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Share-Based Compensation and Capital Stock (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
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 |  | 2021 |  | 2020
Risk-free interest rate | 2.01 | % |  | 0.94 | % |  | 0.99 | %
Expected volatility | 29.46 | % |  | 29.23 | % |  | 20.88 | %
Expected life of stock option | 5.9 years |  | 5.9 years |  | 5.9 years
Dividend yield | 0.66 | % |  | 0.82 | % |  | 0.99 | %
Requisite service period | 4 years |  | 4 years |  | 4 years
Contractual life | 10 years |  | 10 years |  | 10 years
Weighted average fair value of options granted (per option) | $ | 42.66 |  |  | $ | 28.00 |  |  | $ | 17.25 |
Schedule of Options Outstanding and Exercisable | The following table summarizes information about stock options outstanding as of December 31, 2022:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number Outstanding at December 31, 2022 |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |  | Number Exercisable at December 31, 2022 |  | Weighted Average Exercise Price
$45.59 to $55.00 |  | 105,172 |  |  | 0.16 |  | $ | 51.49 |  |  | 105,172 |  |  | $ | 51.49 |
$55.01 to $65.00 |  | 78,855 |  |  | 1.22 |  | 60.69 |  |  | 78,855 |  |  | 60.69 |
$65.01 to $85.00 |  | 230,110 |  |  | 2.75 |  | 81.31 |  |  | 194,648 |  |  | 81.34 |
$85.01 to $91.28 |  | 153,692 |  |  | 7.17 |  | 91.28 |  |  | 76,838 |  |  | 91.28 |
$91.29 to $104.87 |  | 273,567 |  |  | 8.16 |  | 104.87 |  |  | 68,343 |  |  | 104.87 |
$104.88 to $117.98 |  | 16,667 |  |  | 9.63 |  | 117.98 |  |  | — |  |  | — |
$117.99 to $146.68 |  | 152,584 |  |  | 9.16 |  | 146.68 |  |  | — |  |  | — |
|  | 1,010,647 |  |  | 5.58 |  | $ | 94.97 |  |  | 523,856 |  |  | $ | 76.77 |
Schedule of Activity Related to Restricted Stock Grants | The following table is a summary of activity related to restricted stock grants:
| For the Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Restricted shares granted | 273,777 |  |  | 61,009 |  |  | 158,133 |
Weighted average grant date fair value per share | $ | 143.76 |  |  | $ | 111.25 |  |  | $ | 90.18 |
Aggregate grant date fair value (in thousands) | $ | 39,357 |  |  | $ | 6,787 |  |  | $ | 14,260 |
Restricted shares forfeited | 14,443 |  |  | 19,209 |  |  | 36,860 |
Vesting service period of shares granted | 9 - 60 months |  | 9 - 48 months |  | 12 - 48 months
Fair value of shares vested (in thousands) | $ | 13,784 |  |  | $ | 11,927 |  |  | $ | 9,000 |
Schedule of Activity Related to PVRSU Grants | The following table is a summary of activity related to PVRSU grants:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
PVRSUs granted at target | 111,585 |  |  | 98,544 |  |  | 170,471 |
Weighted average grant date fair value per share | $ | 181.91 |  |  | $ | 108.75 |  |  | $ | 134.26 |
Aggregate grant date fair value (in thousands) | $ | 20,298 |  |  | $ | 10,716 |  |  | $ | 22,888 |
PVRSUs forfeited & expired | 83,563 |  |  | 78,500 |  |  | 33,080 |
Requisite service period | 9 - 60 months |  | 9 to 60 months |  | 31 to 36 months
Schedule of Change in Stock-Based Award Activity | A summary of stock-based award activity as of December 31, 2022, 2021 and 2020 and the changes during those years are presented below:
| 2022
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2022 | 910,944 |  |  | $ | 83.14 |  |  |  |  | 236,599 |  |  | $ | 92.60 |  |  | 412,642 |  |  | $ | 114.70 |
Granted | 172,441 |  |  | 143.91 |  |  |  |  | 273,777 |  |  | 143.76 |  |  | 111,585 |  |  | 181.91 |
Performance-based leveraging* | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (3,484) |  |  | 121.34 |
Exercised/vested | (66,192) |  |  | 57.55 |  |  |  |  | (96,834) |  |  | 87.34 |  |  | — |  |  | — |
Expired | (986) |  |  | 51.49 |  |  |  |  | — |  |  | — |  |  | (78,370) |  |  | 81.15 |
Forfeited | (5,560) |  |  | 128.86 |  |  |  |  | (14,443) |  |  | 106.35 |  |  | (5,193) |  |  | 132.06 |
Outstanding as of December 31, 2022 | 1,010,647 |  |  | $ | 94.97 |  |  | 5.6 years |  | 399,099 |  |  | $ | 128.47 |  |  | 437,180 |  |  | $ | 140.05 |
Options exercisable as of December 31, 2022 | 523,856 |  |  | $ | 76.77 |  |  | 3.3 years |  |  |  |  |  |  |  |
* PVRSU units outstanding have been adjusted by 3,484, net units during the year ended December 31, 2022, due to a decrease in outstanding PVRSU units due to the Company partially meeting the targeted performance conditions offset by an increase in outstanding PVRSU units due to the Company exceeding the targeted performance conditions in PVRSU's granted in prior periods.
| 2021
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2021 | 819,610 |  |  | $ | 70.48 |  |  |  |  | 304,439 |  |  | $ | 84.48 |  |  | 321,752 |  |  | $ | 109.25 |
Granted | 280,811 |  |  | 104.87 |  |  |  |  | 61,009 |  |  | 111.25 |  |  | 98,544 |  |  | 108.75 |
Performance-based leveraging* | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 74,832 |  |  | 107.51 |
Exercised/vested | (185,437) |  |  | 59.61 |  |  |  |  | (109,640) |  |  | 80.83 |  |  | (3,986) |  |  | 81.55 |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (72,944) |  |  | 81.55 |
Forfeited | (4,040) |  |  | 104.87 |  |  |  |  | (19,209) |  |  | 90.23 |  |  | (5,556) |  |  | 55.76 |
Outstanding as of December 31, 2021 | 910,944 |  |  | $ | 83.14 |  |  | 5.5 years |  | 236,599 |  |  | $ | 92.60 |  |  | 412,642 |  |  | $ | 114.70 |
Options exercisable as of December 31, 2021 | 421,592 |  |  | $ | 67.09 |  |  | 2.8 years |  |  |  |  |  |  |  |
* PVRSU units outstanding have been increased by 74,832 units during the year ended December 31, 2021, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.
| 2020
| Stock Options |  | Restricted Stock |  | Performance Vested Restricted Stock Units
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Outstanding as of January 1, 2020 | 873,895 |  |  | $ | 61.69 |  |  |  |  | 312,097 |  |  | $ | 75.23 |  |  | 330,716 |  |  | $ | 70.03 |
Granted | 158,620 |  |  | 91.28 |  |  |  |  | 158,133 |  |  | 90.18 |  |  | 170,471 |  |  | 134.26 |
Performance-based leveraging* | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 30,116 |  |  | 60.68 |
Exercised/vested | (209,209) |  |  | 49.17 |  |  |  |  | (128,931) |  |  | 69.80 |  |  | (176,471) |  |  | 58.68 |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | (16,117) |  |  | 60.50 |
Forfeited | (3,696) |  |  | 91.28 |  |  |  |  | (36,860) |  |  | 81.98 |  |  | (16,963) |  |  | 82.25 |
Outstanding as of December 31, 2020 | 819,610 |  |  | $ | 70.48 |  |  | 4.2 years |  | 304,439 |  |  | $ | 84.48 |  |  | 321,752 |  |  | $ | 109.25 |
Options exercisable as of December 31, 2020 | 480,255 |  |  | $ | 60.70 |  |  | 2.5 years |  |  |  |  |  |  |  |
* PVRSU units outstanding have been increased by 30,116 units during the year ended December 31, 2020, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.
Schedule of Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits | The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows:
| For the Year Ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Stock options | $ | 4,674 |  |  | $ | 3,396 |  |  | $ | 1,975 |
Restricted stock | 14,349 |  |  | 9,281 |  |  | 8,731 |
Performance vested restricted stock units | 21,436 |  |  | 10,703 |  |  | (3,466) |
Total share-based compensation expense | $ | 40,459 |  |  | $ | 23,380 |  |  | $ | 7,241 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period over which the costs are to be recognized as of December 31, 2022 are as follows:
(in thousands) | Unrecognized Compensation Expense on Unvested Awards |  | Weighted Average Remaining Amortization Period
Stock options | $ | 10,528 |  |  | 3.0 years
Restricted stock | 37,634 |  |  | 3.6 years
Performance vested restricted stock units | 28,545 |  |  | 2.5 years
Total | $ | 76,707 |  |  |

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