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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-based compensation is included in the following financial statement captions:
|  | Year Ended December 31, |  |  |  |
|  | 2018 |  | 2017 |  | 2016
Cost of sales |  | $ | 6,535 |  | $ | 5,863 |  | $ | 6,018
Sales and marketing |  | 2,550 |  | 2,041 |  | 1,820
Research and development |  | 6,410 |  | 5,001 |  | 4,905
General and administrative |  | 12,532 |  | 10,116 |  | 8,991
Total stock-based compensation |  | 28,027 |  | 23,021 |  | 21,734
Tax benefit recognized |  | (6,632) |  | (7,367) |  | (6,971)
Net stock-based compensation |  | $ | 21,395 |  | $ | 15,654 |  | $ | 14,763
Summary of Stock Option Valuation Assumptions | The assumptions used in the Black-Scholes model or the calculation of compensation were as follows for the years ended December 31.
|  | 2018 |  | 2017 |  | 2016
Expected term |  | 4.1 - 4.9 years |  | 3.8 - 5.0 years |  | 4.4 - 6.1 years
Volatility |  | 31% - 36% |  | 31% - 35% |  | 37% - 45%
Risk-free rate of return |  | 2.54% - 3.01% |  | 1.57% - 1.97% |  | 1.06% - 1.41%
Dividend yield |  | 0.25% |  |  | 0.25% |  |  | 0.25% |
Forfeiture rate |  | —% |  |  | —% |  |  | 2.65% - 5.26%
Summary of Option Activity | A summary of option activity is presented below (see Note 13, "Employee Benefit Plans" for further information):
|  | Number of Options |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value
|  |  |  |  |  | (In years) |  | (In thousands)
Outstanding — January 1, 2016 |  | 2,224,169 |  | $ | 53.82 |  |  |  |
Granted |  | 260,930 |  | 82.84 |  |  |  |
Exercised |  | (392,887) |  | 35.81 |  |  |  |
Forfeited |  | (27,959) |  | 72.87 |  |  |  |
Outstanding — December 31, 2016 |  | 2,064,253 |  | 60.65 |  | 6.04 |  | $ | 78,556
Granted |  | 293,284 |  | 124.57 |  |  |  |
Exercised |  | (546,931) |  | 50.50 |  |  |  |
Forfeited |  | (13,113) |  | 90.81 |  |  |  |
Outstanding — December 31, 2017 |  | 1,797,493 |  | 73.95 |  | 6.02 |  | $ | 251,970
Granted |  | 257,111 |  | 232.26 |  |  |  |
Exercised |  | (282,720) |  | 58.94 |  |  |  |
Forfeited |  | (24,810) |  | 131.36 |  |  |  |
Outstanding — December 31, 2018 |  | 1,747,074 |  | $ | 98.93 |  | 5.80 |  | $ | 58,084
Unvested — December 31, 2018 |  | 830,076 |  | $ | 140.80 |  | 7.82 |  | $ | 9,179
Exercisable — December 31, 2018 |  | 916,998 |  | $ | 61.03 |  | 3.96 |  | $ | 48,905
Summary of Restricted Stock Unit Activity | The following table summarizes the restricted stock units ("RSU's") activity for the year ended December 31:
|  | Number of Shares |  | Weighted-Average Grant-Date Fair Value |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value
|  |  |  |  |  | (In years) |  | (In thousands)
Outstanding — January 1, 2016 |  | 277,719 |  | $ | 77.22 |  |  |  |
Granted |  | 140,452 |  | 81.86 |  |  |  |
Converted |  | (44,656) |  | 70.64 |  |  |  |
Canceled |  | (6,745) |  | 81.89 |  |  |  |
Outstanding — December 31, 2016 |  | 366,770 |  | 79.72 |  | 2.55 |  | $ | 36,204
Granted |  | 106,764 |  | 127.29 |  |  |  |
Converted |  | (90,385) |  | 66.18 |  |  |  |
Canceled |  | (4,888) |  | 90.54 |  |  |  |
Outstanding — December 31, 2017 |  | 378,261 |  | 96.23 |  | 2.55 |  | $ | 80,997
Granted |  | 80,254 |  | 227.45 |  |  |  |
Converted |  | (97,997) |  | 91.62 |  |  |  |
Canceled |  | (9,497) |  | 121.37 |  |  |  |
Outstanding — December 31, 2018 |  | 351,021 |  | $ | 126.93 |  | 2.62 |  | $ | 39,767
Unvested — December 31, 2018 |  | 351,021 |  | $ | 126.93 |  | 2.62 |  | $ | 39,767
Summary of Performance Units Fair Value Assessment | The weighted-average fair value of these performance units was determined using the Monte Carlo simulation model incorporating the following weighted-average assumptions:
|  | 2018 |  | 2017 |  | 2016
Performance term |  | 3.0 years |  | 3.0 years |  | 3.0 years
Volatility |  | 13% - 32% |  | 13% - 31% |  | 13% - 32%
Risk-free rate of return |  | 2.41% |  |  | 1.49% |  |  | .88% |
Dividend yield |  | —% |  |  | —% |  |  | —% |
Weighted-average fair value per share |  | 284.78 |  | 147.25 |  | 88.51
Summary of Performance Stock Unit Activity | The following table summarizes the performance stock units ("PSU's") activity for the year ended December 31:
|  | Number of Shares |  | Weighted-Average Grant-Date Fair Value |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value
|  |  |  |  |  | (In years) |  | (In thousands)
Outstanding — January 1, 2016 |  | 27,233 |  | $ | 128.54 |  |  |  |
Granted |  | 27,272 |  | 88.51 |  |  |  |
Converted |  | — |  |  |  |  |  |
Canceled |  | — |  |  |  |  |  |
Outstanding — December 31, 2016 |  | 54,505 |  | 108.51 |  | 2.64 |  | $ | 5,380
Granted |  | 21,444 |  | 147.25 |  |  |  |
Converted |  | — |  |  |  |  |  |
Canceled |  | — |  |  |  |  |  |
Outstanding — December 31, 2017 |  | 75,949 |  | 119.45 |  | 1.93 |  | $ | 16,263
Granted |  | 33,706 |  | 238.12 |  |  |  |
Converted |  | — |  |  |  |  |  |
Canceled |  | — |  |  |  |  |  |
Outstanding — December 31, 2018 |  | 109,655 |  | $ | 146.96 |  | 1.77 |  | $ | 12,423
Unvested — December 31, 2018 |  | 109,655 |  | $ | 146.96 |  | 1.77 |  | $ | 12,423

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