Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.8.0.1
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Stock-Based Compensation Expense
The following is a summary of stock-based compensation expense recorded by the Company during the respective periods:
  
Year Ended December 31,
 
2017
 
2016
 
2015
 
(in thousands)
Selling, general and administrative expenses
$
24,364

 
$
15,687

 
$
16,380

Corporate expenses
18,391

 
17,036

 
16,981

Total
$
42,755

 
$
32,723

 
$
33,361

Assumptions Used to Calculate Fair Value of Options
The following assumptions were used to calculate the fair value of the Company’s options on the date of grant:  
 
Year Ended December 31,
 
2017
 
2016
 
2015
Risk-free interest rate
1.87% - 2.27%

 
1.24% - 1.49%

 
1.47% - 1.75%

Dividend yield
0.0
%
 
0.0
%
 
0.0
%
Volatility factors
25.88% - 27.58%

 
29.42% - 36.11%

 
34.18% - 43.36%

Weighted average expected life (in years)
5.78

 
5.76

 
5.94

Summary of Stock Options Activity
The following table presents a summary of the Company’s stock options outstanding at the dates given, and stock option activity for the period between such dates (“Price” reflects the weighted average exercise price per share):  
 
Year Ended December 31,
 
2017
 
2016
 
2015
 
    Options     
 
 
    Price     
 
 
    Options     
 
 
    Price     
 
 
    Options     
 
 
    Price     
 
 
(in thousands, except per share data)
Outstanding January 1
16,283

 
$
13.55

 
16,309

 
$
13.54

 
16,999

 
$
13.78

Granted
1,164

 
33.48

 
1,103

 
19.53

 
1,667

 
25.32

Exercised
(3,138
)
 
16.27

 
(1,063
)
 
19.10

 
(1,098
)
 
14.50

Forfeited or expired
(70
)
 
24.05

 
(66
)
 
22.39

 
(1,259
)
 
31.58

Outstanding December 31
14,239

 
$
14.52

 
16,283

 
$
13.55

 
16,309

 
$
13.54

 
 
 
 
 
 
 
 
 
 
 
 
Exercisable December 31
11,906

 
$
12.00

 
12,628

 
$
12.01

 
11,177

 
$
11.54

Weighted average fair value per option granted
 
 
$
10.18

 
 
 
$
6.98

 
 

 
$
9.93

Summary of Stock Options, by Range of Exercise Prices
Vesting dates on the stock options range from January 2018 to December 2021, and expiration dates range from January 2018 to December 2027 at exercise prices and average contractual lives as follows:  
Range of
Exercise
Prices
 
Outstanding
as of
12/31/17
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price 
 
Exercisable
as of
12/31/17
 
Weighted
Average
Remaining
Contractual
Life
 
Weighted
Average
Exercise
Price
 
 
(in thousands) 
 
(in years) 
 
 
 
(in thousands) 
 
(in years) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$2.75 - $4.99
 
1,713

 
1.2
 
$
2.82

 
1,713

 
1.2
 
$
2.82

$5.00 - $9.99
 
4,455

 
4.8
 
$
8.81

 
4,455

 
4.8
 
$
8.81

$10.00 - $14.99
 
2,540

 
3.3
 
$
11.34

 
2,540

 
3.3
 
$
11.34

$15.00 - $19.99
 
1,269

 
7.0
 
$
19.04

 
745

 
6.2
 
$
18.82

$20.00 - $24.99
 
1,842

 
6.2
 
$
21.15

 
1,467

 
6.1
 
$
21.15

$25.00 - $29.99
 
2,061

 
7.9
 
$
26.77

 
986

 
7.1
 
$
25.35

$30.00 - $44.99
 
359

 
9.9
 
$
43.50

 

 
0.0
 
$

Summary of Unvested Restricted Stock Activity
The following table presents a summary of the Company’s unvested restricted stock awards outstanding at December 31, 2017, 2016 and 2015 (“Price” reflects the weighted average share price at the date of grant):
 
 
Restricted Stock 
 
Awards
 
Price
 
(in thousands, except per share data)
Unvested at December 31, 2014
1,171

 
$
16.18

Granted
456

 
26.11

Forfeited
(6
)
 
10.02

Vested
(760
)
 
14.74

Unvested at December 31, 2015
861

 
$
22.67

Granted
751

 
20.65

Forfeited
(50
)
 
21.63

Vested
(482
)
 
21.73

Unvested at December 31, 2016
1,080

 
$
21.67

Granted
1,132

 
35.97

Forfeited
(82
)
 
22.96

Vested
(523
)
 
21.89

Unvested at December 31, 2017
1,607

 
$
31.79

Summary of Deferred Stock Activity
The following table presents a summary of the Company’s unvested deferred stock awards outstanding at December 31, 2017 and 2016 (“Price” reflects the weighted average share price at the date of grant):
 
Deferred Stock 
 
Awards
 
Price
 
(in thousands, except per share data)
Unvested at December 31, 2016

 
$

Granted
2,500

 
26.69

Forfeited

 

Vested

 

Unvested at December 31, 2017
2,500

 
$
26.69