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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017, which was recognized as follows:

(In thousands)		2019				2018				2017
Stock-based compensation expense included in cost of sales		$	369			$	418			$	379
Selling, general and administrative expense			3,889				3,989				4,063
Research and development expense			2,704				2,748				2,991
Stock-based compensation expense included in operating expenses			6,593				6,737				7,054
Total stock-based compensation expense			6,962				7,155				7,433
Tax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock			(1,659	)			(1,432	)			(1,699	)
Total stock-based compensation expense, net of tax		$	5,303			$	5,723			$	5,734

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, 2018 and 2019 and the changes that occurred during 2019:

(In thousands, except per share amounts)		Number of shares				Weighted Average Grant Date Fair Value
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2018			1,570			$	18.52
PSUs, RSUs and restricted stock granted			897			$	9.63
PSUs, RSUs and restricted stock vested			(368	)		$	17.23
PSUs, RSUs and restricted stock forfeited			(208	)		$	18.24
Unvested PSUs, RSUs and restricted stock outstanding, December 31, 2019			1,891			$	14.58

Summary of Stock Options Outstanding

The following table is a summary of our stock options outstanding as of December 31, 2019 and 2018 and the changes that occurred during 2019:

		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, 2018			4,382			$	22.91				4.10			$	—
Stock options granted			—			$	—
Stock options exercised			(34	)		$	15.53
Stock options forfeited			(32	)		$	15.56
Stock options expired			(744	)		$	23.72
Stock options outstanding, December 31, 2019			3,572			$	22.88				3.40			$	—
Stock options exercisable, December 31, 2019			3,570			$	22.89				3.40			$	—

Stock Options Outstanding

The following table further describes our stock options outstanding as of December 31, 2019:

		Options Outstanding												Options Exercisable
Range of Exercise Prices		Options Outstanding at December 31, 2019 (In thousands)				Weighted Avg. Remaining Contractual Life in Years				Weighted Average Exercise Price				Options Exercisable at December 31, 2019 (In thousands)				Weighted Average Exercise Price
$14.88 – $18.96			1,135				4.90			$	15.89				1,133			$	15.89
$18.97 – $23.45			685				4.70			$	19.10				685			$	19.10
$23.46 – $30.35			686				3.67			$	24.17				686			$	24.17
$30.36 – $41.92			1,066				1.29			$	31.93				1,066			$	31.93
			3,572												3,570

Market-Based PSUs [Member]

Summary of Weighted-Average Assumptions and Value of Options Granted

The following table details the significant assumptions that impact the fair value estimate of the market-based PSUs:

		2019		2018				2017
Estimated fair value per share		$9.53 to $18.05		$	16.59			$	24.17
Expected volatility		32.7% to  38.9%		27.98% to 31.58%					27.03	%
Risk-free interest rate		1.6% to 2.46%		2.11% to 2.99%					1.78	%
Expected dividend yield		2.3% to 4.09%		1.83% to 2.49%					1.74	%

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