Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation Expense Related to Stock Options, Performance Stock Units (PSUs), Restricted Stock Units (RSUs) and Restricted Stock

The following table summarizes the stock-based compensation expense related to stock options, performance stock units (PSUs), restricted stock units (RSUs) and restricted stock for the three and six months ended June 30, 2017 and 2016, which was recognized as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
(In thousands)	2017			2016			2017			2016
Stock-based compensation expense included in cost of sales	$	93		$	95		$	184		$	194
Selling, general and administrative expense		1,008			788			2,024			1,557
Research and development expense		755			668			1,531			1,358
Stock-based compensation expense included in operating expenses		1,763			1,456			3,555			2,915
Total stock-based compensation expense		1,856			1,551			3,739			3,109
Tax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock		(433	)		(213	)		(813	)		(425	)
Total stock-based compensation expense, net of tax	$	1,423		$	1,338		$	2,926		$	2,684

Summary of Stock Options Outstanding

The following table is a summary of our stock options outstanding as of December 31, 2016 and June 30, 2017 and the changes that occurred during the six months ended June 30, 2017:

(In thousands, except per share amounts)	Number of Stock Options			Weighted Avg. Exercise Price		Weighted Avg. Remaining Contractual Life In Years		Aggregate Intrinsic Value
Stock options outstanding, December 31, 2016		6,338		$	22.14		5.63	$	16,972
Stock options granted		—		$	—
Stock options exercised		(103	)	$	16.78
Stock options forfeited		(32	)	$	17.62
Stock options expired		(55	)	$	26.67
Stock options outstanding, June 30, 2017		6,148		$	22.21		5.14	$	11,232
Stock options vested and expected to vest, June 30, 2017		6,148		$	22.21		5.14	$	11,232
Options exercisable, June 30, 2017		4,601		$	23.78		4.23	$	5,862

Summary of Weighted-Average Assumptions and Value of Options Granted

The weighted-average assumptions and value of options granted during the three and six months ended June 30, 2016 were as follows:

	Three and Six Months Ended
	June 30,
	2016
Expected volatility		34.74	%
Risk-free interest rate		1.33	%
Expected dividend yield		1.91	%
Expected life (in years)		6.26
Weighted-average estimated value	$	5.42

Summary of PSUs, RSUs and Restricted Stock Outstanding

The following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2016 and the changes that occurred during the six months ended June 30, 2017:

(In thousands, except per share amounts)	Number of Shares			Weighted Avg. Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2016		519		$	20.51
PSUs, RSUs and restricted stock granted		520		$	22.24
PSUs, RSUs and restricted stock vested		(2	)	$	18.29
PSUs, RSUs and restricted stock forfeited		(6	)	$	20.00
Unvested PSUs, RSUs and restricted stock outstanding, June 30, 2017		1,031		$	21.39