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Share-Based Compensation and Capital Stock (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Pre-Tax Stock-Based Compensation Expenses | The components of the Company’s pretax share-based compensation activity and associated income tax expense are as follows for the three months ended March 31, 2022 and 2021:
| Three Months Ended March 31,
(in thousands) | 2022 |  | 2021
Stock options | $ | 1,052 |  |  | $ | 616 |
Restricted stock awards | 3,043 |  |  | 2,519 |
Performance vested restricted stock units | 3,354 |  |  | 1,666 |
Total share-based compensation expense | $ | 7,449 |  |  | $ | 4,801 |
Income tax expense | $ | 1,805 |  |  | $ | 1,157 |
Summary of Change In Stock-Based Award Activity | A summary of share-based award activity as of and changes during the three months ended March 31, 2022 are presented below:
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022 | 910,944 |  |  | $ | 83.14 |  |  |  |  | 236,599 |  |  | $ | 92.60 |  |  | 412,642 |  |  | $ | 114.70 |
Granted | 155,774 |  |  | 146.68 |  |  |  |  | 241,833 |  |  | 146.68 |  |  | 111,585 |  |  | 181.91 |
Performance-Based Leveraging (1) | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 12,280 |  |  | 81.55 |
Exercised/Vested | (41,054) |  |  | 53.86 |  |  |  |  | (76,229) |  |  | 87.90 |  |  | — |  |  | — |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (78,370) |  |  | 81.15 |
Forfeited | — |  |  | — |  |  |  |  | (1,407) |  |  | 94.19 |  |  | (194) |  |  | 114.36 |
Outstanding at March 31, 2022 | 1,025,664 |  |  | $ | 93.96 |  |  | 6.2 years |  | 400,796 |  |  | $ | 126.12 |  |  | 457,943 |  |  | $ | 135.65 |
Options exercisable at March 31, 2022 | 549,980 |  |  | $ | 76.12 |  |  | 4.0 years |  |  |  |  |  |  |  |
(1) PVRSUs outstanding have been increased by 12,280 units in the three months ended March 31, 2022 due to the Company exceeding the targeted performance conditions contained in PVRSUs.
Schedule of Weighted Average Assumptions of Black-Scholes Option-Pricing Model | The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
| 2022 Grants
Risk-free interest rate | 1.92 | %
Expected volatility | 29.39 | %
Expected life of stock option | 5.9 years
Dividend yield | 0.65 | %
Requisite service period | 4 years
Contractual life | 10 years
Weighted average fair value of options granted (per option) | $ | 43.25 |

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value. + 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 (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&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 http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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