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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Schedule of Share-Based Compensation Expense | Total share-based compensation expense was as follows:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (In thousands)
Stock option expense | $ | 3,263 |  |  | $ | 3,509 |  |  |  |  |
Restricted stock expense | 5,055 |  |  | 4,797 |  |  |  |  |
Performance restricted stock unit expense | 1,146 |  |  | 635 |  |  |  |  |
Total pre-tax expense | $ | 9,464 |  |  | $ | 8,941 |  |  |  |  |
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:
| Three Months Ended March 31, 2025 |  | Year Ended December 31, 2024
Expected volatility | 22.7 | % |  | 28.2 | %
Expected term (years) | 5.0 |  | 5.0
Risk-free interest rate | 4.07 | % |  | 4.31 | %
Expected dividend yield | 0.70 | % |  | 0.62 | %
Black-Scholes-Merton fair value per stock option granted | $ | 46.21 |  |  | $ | 56.42 |
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, 2024 | 2,140 |  |  | $ | 114.33 |  |  |  |  |
Granted | 267 |  |  | 176.08 |  |  |  |  |
Exercised | (56) |  |  | 99.48 |  |  |  |  |
Forfeited | (11) |  |  | 150.68 |  |  |  |  |
Outstanding at March 31, 2025 | 2,340 |  |  | $ | 121.57 |  |  | 6.6 |  | $ | 121.5 |
Exercisable at March 31, 2025 | 1,805 |  |  | $ | 107.58 |  |  | 5.8 |  | $ | 117.2 |
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, 2024 | 277 |  |  | $ | 159.71 |
Granted | 159 |  |  | 176.25 |
Vested | (131) |  |  | 150.52 |
Forfeited | (6) |  |  | 161.10 |
Non-vested restricted stock outstanding at March 31, 2025 | 299 |  |  | $ | 172.51 |
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, 2024 | 235 |  |  | $ | 150.92 |
Granted | 93 |  |  | 176.08 |
Performance assumption change 1 | 8 |  |  | 134.69 |
Vested | (92) |  |  | 134.69 |
Forfeited | (1) |  |  | 153.38 |
Non-vested performance restricted stock outstanding at March 31, 2025 | 243 |  |  | $ | 166.12 |
_________________________________________ 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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