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Share-Based Compensation | 9 Months Ended
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Sep. 30, 2020
Share Based Compensation [Abstract] |
Share-Based Compensation | Note 2. Share-Based Compensation The Company has historically granted the majority of its share-based awards during the second quarter of each fiscal year. On May 5, 2020, shareholders approved the Amended and Restated 2017 Omnibus Incentive Plan (Amended 2017 Plan), which made available 5.5 million shares of the Company’s common stock to be issued under all award types allowed by the Amended 2017 Plan. During the nine months ended September 30, 2020 and 2019, the Company awarded 511 and 462 restricted stock units (RSUs), respectively. These RSUs were granted to employees at a weighted-average fair value of $74.21 in 2020 and $75.73 in 2019. The RSUs vest annually over 3 years based on continued employment and are settled upon vesting in shares of the Company's common stock on a one-for-one basis. The value of an RSU award is based on the Company's stock price on the date of grant. Additionally, in 2020 and 2019, 19 and 24 fully vested RSUs were granted to non-employee directors, respectfully. The Company also awarded 95 and 96 performance stock units (PSUs) in 2020 and 2019, respectively. Outstanding PSUs include performance conditions to be finally measured in 2020, 2021 and 2022. The final number of PSUs will be determined using an adjustment factor of up to 2 times or down to 0.5 of the targeted PSU grant. If the minimum performance thresholds are not achieved, no shares will be issued. Each PSU will convert to one share of the Company's common stock upon vesting. The grant of employee stock purchase rights and the issuance of shares under the employee stock purchase plan are made in the third quarter of each fiscal year and 677 and 585 shares were issued in the three and nine months ended September 30, 2020 and 2019, respectively. The fair value of the employee stock purchase rights granted was $23.26 and $17.03 per share in 2020 and 2019, respectively. The Company recognizes stock compensation expense based on the fair value of awards granted to employees and directors under the Company’s Amended 2017 Plan, stock option and employee stock purchase rights plans. This expense, adjusted for expected forfeitures, is recognized in net earnings on a straight-line basis over the service periods as salaries and related costs on the condensed consolidated statements of earnings. RSUs and PSUs awarded to certain employees meeting specific retirement eligibility criteria at the time of grant are expensed immediately as there is no substantive service period associated with those awards.

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