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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows for the years ended December 31:
| 2022 |  | 2021 |  | 2020
| (In thousands)
Stock option expense | $ | 13,021 |  |  | $ | 12,733 |  |  | $ | 13,695 |
Restricted stock expense | 20,115 |  |  | 21,393 |  |  | 17,997 |
PRSU expense | 14,239 |  |  | 11,977 |  |  | 9,873 |
Total pre-tax expense | $ | 47,375 |  |  | $ | 46,103 |  |  | $ | 41,565 |
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 years indicated:
| 2022 |  | 2021 |  | 2020
Expected volatility | 24.5 | % |  | 24.2 | % |  | 22.2 | %
Expected term (years) | 5.0 |  | 5.0 |  | 5.0
Risk-free interest rate | 2.33 | % |  | 0.85 | % |  | 0.52 | %
Expected dividend yield | 0.65 | % |  | 0.66 | % |  | 1.14 | %
Black-Scholes-Merton fair value per stock option granted | $ | 32.54 |  |  | $ | 25.63 |  |  | $ | 11.01 |
Summary of Stock Option Activity and Related Information | The following is a summary of the Company’s stock option activity and related information for the year ended December 31, 2022:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Aggregate Intrinsic Value
| (In thousands) |  |  |  | (Years) |  | (In millions)
Outstanding at the beginning of the year | 3,352 |  |  | $ | 76.08 |  |  |  |  |
Granted | 608 |  |  | 134.69 |  |  |  |  |
Exercised | (788) |  |  | 63.75 |  |  |  |  |
Forfeited | (107) |  |  | 108.79 |  |  |  |  |
Expired | (5) |  |  | 101.38 |  |  |  |  |
Outstanding at the end of the year | 3,060 |  |  | $ | 79.46 |  |  | 6.5 |  | $ | 153.0 |
Exercisable at the end of the year | 1,944 |  |  | $ | 75.00 |  |  | 5.4 |  | $ | 125.8 |
Summary of Nonvested Stock Option Activity and Related Information | The following is a summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2022:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested stock options outstanding at the beginning of the year | 1,292 |  |  | $ | 18.41 |
Granted | 608 |  |  | 32.54 |
Vested | (677) |  |  | 16.78 |
Forfeited | (107) |  |  | 23.86 |
Non-vested stock options outstanding at the end of the year | 1,116 |  |  | $ | 26.57 |
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 for the year ended December 31, 2022:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested restricted stock outstanding at the beginning of the year | 413 |  |  | $ | 96.07 |
Granted | 184 |  |  | 134.52 |
Vested | (195) |  |  | 90.78 |
Forfeited | (46) |  |  | 109.08 |
Non-vested restricted stock outstanding at the end of the year | 356 |  |  | $ | 117.18 |
The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2022:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested performance restricted stock outstanding at the beginning of the year | 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 the end of the year | 275 |  |  | $ | 101.98 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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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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