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FORM 10-K
The following table summarizes activity related to stock options awarded by the Company for the years ended December 31, 2015, 2014
and 2013:
For the Year Ended
December 31,
2015 2014 2013
Compensation expense for stock options awarded (in thousands) $ 18,209 $ 18,705 $ 17,836
Income tax benefit from compensation expense related to stock options
(in thousands) 6,811 6,923 6,804
Total intrinsic value of stock options exercised (in thousands) 169,248 147,236 95,812
Cash received from exercise of stock options (in thousands) 105,822 59,594 59,745
Weighted-average grant-date fair value of options awarded $ 51.56 $ 38.18 $ 29.98
Weighted-average remaining contractual life of exercisable options 4.2 Years 4.6 Years 4.8 Years
The remaining unrecognized compensation expense related to unvested stock option awards at December 31, 2015, was $24.2 million
and the weighted-average period of time over which this cost will be recognized is 2.5 years.
Restricted stock:
The Company's performance incentive plans provide for the award of shares of restricted stock to its corporate and senior management
that vest evenly over a three-year period and are held in escrow until such vesting has occurred. Generally, unvested shares are forfeited
when an employee ceases employment. The fair value of shares awarded under these plans is based on the closing market price of the
Company's common stock on the date of award and compensation expense is recorded over the minimum required service period.
The table below identifies the employee restricted stock activity under these plans during the year ended December 31, 2015 (in thousands,
except per share data):
Shares
Weighted-Average Grant-Date
Fair Value
Non-vested at December 31, 2014 16 $ 123.68
Granted during the period 2 192.65
Vested during the period (1) (10) 87.59
Forfeited during the period (1) 129.93
Non-vested at December 31, 2015 7 $ 128.27
(1) Includes four thousand shares withheld to cover employees' taxes upon vesting.
The Company's director stock plan provides for the award of shares of restricted stock to the directors of the Company that vest evenly
over a three-year period and are held in escrow until such vesting has occurred. Unvested shares are forfeited when a director ceases
their service on the Company's Board of Directors for reasons other than death or retirement. The fair value of shares awarded under
this plan is based on the closing market price of the Company's common stock on the date of award, and compensation expense is recorded
evenly over the vesting period.
The table below identifies the director restricted stock activity under this plan during the year ended December 31, 2015 (in thousands,
except per share data):
Shares
Weighted-Average Grant-Date
Fair Value
Non-vested at December 31, 2014 8 $ 124.44
Granted during the period 3 217.38
Vested during the period (4) 117.31
Forfeited during the period — —
Non-vested at December 31, 2015 7 $ 167.73