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Share-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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

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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.

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