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Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Expense

The components of the Company’s stock-based compensation expense for the six months ended June 30, 2018 and 2017 are as follows:

	Six Months Ended June 30,
	2018				2017
	(in thousands)
Stock options	$	1,514			$	2,040
Restricted stock and restricted stock units	1,292				584
Employee Stock Purchase Plan	289				249
Total pre-tax stock-based compensation expense charged against income (1)	$	3,095			$	2,873

⁽¹⁾  Stock-based compensation expense is recorded in selling, general and administrative expense in the Company’s Consolidated Statements of Comprehensive Income.

Summary of Other Information of Stock Option Plans

A summary of stock options outstanding under the Plan as of December 31, 2017 and changes during the six months ended June 30, 2018 is as follows:

	Stock Options Outstanding
	Number of Shares			Weighted Average Exercise Price
	(in thousands)
December 31, 2017	2,374			$	29.22
Granted	169			$	52.06
Exercised	(208	)		$	27.62
Forfeited	(46	)		$	35.41
Expired	(1	)		$	36.49
June 30, 2018	2,289			$	30.92

Assumption For Fair Value of Options Granted

The fair value of stock option awards granted in 2018 and 2017 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

	Six Months Ended June 30,
	2018			2017
Risk-free interest rate	2.1	%		2.0	%
Weighted average expected life	5.8 years			5.8 years
Expected volatility	21.4	%		25.1	%
Dividend yield	1.5	%		1.9	%

Summarized Information of Stock Options Outstanding

The following table summarizes other information about the stock options at June 30, 2018:

	June 30, 2018
	(amounts in thousands, except per share data)
Outstanding:
Aggregate intrinsic value	$	29,557
Weighted average remaining contractual life	6.3 years
Exercisable:
Number of options	1,199
Weighted average exercise price	$	24.76
Aggregate intrinsic value	$	22,103
Weighted average remaining contractual life	4.9 years

Schedule of Restricted Stock Outstanding Stock-based Compensation

A summary of the outstanding restricted stock units and restricted stock as of December 31, 2017 and changes during the six months ended June 30, 2018 is as follows:

	Restricted Stock Units and Restricted Stock
	Number			Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2017	145			$	37.07
Granted	139			$	52.06
Vested	(34	)		$	35.16
Forfeited	(4	)		$	52.06
June 30, 2018	246			$	45.58

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The expense associated with the options granted under the ESPP during the six months ended June 30, 2018 and 2017 was estimated on the date of grant using the Black-Scholes option valuation model with the following assumptions:

	Six Months Ended June 30,
	2018		2017
Risk-free interest rate	1.89%		1.05%
Weighted average expected life (years)	1.0		1.0
Expected volatility	20.8%		21.2%
Dividend yield	1.4%		1.9%

Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments

The following table summarizes information about the SERP during the six months ended June 30, 2018 and 2017:

	Six Months Ended June 30,
	2018				2017
	(in thousands)
SERP expense (1)	$	328			$	308
Unrealized gain recorded in SERP liability account	$	1,118			$	2,313

⁽¹⁾  Both the SERP match and the deferrals are included in the selling, general and administrative caption in the Consolidated Statements of Comprehensive Income.

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