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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
| (In thousands)
Stock option expense | $ | 3,440 |  |  | $ | 3,923 |  |  |  |  |
Restricted stock expense | 4,778 |  |  | 6,227 |  |  |  |  |
Performance restricted stock unit expense | 1,353 |  |  | 1,290 |  |  |  |  |
Total pre-tax expense | $ | 9,571 |  |  | $ | 11,440 |  |  |  |  |
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:
| Three Months Ended March 31, 2022 |  | Year Ended December 31, 2021
Expected volatility | 24.5 | % |  | 24.2 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 2.33 | % |  | 0.85 | %
Expected dividend yield | 0.65 | % |  | 0.66 | %
Black-Scholes-Merton fair value per stock option granted | $ | 32.54 |  |  | $ | 25.63 |
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, 2021 | 3,352 |  |  | $ | 76.08 |  |  |  |  |
Granted | 608 |  |  | 134.69 |  |  |  |  |
Exercised | (142) |  |  | 62.75 |  |  |  |  |
Forfeited | (24) |  |  | 91.75 |  |  |  |  |
Outstanding at March 31, 2022 | 3,794 |  |  | $ | 76.56 |  |  | 6.7 |  | $ | 180.4 |
Exercisable at March 31, 2022 | 2,361 |  |  | $ | 70.86 |  |  | 5.3 |  | $ | 147.1 |
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, 2021 | 413 |  |  | $ | 96.07 |
Granted | 179 |  |  | 134.71 |
Vested | (107) |  |  | 86.05 |
Forfeited | (10) |  |  | 100.34 |
Non-vested restricted stock outstanding at March 31, 2022 | 475 |  |  | $ | 112.85 |
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, 2021 | 289 |  |  | $ | 85.29 |
Granted | 87 |  |  | 134.69 |
Performance assumption change 1 | 66 |  |  | 81.76 |
Vested | (161) |  |  | 81.76 |
Forfeited | (2) |  |  | 89.73 |
Non-vested performance restricted stock outstanding at March 31, 2022 | 279 |  |  | $ | 101.97 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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- Definition Tabular disclosure of the changes in outstanding nonvested restricted stock units. + 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 (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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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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