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Share-Based Compensation (Tables)

6 Months Ended

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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