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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Total Share-Based Compensation Expense

Total share-based compensation expense was as follows:

			Three Months Ended September 30,												Nine Months Ended September 30,
			2022						2021						2022						2021
			(In thousands)
Stock option expense			$	3,043					$	2,768					$	9,866					$	10,017
Restricted stock expense			4,800						4,848						14,831						16,765
Performance restricted stock unit expense			4,217						3,812						9,890						8,239
Total pre-tax expense			$	12,060					$	11,428					$	34,587					$	35,021

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:

			Nine Months Ended September 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			(357)						64.44
Forfeited			(101)						107.73
Outstanding at September 30, 2022			3,502						$	86.52					6.2						$	110.4
Exercisable at September 30, 2022			2,374						$	72.84					5.0						$	97.8

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			182						134.55
Vested			(156)						86.31
Forfeited			(42)						108.42
Non-vested restricted stock outstanding at September 30, 2022			397						$	116.26

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			(6)						98.07
Non-vested performance restricted stock outstanding at September 30, 2022			275						$	101.98

_________________________________________

1 Reflects the number of PRSUs above target levels based on performance metrics.

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