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Stock Options and Employee Stock Purchase Plan (Tables)
3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Option Activity
The following table represents stock option activity for the three months ended March 31, 2021:
Number of SharesWeighted-
Average
Exercise
Price
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2021475,601 $69.61 
Granted— — 
Exercised(15,117)29.34 
Canceled— — 
Outstanding at March 31, 2021460,484 $70.93 6.1$22,531,404 
Exercisable at March 31, 2021210,484 $66.06 5.3$11,323,904 
Vested and expected to vest at March 31, 2021387,924 $70.16 6.0$19,278,539 
Market-Based Restricted Stock Awards, Valuation Assumptions
The weighted-average fair values of market-based restricted stock awards granted have been estimated utilizing the following assumptions:
March 31, 2021March 31, 2020
Underlying stock price at valuation date$113.27 $91.17 
Expected volatility30.3 %27.0 %
Risk-free interest rate1.3 %0.7 %
Restricted Stock and Restricted Stock Unit Award Activity
Restricted stock award activity for the three months ended March 31, 2021 is set forth below:
SharesWeighted-Average
Grant-Date
Fair Value
Nonvested at January 1, 2021820,566 $62.66 
Granted— — 
Vested(183,604)66.10 
Canceled(480)83.26 
Nonvested at March 31, 2021636,482 $61.76 
  
Restricted stock unit award activity for the three months ended March 31, 2021 is set forth below:
Number of
Shares
Weighted-Average
Remaining
Contractual
Term (in years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 2021209,784 
Granted147,928 
Vested(52,335)
Canceled— 
Outstanding at March 31, 2021305,377 3.9$36,602,487 
Vested and expected to vest at March 31, 2021193,564 3.1$23,200,612 
Employee Stock Purchase Plan, Valuation Assumptions
The compensation expense related to the Purchase Plan has been estimated utilizing the following assumptions:
March 31, 2021March 31, 2020
Risk-free interest rate0.09%1.57%
Expected term (in years)0.50.5
Dividend yield0.00%0.00%
Expected volatility40.53%23.95%
Weighted average volatility40.53%23.95%