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Share-Based Compensation (Tables)

9 Months Ended

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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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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