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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Summary of Restricted and Deferred Stock Activity
A summary of restricted and deferred stock activity follows:
 Number of shares
Non-vested shares outstanding at January 1, 20202,102,654 
Awarded:
Time-vesting286,593 
Performance-based166,018 
Released:
Time-vesting(447,469)
Performance-based(181,705)
Forfeitures:
Time-vesting(92,681)
Performance-based(7,651)
Non-vested shares outstanding at December 31, 20201,825,759 
Summary of Average Grant-Date Fair Value of Restricted Stock
The average grant-date fair value of restricted stock awarded in 2020, 2019 and 2018 follows:
202020192018
Time-vested$70.07 $56.06 $44.48 
Performance-based72.08 46.08 57.24 
Schedule of Weighted Average Assumptions on Performance-Based Shares
The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions:
202020192018
Risk-free interest rate1.6 %2.5 %2.0 %
Expected term (years)333
Expected stock price volatility22.0 %21.4 %19.9 %