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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Stock-Based Compensation Expense Related to Stock Options, PSUs, Restricted Stock and RSUs

The following table summarizes stock-based compensation expense related to stock options, PSUs, restricted stock and RSUs for the years ended December 31, 2016, 2015 and 2014, which was recognized as follows:

(In thousands)		2016				2015				2014
Stock-based compensation expense included in cost of    sales		$	389			$	280			$	479
Selling, general and administrative expense			3,341				3,261				4,185
Research and development expense			2,965				3,171				3,899
Stock-based compensation expense included in operating    expenses			6,306				6,432				8,084
Total stock-based compensation expense			6,695				6,712				8,563
Tax benefit for expense associated with non-qualified    options			(963	)			(862	)			(1,157	)
Total stock-based compensation expense, net of tax		$	5,732			$	5,850			$	7,406

Summary of Stock Options Outstanding

The following table is a summary of our stock options outstanding as of December 31, 2015 and 2016 and the changes that occurred during 2016:

(In thousands, except per share amounts)		Number of Options				Weighted Average Exercise Price				Weighted Avg. Remaining Contractual Life in Years				Aggregate Intrinsic Value
Options outstanding, December 31, 2015			7,108			$	21.97				6.42			$	3,284
Options granted			19			$	18.24
Options exercised			(283	)		$	16.66
Options forfeited			(93	)		$	17.90
Options expired			(413	)		$	23.96
Options outstanding, December 31, 2016			6,338			$	22.14				5.63			$	16,972
Options vested and expected to vest, December 31, 2016			6,276			$	22.20				5.60			$	16,606
Options exercisable, December 31, 2016			4,757			$	23.67				4.73			$	9,137

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2016:

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Options Outstanding at 12/31/16 (In thousands)				Weighted Avg. Remaining Contractual Life in Years				Weighted Average Exercise Price				Options Exercisable at 12/31/16 (In thousands)				Weighted Average Exercise Price
$14.88 – 18.96			2,101				6.78			$	15.82				1,217			$	16.14
$18.97 – 23.45			1,380				5.79			$	20.17				881			$	20.84
$23.46 – 30.35			1,491				5.08			$	23.89				1,293			$	23.92
$30.36 – 41.92			1,366				4.29			$	31.94				1,366			$	31.94
			6,338												4,757

Summary of PSUs, Restricted Stock and RSUs Outstanding

The following table is a summary of our PSUs, restricted stock and RSUs outstanding as of December 31, 2015 and 2016 and the changes that occurred during 2016:

(In thousands, except per share amounts)		Number of shares				Weighted Average Grant Date Fair Value
Unvested PSUs, restricted stock and RSUs outstanding,    December 31, 2015			106			$	21.09
PSUs, restricted stock and RSUs granted			460			$	20.63
PSUs, restricted stock and RSUs vested			(46	)		$	22.50
PSUs, restricted stock and RSUs forfeited			(1	)		$	20.00
Unvested RSUs and restricted stock outstanding,    December 31, 2016			519			$	20.51

Stock Options [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

The weighted-average estimated fair value of stock options granted to employees during the years ended December 31, 2016, 2015 and 2014 was $5.22 per share, $4.28 per share and $6.31 per share, respectively, with the following weighted-average assumptions:

		2016				2015				2014
Expected volatility			34.79	%			34.57	%			39.05	%
Risk-free interest rate			1.36	%			1.81	%			1.79	%
Expected dividend yield			1.98	%			2.35	%			1.90	%
Expected life (in years)			6.25				6.23				6.33

Performance Stock Units (PSUs) [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

The PSU pricing model also requires the use of several significant assumptions that impact the fair value estimate. The estimated fair value of the PSUs granted to employees during the years ended December 31, 2016, 2015 and 2014 was $23.50 per share, $17.64 per share and $22.11 per share, respectively, with the following assumptions:

		2016				2015				2014
Expected volatility			29.79	%			31.34	%			36.40	%
Risk-free interest rate			1.17	%			1.20	%			0.96	%
Expected dividend yield			1.80	%			2.35	%			1.89	%

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