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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2020
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
|  | Three Months Ended |
|  | March 31, |
|  | 2020 |  |  | 2019 |
|  | (In thousands) |
Stock option expense |  | $ | 3,373 |  |  | $ | 2,773 |
Restricted stock expense |  |  | 3,542 |  |  |  | 3,717 |
PRSU expense |  |  | 933 |  |  |  | 631 |
Total pre-tax expense |  | $ | 7,848 |  |  | $ | 7,121 |
Weighted Average Assumptions Used for Estimating Fair Values of Stock Options Granted | The following weighted average assumptions were used in the Black-Scholes-Merton model to estimate the fair values of stock options granted during the periods indicated:
|  | Three Months Ended |  |  | Year Ended |
|  | March 31, 2020 |  |  | December 31, 2019 |
Expected volatility |  |  | 22.2 | % |  |  | 19.1 | %
Expected term (years) |  |  | 5.0 |  |  |  | 5.0 |
Risk-free interest rate |  |  | 0.52 | % |  |  | 2.25 | %
Expected dividend yield |  |  | 1.14 | % |  |  | 0.66 | %
Black-Scholes-Merton fair value per stock option granted |  | $ | 11.01 |  |  | $ | 16.85 |
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information:
|  | Shares |  |  | Weighted Average Exercise Price |  |  | Weighted Average Remaining Contractual Life |  |  | Aggregate Intrinsic Value |
|  | (In thousands) |  |  |  |  |  | (Years) |  |  | (In millions) |
Outstanding at December 31, 2019 |  |  | 4,303 |  |  | $ | 62.50 |  |  |  |  |  |  |  |  |
Granted |  |  | 963 |  |  |  | 63.37 |  |  |  |  |  |  |  |  |
Exercised |  |  | (129 | ) |  |  | 49.26 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (56 | ) |  |  | 72.12 |  |  |  |  |  |  |  |  |
Outstanding at March 31, 2020 |  |  | 5,081 |  |  | $ | 62.89 |  |  |  | 6.0 |  |  | $ | 57.6 |
Exercisable at March 31, 2020 |  |  | 2,112 |  |  | $ | 54.58 |  |  |  | 3.3 |  |  | $ | 37.3 |
Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s nonvested restricted stock activity and related information:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
|  | (In thousands) |  |  |  |
Nonvested restricted stock outstanding at December 31, 2019 |  |  | 561 |  |  | $ | 72.46 |
Granted |  |  | 240 |  |  |  | 63.60 |
Vested |  |  | (3 | ) |  |  | 64.05 |
Forfeited |  |  | (15 | ) |  |  | 71.34 |
Nonvested restricted stock outstanding at March 31, 2020 |  |  | 783 |  |  | $ | 69.80 |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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