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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows:

			Three Months Ended March 31,
			2021						2020
			(In thousands)
Stock option expense			$	3,923					$	3,373
Restricted stock expense			6,227						3,542
Performance restricted stock unit expense			1,290						933
Total pre-tax expense			$	11,440					$	7,848

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 March 31, 2021						Year Ended December 31, 2020
Expected volatility			24.2		%				22.2		%
Expected term (years)			5.0						5.0
Risk-free interest rate			0.85		%				0.52		%
Expected dividend yield			0.66		%				1.14		%
Black-Scholes-Merton fair value per stock option granted			$	25.63					$	11.01

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, 2020			3,950						$	65.16
Granted			552						121.91
Exercised			(171)						55.22
Forfeited			(20)						70.87
Outstanding at March 31, 2021			4,311						$	72.80					6.4						$	236.8
Exercisable at March 31, 2021			2,180						$	61.60					4.7						$	144.1

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, 2020			701						$	76.86
Granted			146						121.91
Vested			(209)						61.57
Forfeited			(5)						84.46
Non-vested restricted stock outstanding at March 31, 2021			633						$	92.25

The following is a summary of the Company’s non-vested performance restricted stock activity and related information:

			Shares						Weighted Average  Grant Date Fair Value
			(In thousands)
Non-vested performance restricted stock outstanding at December 31, 2020			264						$	72.90
Granted			81						121.91
Performance assumption change 1			39						78.20
Vested			(88)						78.20
Forfeited			(1)						67.43
Non-vested performance restricted stock outstanding at March 31, 2021			295						$	85.43

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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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