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Stock Options and Employee Stock Purchase Plan (Tables)
12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
Stock Options Activity
Stock option activity for the years ended December 31, 2020, 2019 and 2018 is summarized as follows:
Number of Shares
Weighted-Average
Exercise Price
Weighted-Average Remaining Contractual Life (In Years)
  Aggregate Intrinsic Value
Options outstanding at January 1, 2018375,675 $31.30 
      Granted400,000 75.03 
      Exercised(67,898)22.68 
      Canceled— — 
Options outstanding at December 31, 2018707,777 $56.84 
      Granted— — 
      Exercised(189,436)32.39 
      Canceled— — 
Options outstanding at December 31, 2019518,341 $65.77 
      Granted— — 
      Exercised(42,740)23.11 
      Canceled— — 
Options outstanding at December 31, 2020475,601 $69.61 6.2$13,355,721
Exercisable at December 31, 2020175,601 $60.35 4.7$6,557,721
Vested and expected to vest at December 31, 2020393,281 $68.47 6.0$11,490,350
Summarized Information Concerning Outstanding and Exercisable Options
The following table summarizes information concerning outstanding and exercisable options as of December 31, 2020:
Options OutstandingExercisable Options
Range of
Exercise Prices
Number Outstanding December 31, 2020
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
Number
Exercisable
December 31,
2020
Weighted
Average
Exercise
Price
$29.3445,351 0.36 years$29.34 45,351 $29.34 
29.537,250 1.17 years29.53 7,250 29.53 
67.3523,000 4.35 years67.35 23,000 67.35 
75.03400,000 7.00 years75.03 100,000 75.03 
$29.34 - $75.03
475,601 6.15 years$69.61 175,601 $60.35 
Valuation Assumptions of Stock Options Granted
The weighted-average fair values of stock options granted have been estimated utilizing the following assumptions:
Years ended December 31,
202020192018
Risk-free interest rate—%—%2.4%
Expected term (in years)0.00.06.7
Dividend yield—%—%2.2%
Expected volatility—%—%29.2%
Weighted average volatility—%—%29.2%
Valuation Assumptions of Market-based Restricted Stock Awards Granted
The weighted-average fair values of market-based restricted stock awards granted have been estimated utilizing the following assumptions:
December 31, 2020December 31, 2019December 31, 2018
Underlying stock price at valuation date$91.17 $84.58 $82.11 
Expected volatility27.0 %28.3 %28.4 %
Risk-free interest rate0.7 %2.5 %2.9 %
Restricted Stock and Restricted Stock Unit Award Activity Restricted stock award activity for the years ended December 31, 2020, 2019 and 2018 is set forth below:
SharesWeighted-Average
Grant-Date
Fair Value
Nonvested at January 1, 2018605,566 $51.57 
Granted830,256 63.55 
Vested(157,972)61.29 
Canceled(70,839)74.84 
Nonvested at December 31, 20181,207,011 $64.82 
Granted187,773 79.00 
Vested(172,884)73.65 
Canceled(116,841)72.58 
Nonvested at December 31, 20191,105,059 $64.76 
Granted1,268 98.63 
Vested(264,172)70.25 
Canceled(21,589)79.34 
Nonvested at December 31, 2020820,566 $62.66 
Restricted stock unit activity for the years ended December 31, 2020, 2019 and 2018 is set forth below:
Number of
Shares
Weighted-Average
Remaining
Contractual
Life (in Years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 201838,400 
Granted20,044 
Vested(11,540)
Canceled(5,673)
Outstanding at December 31, 201841,231 
Granted3,844 
Vested(12,343)
Canceled(11,858)
Outstanding at December 31, 201920,874   
Granted210,630   
Vested(9,029)  
Canceled(12,691)  
Outstanding at December 31, 2020209,784 3.5$20,493,799 
Vested and expected to vest at December 31, 2020135,944 2.7$13,280,344