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Share-Based Compensation (Tables)

12 Months Ended

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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