XML 58 R42.htm IDEA: XBRL DOCUMENT
v3.20.4

Stock-Based Compensation (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Stock-Based Compensation Expense | Stock-based compensation expense by statement of operations caption and the related income tax benefit were as follows:
| Year Ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Cost of sales | $ | 182 |  |  | $ | 139 |  |  | $ | 84 |
Research and development expenses | 1,099 |  |  | 1,096 |  |  | 744 |
Selling, general and administrative expenses: |  |  |  |  |
Employees | 6,257 |  |  | 6,431 |  |  | 6,491 |
Outside directors | 1,584 |  |  | 1,179 |  |  | 1,501 |
Total employee and director stock-based compensation expense | $ | 9,122 |  |  | $ | 8,845 |  |  | $ | 8,820 |
Income tax benefit | $ | 1,594 |  |  | $ | 1,877 |  |  | $ | 1,870 |
Assumptions Used and Weighted Average Fair Value of Stock Option Grants | The assumptions we utilized in the Black-Scholes option pricing model and the resulting weighted average fair value of stock option grants were the following:
| Year Ended December 31,
| 2020 |  | 2019 |  | 2018
Weighted average fair value of grants | $ | 17.70 |  |  | $ | 11.51 |  |  | $ | 14.26 |
Risk-free interest rate | 1.44 | % |  | 2.38 | % |  | 2.51 | %
Expected volatility | 43.95 | % |  | 41.73 | % |  | 33.09 | %
Expected life in years | 4.59 |  | 4.60 |  | 4.53
Stock Option Activity | Stock option activity was as follows:
| 2020 |  | 2019 |  | 2018
| Number of Options (in 000's) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in 000's) |  | Number of Options (in 000's) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in 000's) |  | Number of Options (in 000's) |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value (in 000's)
Outstanding at beginning of the year | 745 |  |  | $ | 41.73 |  |  |  |  |  |  | 597 |  |  | $ | 44.27 |  |  |  |  |  |  | 520 |  |  | $ | 42.56 |  |  |  |  |
Granted | 109 |  |  | 46.17 |  |  |  |  |  |  | 170 |  |  | 30.08 |  |  |  |  |  |  | 119 |  |  | 44.95 |  |  |  |  |
Exercised | (80) |  |  | 35.28 |  |  |  |  | $ | 1,334 |  |  | (22) |  |  | 20.34 |  |  |  |  | $ | 569 |  |  | (35) |  |  | 24.67 |  |  |  |  | $ | 744 |
Forfeited/canceled/expired | — |  |  | — |  |  |  |  |  |  | — |  |  | — |  |  |  |  |  |  | (7) |  |  | 27.74 |  |  |  |  |
Outstanding at end of the year (1) | 774 |  |  | $ | 43.01 |  |  | 3.71 |  | $ | 9,228 |  |  | 745 |  |  | $ | 41.73 |  |  | 3.97 |  | $ | 9,798 |  |  | 597 |  |  | $ | 44.27 |  |  | 4.08 |  | $ | 758 |
Vested and expected to vest at the end of the year (1) | 774 |  |  | $ | 43.01 |  |  | 3.71 |  | $ | 9,228 |  |  | 745 |  |  | $ | 41.73 |  |  | 3.97 |  | $ | 9,798 |  |  | 597 |  |  | $ | 44.27 |  |  | 4.08 |  | $ | 758 |
Exercisable at the end of the year (1) | 582 |  |  | $ | 43.90 |  |  | 2.98 |  | $ | 6,887 |  |  | 517 |  |  | $ | 44.95 |  |  | 3.01 |  | $ | 5,636 |  |  | 430 |  |  | $ | 42.30 |  |  | 3.43 |  | $ | 758 |
(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2020, 2019, and 2018 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had they all exercised their options on December 31, 2020, 2019, and 2018. This amount will change based on the fair market value of our stock.
Significant Option Groups Outstanding and Related Weighted Average Exercise Price and Life Information | Significant option groups outstanding at December 31, 2020 and the related weighted average exercise price and life information were as follows:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding (in 000's) |  | Weighted-Average Remaining Contractual Term (in years) |  | Weighted-Average Exercise Price |  | Number Exercisable (in 000's) |  | Weighted-Average Exercise Price
$19.25 to $27.07 |  | 263 |  |  | 3.72 |  | $ | 23.83 |  |  | 200 |  |  | $ | 22.82 |
$35.28 to $46.17 |  | 229 |  |  | 5.44 |  | 45.47 |  |  | 113 |  |  | 44.84 |
$51.38 to $65.54 |  | 282 |  |  | 2.61 |  | 58.85 |  |  | 269 |  |  | 59.15 |
|  | 774 |  |  | 3.71 |  | $ | 43.01 |  |  | 582 |  |  | $ | 43.90 |
Non-Vested Restricted Stock Awards Activity | Non-vested restricted stock award activity was as follows:
| 2020 |  | 2019 |  | 2018
| Shares (in 000's) |  | Weighted-Average Grant Date Fair Value |  | Shares (in 000's) |  | Weighted-Average Grant Date Fair Value |  | Shares (in 000's) |  | Weighted-Average Grant Date Fair Value
Non-vested at beginning of the year | 310 |  |  | $ | 34.99 |  |  | 204 |  |  | $ | 49.23 |  |  | 162 |  |  | $ | 61.19 |
Granted | 238 |  |  | 36.85 |  |  | 268 |  |  | 30.67 |  |  | 167 |  |  | 42.65 |
Vested | (166) |  |  | 38.28 |  |  | (141) |  |  | 47.26 |  |  | (109) |  |  | 56.16 |
Forfeited | (8) |  |  | 43.44 |  |  | (21) |  |  | 35.78 |  |  | (16) |  |  | 54.16 |
Non-vested at end of the year | 374 |  |  | $ | 34.53 |  |  | 310 |  |  | $ | 34.99 |  |  | 204 |  |  | $ | 49.23 |
Detailed Information Regarding Active Stock Incentive Plans | Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2020:
Name |  | Approval Date |  | Initial Shares Available for Grant Under the Plan |  | Remaining Shares Available for Grant Under the Plan |  | Outstanding Shares Granted Under the Plan
2003 Stock Incentive Plan |  | 6/18/2003 |  | 1,000,000 |  |  | — |  |  | 14,391 |
2006 Stock Incentive Plan |  | 6/13/2006 |  | 1,000,000 |  |  | — |  |  | 25,275 |
2010 Stock Incentive Plan |  | 6/15/2010 |  | 1,000,000 |  |  | — |  |  | 123,131 |
2014 Stock Incentive Plan |  | 6/12/2014 |  | 1,100,000 |  |  | — |  |  | 357,860 |
2018 Equity and Incentive Compensation Plan |  | 6/4/2018 |  | 1,000,000 |  |  | 223,199 |  |  | 627,545 |
|  |  |  |  |  | 223,199 |  |  | 1,148,202 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_DisclosureOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
Name: | us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for stock option 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
Name: | us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration