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Share-Based Compensation (Tables)

6 Months Ended

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

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