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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
| (In thousands)
Stock option expense | $ | 3,509 |  |  | $ | 3,584 |  |  |  |  |
Restricted stock expense | 4,797 |  |  | 5,040 |  |  |  |  |
Performance restricted stock unit expense | 635 |  |  | 1,655 |  |  |  |  |
Total pre-tax expense | $ | 8,941 |  |  | $ | 10,279 |  |  |  |  |
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, 2024 |  | Year Ended December 31, 2023
Expected volatility | 28.2 | % |  | 26.0 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 4.31 | % |  | 3.54 | %
Expected dividend yield | 0.62 | % |  | 0.72 | %
Black-Scholes-Merton fair value per stock option granted | $ | 56.42 |  |  | $ | 38.11 |
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, 2023 | 2,741 |  |  | $ | 101.20 |  |  |  |  |
Granted | 231 |  |  | 181.93 |  |  |  |  |
Exercised | (321) |  |  | 79.67 |  |  |  |  |
Forfeited | (8) |  |  | 139.23 |  |  |  |  |
Outstanding at March 31, 2024 | 2,643 |  |  | $ | 110.77 |  |  | 6.9 |  | $ | 190.7 |
Exercisable at March 31, 2024 | 1,962 |  |  | $ | 96.35 |  |  | 6.1 |  | $ | 169.8 |
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, 2023 | 296 |  |  | $ | 135.39 |
Granted | 144 |  |  | 181.93 |
Vested | (135) |  |  | 132.65 |
Forfeited | (3) |  |  | 139.47 |
Non-vested restricted stock outstanding at March 31, 2024 | 302 |  |  | $ | 158.83 |
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, 2023 | 239 |  |  | $ | 131.90 |
Granted | 77 |  |  | 181.93 |
Performance assumption change 1 | 24 |  |  | 121.91 |
Vested | (99) |  |  | 121.91 |
Forfeited | — |  |  | — |
Non-vested performance restricted stock outstanding at March 31, 2024 | 241 |  |  | $ | 151.05 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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