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Share-Based Compensation (Tables)

3 Months Ended

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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Tabular disclosure of share-based payment arrangement.

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

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