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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company's Amended and Restated Omnibus Incentive and Equity Plan (the "Plan") provides for the grant of equity-based awards, including restricted stock units ("RSUs"), stock options and unrestricted shares of common stock. As of September 30, 2018, a maximum of 2,400,000 shares of common stock were authorized for issuance under the Plan, and 301,641 shares remained available for issuance. Shares that are issued upon exercise of stock options and vesting of RSUs are newly issued shares from the Plan and are not issued from treasury stock. The Company recognized total stock compensation expense of $16.9 million and $15.0 million for the nine months ended September 30, 2018 and 2017, respectively. Restricted Stock Units Each RSU entitles the holder to one share of common stock when the restriction expires. RSUs generally have a term of one to three years and may be time-vested or performance-contingent. The fair value of each RSU is estimated using the intrinsic value method, which is based on the fair market value price on the date of grant unless it contains a performance metric that is considered a market condition. RSUs that contain a market condition are valued using a simulation valuation model. RSU activity for the nine months ended September 30, 2018 is summarized as follows:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2017 | 483,021 |  |  | $ | 104.16 |
Granted | 193,316 |  |  | $ | 132.10 |
Forfeited | (19,184 | ) |  | $ | 135.56 |
Settled | (106,887 | ) |  | $ | 113.99 |
Outstanding at September 30, 2018 | 550,266 |  |  | $ | 111.62 |
For the nine months ended September 30, 2018 and 2017, a total of 40,384 and 32,186 RSUs, respectively, were withheld by the Company as a result of net share settlements to settle minimum employee tax withholding obligations. The Company paid $6.5 million and $3.4 million for the nine months ended September 30, 2018 and 2017, respectively, in minimum employee tax withholding obligations related to RSUs withheld. These net share settlements had the effect of share repurchases by the Company as they reduced the number of shares that would have been otherwise issued as a result of the vesting. During the nine months ended September 30, 2018, the Company granted 68,803 performance based stock awards ("PSUs") which contain performance-based metrics in addition to a service condition. Compensation expense for PSUs is generally recognized over a three-year service period based upon the value determined using a combination of (1) the intrinsic value method, for awards that contain a performance metric that represents a "performance condition" in accordance with ASC 718, and (2) the Monte Carlo simulation valuation model for awards that contain a "market condition" performance metric under ASC 718. Compensation expense for the awards that contain a market condition is fixed at the date of grant and will not be adjusted in future periods based upon the achievement of the market condition. Compensation expense for the awards with a performance condition is recorded each period based upon a probability assessment of the expected outcome of the performance metric with a final adjustment upon the final outcome. For the nine months ended September 30, 2018, total stock-based compensation expense for PSUs was $5.9 million. As of September 30, 2018, unamortized stock-based compensation expense for unvested RSUs and PSUs was $36.3 million, with a weighted-average remaining amortization period of 1.7 years. Stock Options Stock options generally cliff vest after three years and have a contractual life of 10 years. Stock options are granted with an exercise price equal to the fair market value of the shares at the date of grant. Stock option activity for the nine months ended September 30, 2018 is summarized as follows:
| Number of Shares |  | Weighted Average Exercise Price
Outstanding at December 31, 2017 | 109,808 |  |  | $ | 16.44 |
Exercised | (23,675 | ) |  | $ | 30.38 |
Outstanding at September 30, 2018 | 86,133 |  |  | $ | 12.61 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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