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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Share-Based Compensation Expense

The table below reflects the total share-based compensation expense recognized in our Consolidated Statements of Comprehensive Income for the years ended December 31, 2016, 2015 and 2014.

 

 

 

2016

 

 

2015

 

 

2014

 

 

 

 

 

 

 

Restricted

 

 

 

 

 

 

Restricted

 

 

 

 

 

 

Restricted

 

Income Statement Classification

 

Options(1)

 

 

Shares(2)

 

 

Options(1)

 

 

Shares(2)

 

 

Options(1)

 

 

Shares(2)

 

Direct cost of revenues

 

$

2,815

 

 

$

7,530

 

 

$

3,736

 

 

$

6,532

 

 

$

5,404

 

 

$

8,951

 

Selling, general and administrative expenses

 

 

966

 

 

 

9,117

 

 

 

1,482

 

 

 

7,469

 

 

 

1,783

 

 

 

8,508

 

Special charges(3)

 

 

56

 

 

 

49

 

 

 

 

 

 

 

 

 

(126

)

 

 

(990

)

Total

 

$

3,837

 

 

$

16,696

 

 

$

5,218

 

 

$

14,001

 

 

$

7,061

 

 

$

16,469

 

 

(1)

Includes options and cash-settled stock appreciation rights.

(2)

Includes restricted share awards, performance and market condition restricted stock units, and cash-settled restricted stock units.

(3)

Expense acceleration of $0.2 million related to restricted shares and $0.1 million related to options were netted with expense reversal resulting from forfeitures of $1.2 million and $0.2 million, respectively, for the year ended December 31, 2014. There were no forfeitures related to special charges for the year ended December 31, 2016. (See Note 4, “Special Charges” for information related to the special charges).

Schedule of Stock Option and Grants Using Valuation Assumptions

We use the Black-Scholes option-pricing model to value our option grants using the assumptions in the following table.

 

 

 

Year Ended December 31,

 

Assumptions

 

2016

 

 

2015

 

 

2014

 

Risk-free interest rate

 

 

0.98%

 

 

1.07% - 1.70%

 

 

0.99% - 1.94%

 

Dividend yield

 

 

0%

 

 

 

0%

 

 

 

0%

 

Expected term

 

3 years

 

 

3-5 years

 

 

3-6 years

 

Stock price volatility

 

 

34.33%

 

 

31.03% - 40.36%

 

 

31.05% - 37.60%

 

 

Schedule of Stock Option Activity

The aggregate intrinsic value in the table below represents the total pre-tax intrinsic value, which is calculated as the difference between the closing price of our common stock on the last trading day of 2016 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on December 31, 2016. The aggregate intrinsic value changes based on fluctuations in the fair market value per share of our common stock.

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

 

 

 

 

Exercise

 

 

Term

 

 

Intrinsic

 

 

 

Shares

 

 

Price

 

 

(in Years)

 

 

Value

 

Stock options outstanding at December 31, 2015

 

 

3,349

 

 

$

39.01

 

 

 

 

 

 

 

 

 

Stock options granted

 

 

119

 

 

$

34.33

 

 

 

 

 

 

 

 

 

Stock options exercised

 

 

(816

)

 

$

33.30

 

 

 

 

 

 

 

 

 

Stock options forfeited

 

 

(234

)

 

$

38.17

 

 

 

 

 

 

 

 

 

Stock options outstanding at December 31, 2016

 

 

2,418

 

 

$

40.79

 

 

 

4.8

 

 

$

16,876

 

Stock options exercisable at December 31, 2016

 

 

1,593

 

 

$

43.95

 

 

 

3.8

 

 

$

8,290

 

 

Schedule of Stock Options Outstanding and Exercisable Price Range Status

The following is a summary of stock options outstanding and exercisable as of December 31, 2016.

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Exercise

 

 

Term

 

 

 

 

 

 

Exercise

 

Exercise Price Range

 

Shares

 

 

Price

 

 

(in Years)

 

 

Shares

 

 

Price

 

$26.68 - $33.95

 

 

544

 

 

$

31.51

 

 

 

6.2

 

 

 

216

 

 

$

32.03

 

$34.33 - $36.87

 

 

556

 

 

$

35.66

 

 

 

6.9

 

 

 

246

 

 

$

35.95

 

$36.89 - $39.54

 

 

484

 

 

$

38.01

 

 

 

4.4

 

 

 

376

 

 

$

38.14

 

$39.84 - $54.30

 

 

486

 

 

$

45.13

 

 

 

3.6

 

 

 

407

 

 

$

45.67

 

$55.63 - $70.55

 

 

348

 

 

$

61.28

 

 

 

1.6

 

 

 

348

 

 

$

61.28

 

 

 

 

2,418

 

 

 

 

 

 

 

 

 

 

 

1,593

 

 

 

 

 

 

Schedule of Unvested Restricted Stock-Based Activity

The fair value of unvested restricted share awards is determined based on the closing market price per share of our common stock on the grant date

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

Average Grant

 

 

 

 

 

 

 

Date Fair

 

 

 

Shares

 

 

Value

 

Unvested restricted share awards outstanding at December 31, 2015

 

 

783

 

 

$

36.55

 

Restricted share awards granted

 

 

527

 

 

$

38.37

 

Restricted share awards vested

 

 

(280

)

 

$

35.67

 

Restricted share awards forfeited

 

 

(89

)

 

$

35.50

 

Unvested restricted share awards outstanding at December 31, 2016

 

 

941

 

 

$

37.92

 

 

Schedule of Restricted Stock Unit Activity

The fair value of restricted stock units is determined based on the closing market price per share of our common stock on the grant date

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Average Grant

 

 

 

 

 

 

 

 

 

 

 

Date Fair

 

 

Intrinsic

 

 

 

Shares

 

 

Value

 

 

Value

 

Restricted stock units outstanding at December 31, 2015

 

 

623

 

 

$

37.53

 

 

 

 

 

Restricted stock units granted

 

 

66

 

 

$

36.02

 

 

 

 

 

Restricted stock units released

 

 

(221

)

 

$

36.32

 

 

 

 

 

Restricted stock units forfeited

 

 

(3

)

 

$

40.46

 

 

 

 

 

Restricted stock units outstanding at December 31, 2016

 

 

465

 

 

$

37.87

 

 

$

20,980

 

 

Schedule of Performance Stock Units Activity

The fair value of performance stock units is determined based on the closing market price per share of our common stock on the grant date.

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

Average Grant

 

 

 

 

 

 

 

 

 

 

 

Date Fair

 

 

Intrinsic

 

 

 

Shares

 

 

Value

 

 

Value

 

Performance stock units outstanding at December 31, 2015

 

 

135

 

 

$

28.62

 

 

 

 

 

Performance stock units granted

 

 

84

 

 

$

23.83

 

 

 

 

 

Performance stock units released

 

 

 

 

$

 

 

 

 

 

Performance stock units forfeited

 

 

(13

)

 

$

29.11

 

 

 

 

 

Performance stock units outstanding at December 31, 2016

 

 

206

 

 

$

26.64

 

 

$

9,276

 

 

Schedule of Weighted-Average Grant Date Fair Value Per Share of Stock Options, Restricted Share Awards, Restricted Stock Units and Performance Stock Units Awarded

The table below reflects the weighted average grant date fair value per share of stock options, restricted share awards, restricted stock units and performance stock units awarded during the years ended December 31, 2016, 2015 and 2014.

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Weighted average fair value of grants

 

 

 

 

 

 

 

 

 

 

 

 

Stock options

 

$

8.41

 

 

$

10.85

 

 

$

10.77

 

Restricted share awards, restricted stock units and performance stock units

 

$

37.64

 

 

$

39.01

 

 

$

32.87