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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows for the years ended December 31:
| 2021 |  | 2020 |  | 2019
| (In thousands)
Stock option expense | $ | 12,733 |  |  | $ | 13,695 |  |  | $ | 12,810 |
Restricted stock expense | 21,393 |  |  | 17,997 |  |  | 16,169 |
PRSU expense | 11,977 |  |  | 9,873 |  |  | 11,415 |
Total pre-tax expense | $ | 46,103 |  |  | $ | 41,565 |  |  | $ | 40,394 |
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 years indicated:
| 2021 |  | 2020 |  | 2019
Expected volatility | 24.2 | % |  | 22.2 | % |  | 19.1 | %
Expected term (years) | 5.0 |  | 5.0 |  | 5.0
Risk-free interest rate | 0.85 | % |  | 0.52 | % |  | 2.25 | %
Expected dividend yield | 0.66 | % |  | 1.14 | % |  | 0.66 | %
Black-Scholes-Merton fair value per stock option granted | $ | 25.63 |  |  | $ | 11.01 |  |  | $ | 16.85 |
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2021:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (In thousands) |  |  |  | (Years) |  | (In millions)
Outstanding at the beginning of the year | 3,950 |  |  | $ | 65.16 |  |  |  |  |
Granted | 552 |  |  | 121.91 |  |  |  |  |
Exercised | (1,025) |  |  | 57.60 |  |  |  |  |
Forfeited | (123) |  |  | 85.52 |  |  |  |  |
Expired | (2) |  |  | 59.79 |  |  |  |  |
Outstanding at the end of the year | 3,352 |  |  | $ | 76.08 |  |  | 6.2 |  | $ | 237.9 |
Exercisable at the end of the year | 2,060 |  |  | $ | 67.15 |  |  | 4.7 |  | $ | 164.6 |
Summary of Nonvested Stock Option Activity and Related Information | The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2021:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested stock options outstanding at the beginning of the year | 1,906 |  |  | $ | 13.34 |
Granted | 552 |  |  | 25.63 |
Vested | (1,043) |  |  | 13.18 |
Forfeited | (123) |  |  | 16.61 |
Non-vested stock options outstanding at the end of the year | 1,292 |  |  | $ | 18.41 |
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 for the year ended December 31, 2021:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested restricted stock outstanding at the beginning of the year | 701 |  |  | $ | 76.86 |
Granted | 153 |  |  | 122.60 |
Vested | (395) |  |  | 72.45 |
Forfeited | (46) |  |  | 94.80 |
Non-vested restricted stock outstanding at the end of the year | 413 |  |  | $ | 96.07 |
The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2021:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested performance restricted stock outstanding at the beginning of the year | 264 |  |  | $ | 72.90 |
Granted | 81 |  |  | 121.91 |
Performance assumption change 1 | 39 |  |  | 78.20 |
Vested | (88) |  |  | 78.20 |
Forfeited | (7) |  |  | 89.83 |
Non-vested performance restricted stock outstanding at the end of the year | 289 |  |  | $ | 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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