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Share-Based Compensation and Capital Stock | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation and Capital Stock | Share-Based Compensation and Capital Stock The components of the Company’s pretax share-based compensation activity are as follows for the three months ended March 31, 2023 and 2022:
| Three Months Ended March 31, |  |
(in thousands) | 2023 |  | 2022 |  |  |  |
Stock options | $ | 1,388 |  |  | $ | 1,052 |  |  |  |  |
Restricted stock awards | 3,699 |  |  | 3,043 |  |  |  |  |
Performance vested restricted stock units | 4,684 |  |  | 3,354 |  |  |  |  |
Total share-based compensation expense | $ | 9,771 |  |  | $ | 7,449 |  |  |  |  |
A summary of share-based award activity as of and changes during the three months ended March 31, 2023 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, 2023 | 1,010,647 |  |  | $ | 94.97 |  |  |  |  | 399,099 |  |  | $ | 128.47 |  |  | 437,180 |  |  | $ | 140.05 |
Granted | 88,733 |  |  | 123.62 |  |  |  |  | 35,361 |  |  | 123.71 |  |  | 104,128 |  |  | 128.88 |
Performance-Based Leveraging (1) | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised/Vested | (107,252) |  |  | 52.25 |  |  |  |  | (68,432) |  |  | 93.31 |  |  | (120,308) |  |  | 145.41 |
Expired | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
Forfeited | (645) |  |  | 123.71 |  |  |  |  | (4,201) |  |  | 106.66 |  |  | (960) |  |  | 139.95 |
Outstanding at March 31, 2023 | 991,483 |  |  | $ | 102.13 |  |  | 6.3 |  | 361,827 |  |  | $ | 134.91 |  |  | 420,040 |  |  | $ | 135.78 |
Options exercisable at March 31, 2023 | 596,997 |  |  | $ | 90.05 |  |  | 4.8 |  |  |  |  |  |  |  |
(1) There has been no change to PVRSUs outstanding in the three months ended March 31, 2023 based on the Company's performance relative to the targeted performance conditions contained in PVRSUs. The fair value of the restricted stock awards and the PVRSUs with performance conditions granted during the three months ended March 31, 2023 were equal to the market price of the Company’s common stock on date of grant. The fair value of the PVRSUs with market conditions based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the grant date. The requisite service periods for restricted stock and PVRSUs granted was between 9 months and 48 months. PVRSU award vesting ranges between 0% and 230% of the initial units granted. The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted during the three months ended March 31, 2023 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Risk-free interest rate | 4.10 | %
Expected volatility | 30.90 | %
Expected life of stock option | 6.0 years
Dividend yield | 0.9 | %
Requisite service period | 4 years
Contractual life | 10 years
Weighted average fair value of options granted (per option) | $ | 42.59 |

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