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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

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, 2018, 2017 and 2016, which was recognized as follows:

(In thousands)		2018				2017				2016
Stock-based compensation expense included in cost of sales		$	418			$	379			$	389
Selling, general and administrative expense			3,989				4,063				3,341
Research and development expense			2,748				2,991				2,965
Stock-based compensation expense included in operating expenses			6,737				7,054				6,306
Total stock-based compensation expense			7,155				7,433				6,695
Tax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock			(1,432	)			(1,699	)			(963	)
Total stock-based compensation expense, net of tax		$	5,723			$	5,734			$	5,732

Summary of Stock Options Outstanding

The following table is a summary of our stock options outstanding as of December 31, 2017 and 2018 and the changes that occurred during 2018:

		Number of Options (in thousands)				Weighted Average Exercise Price (per share)				Weighted Avg. Remaining Contractual Life in Years				Aggregate Intrinsic Value (in thousands)
Stock options outstanding, December 31, 2017			5,148			$	22.65				4.87			$	6,109
Stock options granted			—			$	—
Stock options exercised			(96	)		$	15.46
Stock options forfeited			(73	)		$	16.49
Stock options expired			(597	)		$	22.58
Stock options outstanding, December 31, 2018			4,382			$	22.91				4.10			$	—
Stock options exercisable, December 31, 2018			4,131			$	23.37				3.93			$	—

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2018:

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Options Outstanding at 12/31/18 (In thousands)				Weighted Avg. Remaining Contractual Life in Years				Weighted Average Exercise Price				Options Exercisable at 12/31/18 (In thousands)				Weighted Average Exercise Price
$14.88 – $18.96			1,257				5.93			$	15.87				1,006			$	15.99
$18.97 – $23.45			739				5.68			$	19.12				739			$	19.12
$23.46 – $30.35			1,223				3.18			$	23.87				1,223			$	23.87
$30.36 – $41.92			1,163				2.29			$	31.93				1,163			$	31.93
			4,382												4,131

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, 2017 and 2018 and the changes that occurred during 2018.

(In thousands, except per share amounts)		Number of shares				Weighted Average Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2017			1,292			$	21.33
PSUs, RSUs and restricted stock granted			690			$	14.48
PSUs, RSUs and restricted stock vested			(217	)		$	19.94
PSUs, RSUs and restricted stock forfeited			(195	)		$	21.29
Unvested RSUs and restricted stock outstanding, December 31, 2018			1,570			$	18.52

Stock Options [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

There were no stock options granted in 2017 or 2018. The weighted-average estimated fair value of stock options granted to employees during the year ended December 31, 2016 was $5.22 per share, with the following weighted-average assumptions:

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

Performance Stock Units (PSUs) [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

The market based 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 year ended December 31, 2018, 2017 and 2016 was $16.59 per share, $24.17 per share and $23.50 per share, respectively, with the following assumptions

		2018		2017				2016
Expected volatility		27.98% to 31.58%			27.03	%			29.79	%
Risk-free interest rate		2.11% to 2.99%			1.78	%			1.17	%
Expected dividend yield		1.83% to 2.49%			1.74	%			1.80	%

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