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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (In thousands)
Stock option expense | $ | 3,417 |  |  | $ | 3,560 |  |  | $ | 10,443 |  |  | $ | 10,740 |
Restricted stock expense | 5,106 |  |  | 5,578 |  |  | 15,232 |  |  | 15,875 |
Performance restricted stock unit expense | 4,220 |  |  | 3,775 |  |  | 9,232 |  |  | 9,158 |
Total pre-tax expense | $ | 12,743 |  |  | $ | 12,913 |  |  | $ | 34,907 |  |  | $ | 35,773 |
Schedule of 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:
| Nine Months Ended September 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 |
Schedule 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 | (482) |  |  | 83.93 |  |  |  |  |
Forfeited | (44) |  |  | 149.47 |  |  |  |  |
Outstanding at September 30, 2024 | 2,446 |  |  | $ | 111.35 |  |  | 6.4 |  | $ | 149.8 |
Exercisable at September 30, 2024 | 1,809 |  |  | $ | 96.89 |  |  | 5.7 |  | $ | 135.4 |
Schedule 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 | (141) |  |  | 132.77 |
Forfeited | (22) |  |  | 153.79 |
Non-vested restricted stock outstanding at September 30, 2024 | 281 |  |  | $ | 159.52 |
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 | (6) |  |  | 155.48 |
Non-vested performance restricted stock outstanding at September 30, 2024 | 235 |  |  | $ | 150.93 |
_________________________________________ 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 -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -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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