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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2020
Share-based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended June 30, |  |  |  | Six Months Ended June 30, |  |
| 2020 |  | 2019 |  | 2020 |  | 2019
| (In thousands) |  |  |  |  |  |
Stock option expense | $ | 3,626 |  |  | $ | 3,608 |  |  | $ | 6,999 |  |  | $ | 6,380 |
Restricted stock expense | 4,586 |  |  | 3,399 |  |  | 8,128 |  |  | 7,117 |
PRSU expense | 2,993 |  |  | 1,318 |  |  | 3,926 |  |  | 1,949 |
Total pre-tax expense | $ | 11,205 |  |  | $ | 8,325 |  |  | $ | 19,053 |  |  | $ | 15,446 |
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:
| Six Months Ended June 30, 2020 |  | Year Ended 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 | (365) |  |  | 51.69 |  |  |  |  |
Forfeited | (89) |  |  | 71.22 |  |  |  |  |
Outstanding at June 30, 2020 | 4,812 |  |  | $ | 59.31 |  |  | 5.9 |  | $ | 125.3 |
Exercisable at June 30, 2020 | 2,870 |  |  | $ | 58.91 |  |  | 4.1 |  | $ | 87.4 |
Summary of Nonvested Restricted Stock Activity and Related Information | The following is a summary of the Company’s non-vested restricted stock activity and related information:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested restricted stock outstanding at December 31, 2019 | 561 |  |  | $ | 72.46 |
Granted | 241 |  |  | 63.69 |
Vested | (188) |  |  | 72.15 |
Forfeited | (30) |  |  | 76.51 |
Non-vested restricted stock outstanding at June 30, 2020 | 584 |  |  | $ | 68.73 |

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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=120381028&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=120381028&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=120381028&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=120381028&loc=d3e5070-113901 + Details
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