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Stock-Based Compensation (Tables)

12 Months Ended

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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