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Stock-Based Compensation (Tables)

12 Months Ended

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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Schedule of Share-based Payment Award, Equity Instruments Other Than Stock Options, Valuation Assumptions

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Tabular disclosure for share-based compensation plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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