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Share-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Total Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Stock option expense | $ | 3,517 |  |  | $ | 3,596 |  |  | $ | 7,026 |  |  | $ | 7,180 |
Restricted stock expense | 5,329 |  |  | 5,257 |  |  | 10,126 |  |  | 10,297 |
Performance restricted stock unit expense | 4,377 |  |  | 3,728 |  |  | 5,012 |  |  | 5,383 |
Total pre-tax expense | $ | 13,223 |  |  | $ | 12,581 |  |  | $ | 22,164 |  |  | $ | 22,860 |
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:
| Six Months Ended June 30, 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 | (428) |  |  | 81.35 |  |  |  |  |
Forfeited | (22) |  |  | 145.90 |  |  |  |  |
Outstanding at June 30, 2024 | 2,522 |  |  | $ | 111.57 |  |  | 6.7 |  | $ | 142.5 |
Exercisable at June 30, 2024 | 1,860 |  |  | $ | 97.05 |  |  | 6.0 |  | $ | 129.6 |
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 | 148 |  |  | 181.60 |
Vested | (137) |  |  | 132.72 |
Forfeited | (12) |  |  | 151.02 |
Non-vested restricted stock outstanding at June 30, 2024 | 295 |  |  | $ | 159.09 |
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 | (61) |  |  | 121.91 |
Forfeited | (40) |  |  | 149.90 |
Non-vested performance restricted stock outstanding at June 30, 2024 | 239 |  |  | $ | 151.06 |
_________________________________________ 1 Reflects the number of PRSUs above target levels based on performance metrics.

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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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