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Share-Based Compensation (Tables)

6 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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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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