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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2021 |  | 2020 |  | 2021 |  | 2020
| (In thousands)
Stock option expense | $ | 2,768 |  |  | $ | 3,331 |  |  | $ | 10,017 |  |  | $ | 10,330 |
Restricted stock expense | 4,848 |  |  | 4,537 |  |  | 16,765 |  |  | 12,665 |
Performance restricted stock unit expense | 3,812 |  |  | 2,957 |  |  | 8,239 |  |  | 6,883 |
Total pre-tax expense | $ | 11,428 |  |  | $ | 10,825 |  |  | $ | 35,021 |  |  | $ | 29,878 |
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:
| Nine Months Ended September 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 | (675) |  |  | 60.32 |  |  |  |  |
Forfeited | (96) |  |  | 84.03 |  |  |  |  |
Outstanding at September 30, 2021 | 3,731 |  |  | $ | 73.95 |  |  | 6.1 |  | $ | 186.8 |
Exercisable at September 30, 2021 | 2,410 |  |  | $ | 65.00 |  |  | 4.6 |  | $ | 142.2 |
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 | 153 |  |  | 122.51 |
Vested | (353) |  |  | 68.29 |
Forfeited | (37) |  |  | 93.97 |
Non-vested restricted stock outstanding at September 30, 2021 | 464 |  |  | $ | 97.07 |
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 | (5) |  |  | 91.58 |
Non-vested performance restricted stock outstanding at September 30, 2021 | 291 |  |  | $ | 85.29 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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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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