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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows for the years ended December 31:
| 2023 |  | 2022 |  | 2021
| (In thousands)
Stock option expense | $ | 14,284 |  |  | $ | 13,021 |  |  | $ | 12,733 |
Restricted stock expense | 20,792 |  |  | 20,115 |  |  | 21,393 |
PRSU expense | 11,123 |  |  | 14,239 |  |  | 11,977 |
Total pre-tax expense | $ | 46,199 |  |  | $ | 47,375 |  |  | $ | 46,103 |
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:
| 2023 |  | 2022 |  | 2021
Expected volatility | 26.0 | % |  | 24.5 | % |  | 24.2 | %
Expected term (years) | 5.0 |  | 5.0 |  | 5.0
Risk-free interest rate | 3.54 | % |  | 2.33 | % |  | 0.85 | %
Expected dividend yield | 0.72 | % |  | 0.65 | % |  | 0.66 | %
Black-Scholes-Merton fair value per stock option granted | $ | 38.11 |  |  | $ | 32.54 |  |  | $ | 25.63 |
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, 2023:
| 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 | 3,060 |  |  | $ | 79.46 |  |  |  |  |
Granted | 453 |  |  | 138.46 |  |  |  |  |
Exercised | (696) |  |  | 72.26 |  |  |  |  |
Forfeited | (71) |  |  | 129.42 |  |  |  |  |
Expired | (5) |  |  | 65.25 |  |  |  |  |
Outstanding at the end of the year | 2,741 |  |  | $ | 101.20 |  |  | 6.6 |  | $ | 174.6 |
Exercisable at the end of the year | 1,831 |  |  | $ | 84.65 |  |  | 5.6 |  | $ | 147.0 |
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, 2023:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested stock options outstanding at the beginning of the year | 1,116 |  |  | $ | 26.57 |
Granted | 453 |  |  | 38.11 |
Vested | (588) |  |  | 21.83 |
Forfeited | (71) |  |  | 31.68 |
Non-vested stock options outstanding at the end of the year | 910 |  |  | $ | 34.98 |
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, 2023:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested restricted stock outstanding at the beginning of the year | 356 |  |  | $ | 117.18 |
Granted | 158 |  |  | 139.08 |
Vested | (188) |  |  | 105.17 |
Forfeited | (30) |  |  | 127.80 |
Non-vested restricted stock outstanding at the end of the year | 296 |  |  | $ | 135.39 |
The following is a summary of the Company’s non-vested performance restricted stock activity and related information for the year ended December 31, 2023:
| Shares |  | Weighted Average Grant Date Fair Value
| (In thousands) |  |
Non-vested performance restricted stock outstanding at the beginning of the year | 275 |  |  | $ | 101.98 |
Granted | 79 |  |  | 138.46 |
Performance assumption change 1 | 48 |  |  | 63.37 |
Vested | (161) |  |  | 63.37 |
Forfeited | (2) |  |  | 132.39 |
Non-vested performance restricted stock outstanding at the end of the year | 239 |  |  | $ | 131.90 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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