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Share-Based Compensation (Tables)

3 Months Ended

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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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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