Annual report pursuant to Section 13 and 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.19.3.a.u2
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summary of Stock-Based Compensation Expense
The following is a summary of stock-based compensation expense we recorded during the respective periods:
  
Year Ended December 31,
  2019 2018 2017
  (in thousands)
Selling, general and administrative expenses $ 21,947    $ 18,621    $ 24,364   
Corporate expenses 26,838    26,961    18,391   
Total $ 48,785    $ 45,582    $ 42,755   
Assumptions Used to Calculate Fair Value of Options
The following assumptions were used to calculate the fair value of our options on the date of grant:
 
Year Ended December 31,
  2019 2018 2017
Risk-free interest rate
1.89% - 2.53%
2.68% - 2.70%
1.87% - 2.27%
Dividend yield 0.0  % 0.0  % 0.0  %
Volatility factors
27.63% - 28.12%
27.66% - 28.00%
25.88% - 27.58%
Weighted average expected life (in years) 6.08 5.74 5.78
Summary of Stock Options Activity
The following table presents a summary of our 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,
  2019 2018 2017
      Options     Price     Options     Price     Options     Price
  (in thousands, except per share data)
Outstanding January 1 11,784    $ 16.55    14,239    $ 14.52    16,283    $ 13.55   
Granted 487    57.00    255    44.05    1,164    33.48   
Exercised (910)   15.50    (2,694)   8.38    (3,138)   16.27   
Forfeited or expired
(14)   10.82    (16)   28.57    (70)   24.05   
Outstanding December 31 11,347    $ 18.36    11,784    $ 16.55    14,239    $ 14.52   
Exercisable December 31 10,493    $ 15.77    10,693    $ 14.61    11,906    $ 12.00   
Weighted average fair value per option granted $ 18.50    $ 14.05      $ 10.18   
Summary of Stock Options, by Range of Exercise Price Vesting dates on the stock options range from February 2020 to June 2023, and expiration dates range from January 2020 to June 2029 at exercise prices and average contractual lives as follows:
Range of
Exercise
Prices
Outstanding
as of
12/31/19
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price 
Exercisable
as of
12/31/19
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
(in thousands) 
(in years) 
(in thousands) 
(in years) 
$5.00 - $9.99
4,325    2.8 $ 8.80    4,325    2.8 $ 8.80   
$10.00 - $14.99
1,754    1.7 $ 11.39    1,754    1.7 $ 11.39   
$15.00 - $19.99
921    6.0 $ 19.31    921    6.0 $ 19.31   
$20.00 - $24.99
1,596    4.1 $ 21.14    1,595    4.1 $ 21.13   
$25.00 - $29.99
1,663    6.0 $ 26.99    1,607    6.0 $ 26.92   
$30.00 - $44.99
601    8.1 $ 43.76    291    8.0 $ 43.75   
$45.00 - $60.99
487    9.2 $ 56.77    —    0.0 $ —   
Summary of Unvested Restricted Stock Activity
The following table presents a summary of our unvested restricted stock awards outstanding at December 31, 2019, 2018 and 2017 (“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, 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   
Granted 535    44.54   
Forfeited (37)   30.38   
Vested (706)   28.35   
Unvested at December 31, 2018 1,399    $ 38.13   
Granted 415    57.58   
Forfeited (26)   38.45   
Vested (618)   36.54   
Unvested at December 31, 2019 1,170    $ 45.80   
Summary of Deferred Stock Activity
The following table presents a summary of the Company’s unvested deferred stock awards outstanding at December 31, 2019, 2018 and 2017 (“Price” reflects the weighted average grant date fair value):
Deferred Stock
Awards Price
(in thousands, except per share data)
Unvested at December 31, 2016 —    0.00
Awarded 2,500    26.69
Forfeited —    0.00
Vested —    0.00
Unvested at December 31, 2017 2,500    26.69
Awarded —    0.00
Forfeited —    0.00
Vested —    0.00
Unvested at December 31, 2018 2,500    26.69
Awarded —    0.00
Forfeited —    0.00
Vested (14)   36.08
Unvested at December 31, 2019 2,486    26.63