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Share-Based Compensation (Tables)

12 Months Ended

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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