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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Share-Based Compensation | Share-Based Compensation Share-Based Incentive Compensation Plans Under the Company's 2017 Omnibus Incentive Compensation Plan, effective as of June 7, 2017 (the "2017 Omnibus Plan"), there were 1,714,952 shares of common stock available for grant as of December 31, 2017. 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, 2017, 2016 and 2015.
| 2017 |  | 2016 |  | 2015
|  |  | Restricted |  |  |  | Restricted |  |  |  | Restricted
Income Statement Classification | Options (1) |  | Shares (2) |  | Options (1) |  | Shares (2) |  | Options (1) |  | Shares (2)
Direct cost of revenues | $ | 370 |  |  | $ | 9,691 |  |  | $ | 2,815 |  |  | $ | 7,530 |  |  | $ | 3,736 |  |  | $ | 6,532 |
Selling, general and administrative expenses | 1,238 |  |  | 4,839 |  |  | 966 |  |  | 9,117 |  |  | 1,482 |  |  | 7,469 |
Special charges | — |  |  | 269 |  |  | 56 |  |  | 49 |  |  | — |  |  | — |
Total | $ | 1,608 |  |  | $ | 14,799 |  |  | $ | 3,837 |  |  | $ | 16,696 |  |  | $ | 5,218 |  |  | $ | 14,001 |
(1) | Includes options and cash-settled stock appreciation rights.
(2) | Includes restricted share awards, restricted stock units, performance stock units and cash-settled restricted stock units.
Stock Options We use the Black-Scholes option-pricing model to fair value our option grants using the assumptions in the following table.
| Year Ended December 31,
Assumptions | 2017 |  | 2016 |  | 2015
Risk-free interest rate | 1.60% |  | 0.98% |  | 1.07%-1.70%
Dividend yield | 0% |  | 0% |  | 0%
Expected term | 3 years |  | 3 years |  | 3-5 years
Stock price volatility | 31.94% |  | 34.33% |  | 31.03%-40.36%
A summary of our stock option activity during the year ended December 31, 2017 is presented below. The aggregate intrinsic value for stock options outstanding and exercisable, or fully vested, at December 31, 2017 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 2017 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, 2017. The aggregate intrinsic value changes based on fluctuations in the fair market value per share of our common stock.
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value
Stock options outstanding at December 31, 2016 | 2,418 |  |  | $ | 40.79 |  |  |  |  |
Stock options granted | 131 |  |  | $ | 40.36 |  |  |  |  |
Stock options exercised | (123 | ) |  | $ | 33.69 |  |  |  |  |
Stock options forfeited | (168 | ) |  | $ | 47.76 |  |  |  |  |
Stock options outstanding at December 31, 2017 | 2,258 |  |  | $ | 40.63 |  |  | 4.4 |  | $ | 11,724 |
Stock options exercisable at December 31, 2017 | 1,683 |  |  | $ | 42.32 |  |  | 3.5 |  | $ | 7,531 |
Cash received from option exercises for the years ended December 31, 2017, 2016 and 2015 was $4.1 million, $27.3 million and $21.1 million, respectively. The actual tax benefit realized from stock options exercised totaled $1.1 million, $4.8 million and $5.5 million for the years ended December 31, 2017, 2016 and 2015, respectively. The intrinsic value of stock options exercised is the amount by which the market value of our common stock on the exercise date exceeds the exercise price. The total intrinsic value of stock options exercised for the years ended December 31, 2017, 2016 and 2015 was $0.9 million, $6.9 million and $8.1 million, respectively. Prior to the adoption of ASU 2016-09, the excess (shortage) of the tax deduction versus the book expense was recorded to "Additional paid-in capital" in the Consolidated Balance Sheets. After the adoption, the excess tax benefit was recorded as a component of income tax expense in the Consolidated Statements of Comprehensive Income. The following is a summary of stock options outstanding and exercisable as of December 31, 2017.
| Options Outstanding |  | Options Exercisable
|  |  | Weighted Average Exercise |  | Weighted Average Remaining Contractual Term |  |  |  | Weighted Average Exercise
Exercise Price Range | Options |  | Price |  | (in Years) |  | Shares |  | Price
$26.68-$33.95 | 454 |  |  | $ | 31.60 |  |  | 5.4 |  | 257 |  |  | $ | 31.93 |
$34.33-$36.87 | 526 |  |  | $ | 35.66 |  |  | 6.0 |  | 364 |  |  | $ | 35.84 |
$36.89-$39.84 | 453 |  |  | $ | 38.01 |  |  | 3.5 |  | 409 |  |  | $ | 38.10 |
$40.36-$47.46 | 465 |  |  | $ | 42.66 |  |  | 5.0 |  | 293 |  |  | $ | 43.70 |
$50.62-$70.55 | 360 |  |  | $ | 59.95 |  |  | 0.8 |  | 360 |  |  | $ | 59.95 |
| 2,258 |  |  |  |  |  |  | 1,683 |  |  |
As of December 31, 2017, there was $2.5 million of unrecognized compensation cost related to unvested stock options. That cost is expected to be recognized ratably over a weighted average period of 1.5 years. Restricted Share Awards A summary of our unvested restricted share activity during the year ended December 31, 2017 is presented below.
| Shares |  | Weighted Average Grant Date Fair Value
Unvested restricted share awards outstanding at December 31, 2016 | 941 |  |  | $ | 37.92 |
Restricted share awards granted | 289 |  |  | $ | 38.45 |
Restricted share awards vested | (251 | ) |  | $ | 36.16 |
Restricted share awards forfeited | (46 | ) |  | $ | 37.55 |
Unvested restricted share awards outstanding at December 31, 2017 | 933 |  |  | $ | 38.58 |
As of December 31, 2017, there was $20.7 million of unrecognized compensation cost related to unvested restricted share awards. That cost is expected to be recognized ratably over a weighted average period of 4.3 years. The total fair value of restricted share awards that vested during the years ended December 31, 2017, 2016 and 2015 was $9.9 million, $10.4 million and $14.6 million, respectively. Restricted Stock Units A summary of our restricted stock units activity during the year ended December 31, 2017 is presented below. The aggregate intrinsic value represents the total pre-tax intrinsic value based on the closing price of our common stock on the last trading day of 2017.
| Shares |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value
Restricted stock units outstanding at December 31, 2016 | 465 |  |  | $ | 37.87 |  |  |
Restricted stock units granted | 50 |  |  | $ | 38.35 |  |  |
Restricted stock units released | (113 | ) |  | $ | 39.47 |  |  |
Restricted stock units forfeited | — |  |  | $ | — |  |  |
Restricted stock units outstanding at December 31, 2017 | 402 |  |  | $ | 37.49 |  |  | $ | 17,287 |
The intrinsic value of restricted stock units released reflects the market value of our common stock on the date of release. The total intrinsic value of restricted stock units released for the years ended December 31, 2017, 2016 and 2015 was $4.1 million, $9.3 million and $3.1 million, respectively. As of December 31, 2017, there was $0.3 million of unrecognized compensation cost related to unvested restricted stock units. That cost is expected to be recognized ratably over a weighted average period of 0.7 years. The total fair value of restricted stock units that vested during the years ended December 31, 2017, 2016 and 2015 was $1.9 million, $2.4 million and $4.4 million, respectively. Performance Stock Units A summary of our performance stock units activity during the year ended December 31, 2017 is presented below. The performance stock units are subject to market conditions based on the adjusted total shareholder return of the Company as compared with the adjusted total shareholder return of the adjusted Standard & Poor’s 500. The aggregate intrinsic value represents the total pre-tax intrinsic value based on the closing price of our common stock on the last trading day of 2017.
| Shares |  | Weighted Average Grant Date Fair Value |  | Intrinsic Value
Performance stock units outstanding at December 31, 2016 | 206 |  |  | $ | 26.64 |  |  |
Performance stock units granted | 100 |  |  | $ | 24.99 |  |  |
Performance stock units released | — |  |  | $ | — |  |  |
Performance stock units forfeited | (54 | ) |  | $ | 33.84 |  |  |
Performance stock units outstanding at December 31, 2017 | 252 |  |  | $ | 25.71 |  |  | $ | 10,818 |
As of December 31, 2017, there was $1.6 million of unrecognized compensation cost related to unvested performance stock units. That cost is expected to be recognized ratably over a weighted average period of 0.9 years. There are no performance stock units that vested during the years ended December 31, 2017, 2016 and 2015. 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, 2017, 2016 and 2015. The fair value of our restricted stock awards and restricted stock units is determined based on the closing market price per share of our common stock on the grant date. The fair value of the performance stock units reflects the market conditions as of the grant date using a Monte Carlo simulation.
| Year Ended December 31,
| 2017 |  | 2016 |  | 2015
Weighted average fair value of grants |  |  |  |  |
Stock options | $ | 9.56 |  |  | $ | 8.41 |  |  | $ | 10.85 |
Restricted share awards, restricted stock units and performance stock units | $ | 38.88 |  |  | $ | 37.64 |  |  | $ | 39.01 |

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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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