XML 92 R15.htm IDEA: XBRL DOCUMENT
v3.20.4

Share-Based Compensation | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [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, there were 1,310,586 shares of common stock available for grant as of December 31, 2020. 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, 2020, 2019 and 2018:
| 2020 |  | 2019 |  | 2018
|  |  | Restricted |  |  |  | Restricted |  |  |  | Restricted
Income Statement Classification | Options (1) |  | Shares (2) |  | Options (1) |  | Shares (2) |  | Options (1) |  | Shares (2)
Direct cost of revenues | $ | 9 |  |  | $ | 13,080 |  |  | $ | 497 |  |  | $ | 11,869 |  |  | $ | 780 |  |  | $ | 9,804 |
Selling, general and administrative expenses | 126 |  |  | 11,926 |  |  | 2,628 |  |  | 9,005 |  |  | 2,027 |  |  | 8,191 |
Total | $ | 135 |  |  | $ | 25,006 |  |  | $ | 3,125 |  |  | $ | 20,874 |  |  | $ | 2,807 |  |  | $ | 17,995 |
(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 did not grant any stock options during the years ended December 31, 2020, 2019 and 2018. Historically, we used the Black-Scholes option-pricing model to determine the fair value of our stock option grants. A summary of our stock option activity during the year ended December 31, 2020 is presented below. The aggregate intrinsic value of stock options outstanding and exercisable, or fully vested, at December 31, 2020 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 2020 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, 2020. 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, 2019 | 678 |  |  | $ | 35.98 |  |  |  |  |
Stock options granted | — |  |  | N/A |  |  |  |
Stock options exercised | (140) |  |  | $ | 35.14 |  |  |  |  |
Stock options forfeited | — |  |  | N/A |  |  |  |
Stock options outstanding at December 31, 2020 | 538 |  |  | $ | 36.20 |  |  | 4.3 |  | $ | 40,065 |
Stock options exercisable at December 31, 2020 | 538 |  |  | $ | 36.20 |  |  | 4.3 |  | $ | 40,065 |
Cash received from option exercises for the years ended December 31, 2020, 2019 and 2018 was $4.9 million, $9.7 million and $41.6 million, respectively. The tax benefit realized from stock options exercised totaled $0.4 million, $0.7 million and $4.0 million for the years ended December 31, 2020, 2019 and 2018, 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, 2020, 2019 and 2018 was $11.0 million, $13.2 million and $26.4 million, respectively. As of December 31, 2020, there was no unrecognized compensation cost related to stock options. Restricted Share Awards A summary of our restricted share awards activity during the year ended December 31, 2020 is presented below:
| Shares |  | Weighted Average Grant Date Fair Value
Unvested restricted share awards outstanding at December 31, 2019 | 957 |  |  | $ | 52.86 |
Restricted share awards granted | 165 |  |  | $ | 116.75 |
Restricted share awards vested | (242) |  |  | $ | 48.95 |
Restricted share awards forfeited | (7) |  |  | $ | 56.08 |
Unvested restricted share awards outstanding at December 31, 2020 | 873 |  |  | $ | 66.00 |
As of December 31, 2020, there was $32.0 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 3.8 years. The total fair value of restricted share awards that vested during the years ended December 31, 2020, 2019 and 2018 was $27.9 million, $18.6 million and $10.4 million, respectively. Restricted Stock Units A summary of our restricted stock units activity during the year ended December 31, 2020 is presented below:
| Shares |  | Weighted Average Grant Date Fair Value |  |
Restricted stock units outstanding at December 31, 2019 | 313 |  |  | $ | 43.45 |  |  |
Restricted stock units granted | 57 |  |  | $ | 114.95 |  |  |
Restricted stock units released | (55) |  |  | $ | 48.08 |  |  |
Restricted stock units forfeited | — |  |  | N/A |  |
Restricted stock units outstanding at December 31, 2020 | 315 |  |  | $ | 55.45 |  |  |
As of December 31, 2020, there was $3.9 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 4.7 years. The total fair value of restricted stock units released for the years ended December 31, 2020, 2019 and 2018 was $6.1 million, $4.5 million and $5.4 million, respectively. Performance Stock Units Performance stock units represent common stock potentially issuable in the future, subject to achievement of either market or performance conditions. Our current outstanding performance stock units that are subject to market conditions vest based on the adjusted total shareholder return of the Company as compared with the adjusted total shareholder return of the Standard & Poor’s 500 Index over the applicable performance period. Our current outstanding performance stock units that are subject to performance conditions vest based on Adjusted EBITDA metrics over the applicable performance period. The vesting and payout range for all of our performance stock units is typically between 0% and up to 150% of the target number of shares granted at the end of a two- or three-year performance period. A summary of our performance stock units activity during the year ended December 31, 2020 is presented below:
| Shares |  | Weighted Average Grant Date Fair Value |  |
Performance stock units outstanding at December 31, 2019 | 361 |  |  | $ | 60.67 |  |  |
Performance stock units granted (1) | 109 |  |  | $ | 130.58 |  |  |
Performance stock units released | (100) |  |  | $ | 37.48 |  |  |
Performance stock units forfeited | — |  |  | N/A |  |
Performance stock units outstanding at December 31, 2020 | 370 |  |  | $ | 87.50 |  |  |
(1) Performance stock units granted are presented at the maximum potential payout percentage of 150% of target shares granted. As of December 31, 2020, there was $8.0 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 0.8 years. The total fair value of performance stock units that released during the years ended December 31, 2020, 2019 and 2018 was $12.6 million, $5.8 million and $1.4 million, respectively.The weighted average grant date fair value per share of restricted share awards, restricted stock units and performance stock units awarded during the years ended December 31, 2020, 2019 and 2018 was $120.99, $80.10 and $51.73, respectively. The fair value of our restricted share awards, restricted stock units and performance stock units that are subject to performance conditions is determined based on the closing market price per share of our common stock on the grant date. The fair value of our performance stock units subject to market conditions is calculated using a Monte Carlo simulation as of the grant date.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration