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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2021
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,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Stock option expense | $ | 3,326 |  |  | $ | 3,626 |  |  | $ | 7,249 |  |  | $ | 6,999 |
Restricted stock expense | 5,690 |  |  | 4,586 |  |  | 11,917 |  |  | 8,128 |
Performance restricted stock unit expense | 3,137 |  |  | 2,993 |  |  | 4,427 |  |  | 3,926 |
Total pre-tax expense | $ | 12,153 |  |  | $ | 11,205 |  |  | $ | 23,593 |  |  | $ | 19,053 |
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, 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 | (511) |  |  | 59.57 |  |  |  |  |
Forfeited | (56) |  |  | 80.45 |  |  |  |  |
Outstanding at June 30, 2021 | 3,935 |  |  | $ | 73.63 |  |  | 6.2 |  | $ | 235.6 |
Exercisable at June 30, 2021 | 2,567 |  |  | $ | 64.78 |  |  | 4.8 |  | $ | 176.4 |
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, 2020 | 701 |  |  | $ | 76.86 |
Granted | 148 |  |  | 122.01 |
Vested | (347) |  |  | 68.06 |
Forfeited | (21) |  |  | 91.66 |
Non-vested restricted stock outstanding at June 30, 2021 | 481 |  |  | $ | 96.42 |
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 | (4) |  |  | 81.76 |
Non-vested performance restricted stock outstanding at June 30, 2021 | 292 |  |  | $ | 85.44 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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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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