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Share-Based Compensation (Tables)

6 Months Ended

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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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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