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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

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)			2021						2020						2019
Cost of sales			$	156					$	182					$	139
Research and development expenses			1,253						1,099						1,096
Selling, general and administrative expenses:
Employees			6,997						6,257						6,431
Outside directors			1,563						1,584						1,179
Total employee and director stock-based compensation expense			$	9,969					$	9,122					$	8,845
Income tax benefit			$	1,718					$	1,594					$	1,877

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,
			2021						2020						2019
Weighted average fair value of grants			$	23.97					$	17.70					$	11.51
Risk-free interest rate			0.41		%				1.44		%				2.38		%
Expected volatility			48.49		%				43.95		%				41.73		%
Expected life in years			4.62						4.59						4.60

Stock Option Activity

Stock option activity was as follows:

			2021																								2020																								2019
			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			774						$	43.01																	745						$	41.73																	597						$	44.27
Granted			80						59.43																		109						46.17																		170						30.08
Exercised			(54)						30.04												$	931					(80)						35.28												$	1,334					(22)						20.34												$	569
Forfeited/canceled/expired			—						—																		—						—																		—						—
Outstanding at end of the year (1)			800						$	45.55					3.15						$	3,780					774						$	43.01					3.71						$	9,228					745						$	41.73					3.97						$	9,798
Vested and expected to vest at the end of the year (1)			800						$	45.55					3.15						$	3,780					774						$	43.01					3.71						$	9,228					745						$	41.73					3.97						$	9,798
Exercisable at the end of the year (1)			656						$	44.08					2.58						$	3,608					582						$	43.90					2.98						$	6,887					517						$	44.95					3.01						$	5,636

(1)The aggregate intrinsic value represents the total pre-tax value (the difference between our closing stock price on the last trading day of 2021, 2020 and 2019 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, 2021, 2020 and 2019. 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, 2021 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						230						3.08						$	24.36					218						$	24.20
$44.95 to $46.17						207						4.60						45.59						162						45.43
$51.38 to $65.54						363						2.61						58.98						276						59.00
						800						3.15						$	45.55					656						$	44.08

Non-Vested Restricted Stock Awards Activity

Non-vested restricted stock award activity was as follows:

			2021												2020												2019
			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			374						$	34.53					310						$	34.99					204						$	49.23
Granted			156						56.90						238						36.85						268						30.67
Vested			(211)						36.35						(166)						38.28						(141)						47.26
Forfeited			(9)						39.65						(8)						43.44						(21)						35.78
Non-vested at end of the year			310						$	44.41					374						$	34.53					310						$	34.99

Detailed Information Regarding Active Stock Incentive Plans

Detailed information regarding our active Stock Incentive Plans was as follows at December 31, 2021:

Name						Approval Date						Total 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						—						11,500
2006 Stock Incentive Plan						6/13/2006						1,000,000						—						23,910
2010 Stock Incentive Plan						6/15/2010						1,000,000						—						93,904
2014 Stock Incentive Plan						6/12/2014						1,100,000						—						311,276
2018 Equity and Incentive Compensation Plan (1)						6/4/2018						2,118,664						1,095,728						669,738
																		1,095,728						1,110,328

(1)The 2018 Equity and Incentive Compensation Plan was amended in June 2021 to add an additional 1,100,000 shares, as approved by our stockholders.

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