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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
| (In thousands)
Stock option expense | $ | 3,584 |  |  | $ | 3,440 |  |  |  |  |
Restricted stock expense | 5,040 |  |  | 4,778 |  |  |  |  |
Performance restricted stock unit expense | 1,655 |  |  | 1,353 |  |  |  |  |
Total pre-tax expense | $ | 10,279 |  |  | $ | 9,571 |  |  |  |  |
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:
| Three Months Ended March 31, 2023 |  | Year Ended December 31, 2022
Expected volatility | 26.0 | % |  | 24.5 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 3.54 | % |  | 2.33 | %
Expected dividend yield | 0.72 | % |  | 0.65 | %
Black-Scholes-Merton fair value per stock option granted | $ | 38.11 |  |  | $ | 32.54 |
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, 2022 | 3,060 |  |  | $ | 79.46 |  |  |  |  |
Granted | 453 |  |  | 138.46 |  |  |  |  |
Exercised | (188) |  |  | 63.07 |  |  |  |  |
Forfeited | (25) |  |  | 117.84 |  |  |  |  |
Outstanding at March 31, 2023 | 3,300 |  |  | $ | 97.70 |  |  | 7.0 |  | $ | 157.2 |
Exercisable at March 31, 2023 | 2,336 |  |  | $ | 82.51 |  |  | 6.0 |  | $ | 146.7 |
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, 2022 | 356 |  |  | $ | 117.18 |
Granted | 152 |  |  | 138.48 |
Vested | (154) |  |  | 103.97 |
Forfeited | (10) |  |  | 120.35 |
Non-vested restricted stock outstanding at March 31, 2023 | 344 |  |  | $ | 132.42 |
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, 2022 | 275 |  |  | $ | 101.98 |
Granted | 79 |  |  | 138.46 |
Performance assumption change 1 | 48 |  |  | 63.37 |
Vested | (161) |  |  | 63.37 |
Forfeited | — |  |  | — |
Non-vested performance restricted stock outstanding at March 31, 2023 | 241 |  |  | $ | 131.90 |
_________________________________________ 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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