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Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

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,
			2023						2022						2023						2022
			(In thousands)
Stock option expense			$	3,560					$	3,043					$	10,740					$	9,866
Restricted stock expense			5,578						4,800						15,875						14,831
Performance restricted stock unit expense			3,775						4,217						9,158						9,890
Total pre-tax expense			$	12,913					$	12,060					$	35,773					$	34,587

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, 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			(551)						71.78
Forfeited			(65)						124.38
Outstanding at September 30, 2023			2,897						$	99.97					6.7						$	138.4
Exercisable at September 30, 2023			1,976						$	83.88					5.7						$	126.3

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			154						138.63
Vested			(156)						104.30
Forfeited			(26)						127.00
Non-vested restricted stock outstanding at September 30, 2023			328						$	132.61

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			(2)						131.76
Non-vested performance restricted stock outstanding at September 30, 2023			239						$	131.90

_________________________________________

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

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