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Equity Incentive Program (Tables) | 6 Months Ended
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Jun. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Assumptions Used in Determining the Fair Value | The assumptions used in determining the fair value of the SARs awarded during the respective periods were as follows:
| SARs
| 2022 |  | 2021
Risk-free interest rate | 1.86 | % |  | 0.59 | %
Dividend yield | 1.25 | % |  | 1.62 | %
Expected life (years) | 5.4 |  | 5.5
Volatility | 29.46 | % |  | 30.49 | %
Grant price | $160.21 |  | $122.73
Fair value per share at date of grant | $42.07 |  | $29.08
The assumptions used in determining the fair value of the performance shares granted in the respective periods were as follows:
| Performance Shares
| 2022 |  | 2021
Risk-free interest rate | 1.68 | % |  | 0.19 | %
Dividend yield | 1.25 | % |  | 1.62 | %
Expected life (years) | 2.9 |  | 2.9
Volatility | 31.10 | % |  | 31.90 | %
Grant price | $160.21 |  | $122.73
Fair value per share at date of grant | $196.40 |  | $148.29
Stock-based Incentive Plans Compensation Expense | Stock-based compensation is reported within selling, general and administrative expenses in the Condensed Consolidated Statements of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Pre-tax stock-based compensation expense | $ | 7,218 |  |  | $ | 6,872 |  |  | $ | 18,331 |  |  | $ | 18,393 |
Tax benefit | (731) |  |  | (559) |  |  | (1,846) |  |  | (1,781) |
Total stock-based compensation expense, net of tax | $ | 6,487 |  |  | $ | 6,313 |  |  | $ | 16,485 |  |  | $ | 16,612 |

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- Definition Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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