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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based Compensation Compensation cost included in income from continuing operations, primarily selling, general and administrative expense, and the income tax benefit recognized for our share-based compensation arrangements is included below:
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands)
Total share-based compensation cost | $ | 21,024 |  |  | $ | 23,454 |  |  | $ | 22,627 |
Income tax benefit | 5,004 |  |  | 5,582 |  |  | 5,385 |
We currently have outstanding stock appreciation rights (SARs), restricted stock units with service vesting conditions, restricted stock units with performance vesting conditions, and restricted stock units with market conditions. We grant SARs with an exercise price equal to the closing market price of our common stock on the grant date. Generally, SARs may be converted into shares of our common stock in equal amounts on each of the first three anniversaries of the grant date and expire 10 years from the grant date. Certain awards provide for accelerated vesting in certain circumstances, including following a change in control of the Company. Restricted stock units with service conditions generally vest 3-5 years from the grant date. Restricted stock units issued based on the attainment of the performance conditions generally vest on the second or third anniversary of their grant date. Restricted stock units issued based on the attainment of market conditions generally vest on the third anniversary of their grant date. We recognize compensation cost for all awards based on their fair values. The fair values for SARs are estimated on the grant date using the Black-Scholes-Merton option-pricing formula which incorporates the assumptions noted in the following table. Expected volatility is based on historical volatility, and expected term is based on historical exercise patterns of SAR holders. The fair value of restricted stock units with service vesting conditions or performance vesting conditions is the closing market price of our common stock on the date of grant. We estimate the fair value of certain restricted stock units with market conditions using a Monte Carlo simulation valuation model with the assistance of a third party valuation firm. Compensation costs for awards with service conditions are amortized to expense using the straight-line method. Compensation costs for awards with performance conditions and graded vesting are amortized to expense using the graded attribution method.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In thousands, except weighted average fair value and assumptions)
Weighted-average fair value of SARs granted | $ | 39.44 |  |  | $ | 21.85 |  |  | $ | 18.30 |
Total intrinsic value of SARs exercised | 12,229 |  |  | 4,384 |  |  | 1,581 |
Tax benefit from SARs exercised | 660 |  |  | 678 |  |  | 327 |
Weighted-average fair value of restricted stock units granted | 95.32 |  |  | 61.61 |  |  | 51.76 |
Total fair value of restricted stock units vested | 19,821 |  |  | 16,830 |  |  | 12,623 |
Expected volatility | 43.45 | % |  | 43.00 | % |  | 45.34 | %
Expected term (in years) | 5.7 |  | 5.6 |  | 5.7
Risk-free rate | 4.26 | % |  | 1.89 | % |  | 0.70 | %
Dividend yield | 0.23 | % |  | 0.37 | % |  | 0.44 | %
| SARs |  | Restricted Stock Units
| Number |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Term |  | Aggregate Intrinsic Value |  | Number |  | Weighted- Average Grant-Date Fair Value
| (In thousands, except exercise prices, fair values, and contractual terms)
Outstanding at January 1, 2023 | 958 |  |  | $ | 64.13 |  |  | 4.8 |  | $ | 10,017 |  |  | 897 |  |  | $ | 54.59 |
Granted | 115 |  |  | 85.77 |  |  |  |  |  |  | 410 |  |  | 95.32 |
Exercised or converted | (576) |  |  | 67.85 |  |  |  |  |  |  | (398) |  |  | 49.77 |
Forfeited or expired | (84) |  |  | 63.97 |  |  |  |  |  |  | (210) |  |  | 59.98 |
Outstanding at December 31, 2023 | 413 |  |  | $ | 64.97 |  |  | 6.6 |  | $ | 6,220 |  |  | 699 |  |  | $ | 71.95 |
Exercisable or convertible at December 31, 2023 | 213 |  |  | $ | 61.16 |  |  | 4.8 |  | $ | 3,684 |  |  |  |  |
At December 31, 2023, the total unrecognized compensation cost related to all nonvested awards was $31.5 million. That cost is expected to be recognized over a weighted-average period of 2.0 years. Historically, we have issued treasury shares, if available, to satisfy award c onversions and exercises.

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