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Stock-based Compensation Expense (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

Fixed-Price Stock Options

The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2020:

			Shares						Weighted-Average Exercise Price						Weighted-Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2019			1,244,531						$	65.67					4.2						$	14,593
Granted			76,221						81.85
Exercised			(682,068)						59.28
Forfeited			(37,843)						94.03
Expired			(1,000)						41.94
Outstanding at December 31, 2020			599,841						$	73.24					5.6						$	44,554
Exercisable at December 31, 2020			416,289						$	64.06					4.4						$	34,742

Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted

The fair value of each option granted during the years ended December 31, 2020, 2019 and 2018 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

			Year Ended December 31,
			2020						2019						2018
Dividend yield			1.69		%				1.58		%				1.44		%
Volatility			32.65		%				32.50		%				32.48		%
Average expected life (years)			6						6						6
Risk-free interest rate			1.13		%				2.81		%				3.06		%
Fair value of options granted			$	22.14					$	27.71					$	37.35

The calculation used the following weighted-average assumptions:

			Year Ended December 31,
			2020						2019						2018
Volatility			33.66		%				30.11		%				29.92		%
Risk-free interest rate			0.85		%				2.43		%				2.36		%

Activity in Performance Unit Awards

The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2020:

			Shares						Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period			259,733						$	115.69
Granted			87,124						99.44
Vested			(41,749)						78.03
Forfeited			(78,300)						115.23
Nonvested, end of period			226,808						116.54

Activity in Non-Performance Based Restricted Stock Awards

The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2020:

			Shares						Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period			272,560						$	85.98
Granted			185,261						71.70
Vested			(107,215)						80.59
Forfeited			(23,862)						89.31
Nonvested, end of period			326,744						79.48

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- Definition

Tabular disclosure of the changes in outstanding nonvested performance-based units.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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