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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Cost of revenues |  | $ | 2,168 |  |  | $ | 1,887 |  |  | $ | 1,309 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 2,675 |  |  |  | 2,197 |  |  |  | 2,412 |
Research and development |  |  | 1,505 |  |  |  | 949 |  |  |  | 618 |
General and administrative |  |  | 6,162 |  |  |  | 7,694 |  |  |  | 3,684 |
Total stock-based compensation expense |  | $ | 12,510 |  |  | $ | 12,727 |  |  | $ | 8,023 |
Stock-based compensation expense by type was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Stock Options |  | $ | 3,355 |  |  | $ | 5,223 |  |  | $ | 3,777 |
Performance Share Units |  |  | 1,034 |  |  |  | — |  |  |  | — |
Restricted Stock Units |  |  | 5,930 |  |  |  | 6,526 |  |  |  | 3,386 |
Restricted Stock Awards |  |  | 487 |  |  |  | 318 |  |  |  | 308 |
Employee Stock Purchase Plan |  |  | 466 |  |  |  | 660 |  |  |  | 552 |
401K Stock Match |  |  | 1,238 |  |  |  | — |  |  |  | — |
Total stock-based compensation expense |  | $ | 12,510 |  |  | $ | 12,727 |  |  | $ | 8,023 |
Stock Option Activity | Our stock option activity was as follows:
|  |  |  |  |  | Weighted Average |
|  | Options |  |  | Exercise Price |
|  | (#) |  |  | ($/share) |
Outstanding at December 31, 2015 |  |  | 943,103 |  |  | $ | 37.91 |
Granted |  |  | 340,609 |  |  |  | 48.58 |
Exercised |  |  | (221,630 | ) |  |  | 19.42 |
Forfeited |  |  | (46,070 | ) |  |  | 55.58 |
Outstanding at December 31, 2016 |  |  | 1,016,012 |  |  |  | 44.72 |
Granted |  |  | 172,697 |  |  |  | 55.87 |
Exercised |  |  | (65,502 | ) |  |  | 21.53 |
Forfeited |  |  | (25,876 | ) |  |  | 55.93 |
Outstanding at December 31, 2017 |  |  | 1,097,331 |  |  |  | 47.60 |
Granted |  |  | 181,472 |  |  |  | 59.88 |
Exercised |  |  | (344,334 | ) |  |  | 41.66 |
Forfeited |  |  | (61,235 | ) |  |  | 56.67 |
Outstanding at December 31, 2018 |  |  | 873,234 |  |  |  | 51.86 |
Weighted Average Fair Value Per Share of Options Granted, Assumptions | The weighted-average fair values per share of options granted during the years ended December 31, 2018, 2017 and 2016 were $19.48, $18.85 and $16.13, respectively. The fair values of the options granted were estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Volatility |  |  | 35 | % |  |  | 38 | % |  |  | 38 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Life (in years) |  |  | 4.44 |  |  |  | 4.51 |  |  |  | 4.54 |
Risk-free interest rate |  |  | 2.54 | % |  |  | 1.85 | % |  |  | 1.19 | %
Fair Value Estimation of Common Stock Using Black-Scholes Option Pricing Model, Weighted-Average Assumptions | The fair value was estimated based on the market price of our common stock at the beginning of each offering period and using the Black-Scholes option pricing model with the following weighted-average assumptions:
|  | Year Ended December 31, |
|  | 2018 |  |  | 2017 |  |  | 2016 |
Volatility |  |  | 26 | % |  |  | 32 | % |  |  | 37 | %
Dividend yield |  |  | — |  |  |  | — |  |  |  | — |
Life (in years) |  |  | 0.50 |  |  |  | 0.50 |  |  |  | 0.50 |
Risk-free interest rate |  |  | 1.77 | % |  |  | 0.90 | % |  |  | 0.42 | %
Performance Share Units and Restricted Stock Units [Member] |
Performance Share Units and Restricted Stock Units and Restricted Stock Awards | Our PSU and RSU activity was as follows:
|  |  |  |  |  | Weighted Average |
|  | PSUs and RSUs |  |  | Grant Date Fair |
|  | (#) |  |  | Value ($/share) |
Outstanding at December 31, 2015 |  |  | 140,565 |  |  | $ | 56.88 |
Granted |  |  | 115,896 |  |  |  | 48.32 |
Vested and common stock issued |  |  | (52,133 | ) |  |  | 48.19 |
Forfeited |  |  | (15,286 | ) |  |  | 55.48 |
Outstanding at December 31, 2016 |  |  | 189,042 |  |  |  | 54.14 |
Granted |  |  | 211,168 |  |  |  | 55.62 |
Vested and common stock issued |  |  | (64,950 | ) |  |  | 53.64 |
Forfeited |  |  | (13,348 | ) |  |  | 55.39 |
Outstanding at December 31, 2017 |  |  | 321,912 |  |  |  | 55.16 |
Granted |  |  | 172,795 |  |  |  | 66.03 |
Vested and common stock issued |  |  | (81,561 | ) |  |  | 56.32 |
Forfeited |  |  | (35,811 | ) |  |  | 55.04 |
Outstanding at December 31, 2018 |  |  | 377,335 |  |  |  | 59.90 |
Restricted Stock Award [Member] |
Performance Share Units and Restricted Stock Units and Restricted Stock Awards | Our RSA activity was as follows:
|  |  |  |  |  | Weighted Average |
|  | RSAs |  |  | Grant Date Fair |
|  | (#) |  |  | Value ($/share) |
Outstanding at December 31, 2015 |  |  | 1,032 |  |  | $ | 67.39 |
Restricted common stock issued |  |  | 6,078 |  |  |  | 52.27 |
Restrictions lapsed |  |  | (5,586 | ) |  |  | 55.06 |
Outstanding at December 31, 2016 |  |  | 1,524 |  |  |  | 52.28 |
Restricted common stock issued |  |  | 5,454 |  |  |  | 58.29 |
Restrictions lapsed |  |  | (5,610 | ) |  |  | 56.65 |
Outstanding at December 31, 2017 |  |  | 1,368 |  |  |  | 58.29 |
Restricted common stock issued |  |  | 7,304 |  |  |  | 74.43 |
Restrictions lapsed |  |  | (6,840 | ) |  |  | 71.20 |
Outstanding at December 31, 2018 |  |  | 1,832 |  |  |  | 74.44 |

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