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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
| (In thousands)
Stock option expense | $ | 3,383 |  |  | $ | 3,326 |  |  | $ | 6,823 |  |  | $ | 7,249 |
Restricted stock expense | 5,253 |  |  | 5,690 |  |  | 10,031 |  |  | 11,917 |
Performance restricted stock unit expense | 4,320 |  |  | 3,137 |  |  | 5,673 |  |  | 4,427 |
Total pre-tax expense | $ | 12,956 |  |  | $ | 12,153 |  |  | $ | 22,527 |  |  | $ | 23,593 |
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:
| Six Months Ended June 30, 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 | (291) |  |  | 62.97 |  |  |  |  |
Forfeited | (54) |  |  | 99.43 |  |  |  |  |
Outstanding at June 30, 2022 | 3,615 |  |  | $ | 86.64 |  |  | 6.5 |  | $ | 104.8 |
Exercisable at June 30, 2022 | 2,438 |  |  | $ | 72.77 |  |  | 5.4 |  | $ | 92.6 |
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 | 181 |  |  | 134.63 |
Vested | (155) |  |  | 85.97 |
Forfeited | (25) |  |  | 105.34 |
Non-vested restricted stock outstanding at June 30, 2022 | 414 |  |  | $ | 116.13 |
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 | (3) |  |  | 96.93 |
Non-vested performance restricted stock outstanding at June 30, 2022 | 278 |  |  | $ | 101.95 |
_________________________________________ 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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