	29.05				1.6			$	8,813

Effect of Recording Stock-Based Compensation

The following table reflects the effect of recording stock-based compensation for the years 2019, 2018 and 2017:

		Years Ended December 31,
		2019				2018				2017
Stock-based compensation expense by type of award:
RSUs		$	47,005			$	24,883			$	22,428
SARs			73				98				529
Employee stock purchase plan			2,116				2,281				1,421
Total stock-based compensation		$	49,194				27,262				24,378
Windfall tax effect on stock-based compensation			(2,244	)			(8,277	)			(11,071	)
Net effect on net income		$	46,950			$	18,985			$	13,307
Effect on net earnings per share:
Basic		$	0.86			$	0.35			$	0.25
Diluted		$	0.85			$	0.35			$	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 2019, 2018 and 2017 was as follows:

		Years Ended December 31,
		2019				2018				2017
Cost of revenues		$	2,789			$	3,516			$	3,894
Research and development expense			3,847				2,750				2,816
Selling, general and administrative expense			20,457				20,996				17,668
Acquisition and integration related expense			21,728				—				—
Restructuring related expense			373				—				—
Total pre-tax stock-based compensation expense		$	49,194			$	27,262			$	24,378

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,
		2019				2018				2017
Employee stock purchase plan rights:
Expected life (years)			0.5				0.5				0.5
Risk-free interest rate			2.4	%			1.8	%			0.8	%
Expected volatility			38.7	%			38.6	%			26.5	%
Expected annual dividends per share		$	0.80			$	0.76			$	0.69

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, 2019
		Outstanding and Exercisable SARs				Weighted Average Base Value
SARs — beginning of period			177,538			$	28.52
Assumed from ESI Merger			12,787			$	17.38
Exercised			(77,473	)		$	26.29
Forfeited or expired			(3,998	)		$	23.00
SARs Outstanding — end of period			108,854			$	29.05

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