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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

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

The following table summarizes stock-based compensation expense related to stock options, PSUs, RSUs and restricted stock for the years ended December 31, 2017, 2016 and 2015, which was recognized as follows:

(In thousands)		2017				2016				2015
Stock-based compensation expense included in cost of sales		$	379			$	389			$	280
Selling, general and administrative expense			4,063				3,341				3,261
Research and development expense			2,991				2,965				3,171
Stock-based compensation expense included in operating expenses			7,054				6,306				6,432
Total stock-based compensation expense			7,433				6,695				6,712
Tax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock			(1,699	)			(963	)			(862	)
Total stock-based compensation expense, net of tax		$	5,734			$	5,732			$	5,850

Summary of Stock Options Outstanding

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

(In thousands, except per share amounts)		Number of Options				Weighted Average 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			(742	)		$	18.08
Stock options forfeited			(70	)		$	17.29
Stock options expired			(378	)		$	24.14
Stock options outstanding, December 31, 2017			5,148			$	22.65				4.87			$	6,109
Stock options vested and expected to vest, December 31, 2017			5,148			$	22.65				4.87			$	6,109
Stock options exercisable, December 31, 2017			4,351			$	23.78				4.37			$	3,810

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2017:

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Options Outstanding at 12/31/17 (In thousands)				Weighted Avg. Remaining Contractual Life in Years				Weighted Average Exercise Price				Options Exercisable at 12/31/17 (In thousands)				Weighted Average Exercise Price
$14.88 – 18.96			1,623				6.02			$	15.77				1,063			$	15.96
$18.97 – 23.45			801				6.68			$	19.11				565			$	19.17
$23.46 – 30.35			1,400				4.16			$	23.85				1,399			$	23.85
$30.36 – 41.92			1,324				3.29			$	31.94				1,324			$	31.94
			5,148												4,351

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 2017 and the changes that occurred during 2017.

(In thousands, except per share amounts)		Number of shares				Weighted Average Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2016			527			$	20.53
PSUs, RSUs and restricted stock granted			950			$	21.69
PSUs, RSUs and restricted stock vested			(154	)		$	20.84
PSUs, RSUs and restricted stock forfeited			(31	)		$	20.99
Unvested RSUs and restricted stock outstanding, December 31, 2017			1,292			$	21.33

Stock Options [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

There were no stock option grants in 2017. The weighted-average estimated fair value of stock options granted to employees during the years ended December 31, 2016 and 2015 was $5.22 per share and $4.28 per share, respectively, with the following weighted-average assumptions:

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

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, 2017, 2016 and 2015 was $24.17 per share, $23.50 per share and $17.64 per share, respectively, with the following assumptions:

		2017				2016				2015
Expected volatility			27.03	%			29.79	%			31.34	%
Risk-free interest rate			1.78	%			1.17	%			1.20	%
Expected dividend yield			1.74	%			1.80	%			2.35	%

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