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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2017
Share-based Compensation [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for all share-based payments granted for the years ended December 31, 2017, 2016 and 2015 based on the grant-date fair value estimated in accordance with the provisions of ASC 718-10. Compensation expense is recognized on a straight-line basis over the options’ or other awards’ estimated lives for fixed awards with ratable vesting provisions. Under the Company’s 2012 Incentive Plan (“2012 Plan”), the Company's principal stock compensation plan as of May 9, 2012, the Company reserved up to a maximum of 3,200 shares of common stock for issuance upon the grant or exercise of stock options, restricted stock, restricted stock units (“RSUs”) and other types of awards, to directors and key employees through December 31, 2022. Option awards are granted with an exercise price equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years with a 10-year contractual term. The grant date fair value of restricted stock and RSUs is equal to the market price of the Company’s common stock on the date of the grant and generally vest between three and five years. On May 19, 2017, the Company's stockholders approved the 2017 Long-Term Incentive Plan (“2017 Plan”), which allows the Company to reserve up to a maximum of 3,000 shares of common stock for issuance upon the grant or exercise of awards under the 2017 Plan. No additional awards may be granted under the 2012 Plan after May 19, 2017. As of December 31, 2017, there have been no awards granted under the 2017 Plan. Stock Option Plans Additional information relating to the Company’s stock option plans follows:
| 2017 |  | 2016 |  | 2015
Options outstanding at beginning of year | 91 |  |  | 169 |  |  | 298 |
Options exercised | (28 | ) |  | (78 | ) |  | (66 | )
Options forfeited and expired | — |  |  | — |  |  | (63 | )
Options outstanding at end of year | 63 |  |  | 91 |  |  | 169 |
Options exercisable at end of year | 63 |  |  | 90 |  |  | 164 |
Option prices per share: |  |  |  |  |
Options exercised during the year | $ 57.34-66.14 |  |  | 28.37-93.65 |  |  | 28.37-93.65 |
Options forfeited and expired during the year | $ | — |  |  | — |  |  | 28.37-88.33 |
Options outstanding at end of year | $ 57.34-66.14 |  |  | 57.34-66.14 |  |  | 28.37-93.65 |
Options exercisable at end of year | $ 57.34-66.14 |  |  | 57.34-66.14 |  |  | 28.37-93.65 |
During 2017, 2016 and 2015, a total of 1 shares were awarded each year to certain non-employee directors in lieu of cash for their annual retainers. The Company’s Board of Directors has authorized the repurchase of up to 15,000 shares of the Company’s outstanding common stock. For the years ended December 31, 2017, 2016 and 2015, the Company did not repurchase any shares. Since the inception of the program, a total of approximately 11,521 shares have been repurchased at an aggregate cost of approximately $335,455. All of these repurchases have been financed through the Company’s operations and banking arrangements. A summary of the Company’s options under the 2002, 2007 and 2012 Plans as of December 31, 2017, and changes during the year then ended is presented as follows:
| Shares |  | Weighted average exercise price |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Options outstanding, December 31, 2016 | 91 |  |  | $ | 63.84 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (28 | ) |  | 66.08 |  |  |  |  |
Forfeited and expired | — |  |  | — |  |  |  |  |
Options outstanding, December 31, 2017 | 63 |  |  | $ | 62.86 |  |  | 3.8 |  | $ | 13,446 |
Vested and expected to vest as of December 31, 2017 | 63 |  |  | $ | 62.86 |  |  | 3.8 |  | $ | 13,446 |
Exercisable as of December 31, 2017 | 63 |  |  | $ | 62.86 |  |  | 3.8 |  | $ | 13,446 |
The Company has not granted options since the year ended December 31, 2012. The total intrinsic value of options exercised during the years ended December 31, 2017, 2016, and 2015 was $5,005, $10,571 and 7,252, respectively. Total compensation expense recognized for the years ended December 31, 2017, 2016 and 2015 was $6 ($4, net of tax), $40 ($24, net of tax) and $209 ($131, net of tax), respectively, which was allocated to selling, general and administrative expenses. The remaining unamortized expense for non-vested compensation expense as of December 31, 2017 was $0. The following table summarizes information about the Company’s stock options outstanding as of December 31, 2017:
| Outstanding |  | Exercisable
Exercise price range | Number of shares |  | Average life |  | Average price |  | Number of shares |  | Average price
$57.34-$57.34 | 23 |  |  | 3.15 |  | 57.34 |  |  | 23 |  |  | 57.34 |
$66.14-$66.14 | 40 |  |  | 4.14 |  | 66.14 |  |  | 40 |  |  | 66.14 |
Total | 63 |  |  | 3.77 |  | $ | 63.84 |  |  | 63 |  |  | $ | 63.82 |
Restricted Stock Plans A summary of the Company’s RSUs under the 2007 and 2012 Plans as of December 31, 2017, and changes during the year then ended is presented as follows:
| Shares |  | Weighted average grant date fair value |  | Weighted average remaining contractual term (years) |  | Aggregate intrinsic value
Restricted Stock Units outstanding, December 31, 2016 | 695 |  |  | $ | 113.51 |  |  |  |  |
Granted | 154 |  |  | 226.91 |  |  |  |  |
Released | (284 | ) |  | 106.30 |  |  |  |  |
Forfeited | (10 | ) |  | 190.53 |  |  |  |  |
Restricted Stock Units outstanding, December 31, 2017 | 555 |  |  | $ | 147.28 |  |  | 1.1 |  | $ | 152,017 |
Expected to vest as of December 31, 2017 | 546 |  |  |  |  |  | 1.1 |  | $ | 146,650 |
The Company recognized stock-based compensation costs related to the issuance of RSUs of $36,316 ($22,037, net of taxes), $35,019 ($21,250, net of taxes) and $32,343 (20,832, net of taxes) for the years ended December 31, 2017, 2016 and 2015, respectively, which has been allocated to selling, general and administrative expenses. Pre-tax unrecognized compensation expense for unvested RSUs granted to employees, net of estimated forfeitures, was $25,286 as of December 31, 2017, and will be recognized as expense over a weighted-average period of approximately 1.28 years. Additional information relating to the Company’s RSUs under the 2007 and 2012 Plans is as follows:
| 2017 |  | 2016 |  | 2015
Restricted Stock Units outstanding, January 1 | 695 |  |  | 750 |  |  | 725 |
Granted | 154 |  |  | 187 |  |  | 248 |
Released | (284 | ) |  | (226 | ) |  | (212 | )
Forfeited | (10 | ) |  | (16 | ) |  | (11 | )
Restricted Stock Units outstanding, December 31 | 555 |  |  | 695 |  |  | 750 |
Expected to vest as of December 31 | 546 |  |  | 682 |  |  | 731 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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