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Performance-Based Common Stock Warrants (Tables)

6 Months Ended

Jun. 30, 2019

Equity [Abstract]

Purchase Level and Number of Warrants That Will Vest

The table below presents the purchase levels and number of warrants that will vest in each period based upon achieving these purchase levels.

	Incremental Warrants That Will Vest
Aggregate Level of Purchases by Comcast and Affiliates	January 1, 2016 - December 31, 2017			January 1, 2018 - December 31, 2019			January 1, 2020 - December 31, 2021
$260 million	100,000			100,000			75,000
$300 million	75,000			75,000			75,000
$340 million	75,000			75,000			75,000
Maximum Potential Warrants Earned by Comcast	250,000			250,000			225,000

Assumptions Used in Valuation and Weighted Average Fair Value of Warrants

The assumptions we utilized in the Black Scholes option pricing model and the resulting weighted average fair value of the warrants were the following:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Fair value	$10.61		$6.92		$10.61		$6.92
Price of Universal Electronics Inc. common stock	$40.69		$32.88		$40.69		$32.88
Risk-free interest rate	1.72%		2.71%		1.72%		2.71%
Expected volatility	46.32%		40.20%		46.32%		40.20%
Expected life in years	3.50		4.50		3.50		4.50

Impact to Net Sales in Connection with Warrants and Related Income Tax Benefit

The impact to net sales recorded in connection with the warrants and the related income tax benefit were as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
(In thousands)	2019				2018				2019				2018
Reduction/(increase) to net sales	$	236			$	(128	)		$	670			$	343
Income tax benefit/(expense)	59				(32		)		167				86

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Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

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