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Share-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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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.

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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.

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