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Stock Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Stock Options Activity
Stock option activity for the years ended December 31, 2021, 2020 and 2019 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, 2019707,777 $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 
      Granted— — 
      Exercised(70,776)41.63 
      Canceled— — 
Adjustment due to Consensus Separation (1)
35,749 $68.25 
Options outstanding at December 31, 2021440,574 $68.45 5.93$18,683,104
Exercisable at December 31, 2021168,614 $67.62 5.81$7,290,699
Vested and expected to vest at December 31, 2021440,574 $68.45 5.93$18,683,104
(1) As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2007 Plan and the 2015 Plan, the number of shares underlying each stock option outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the related exercise price for the stock options was divided by a factor of approximately 1.09, which was intended to preserve the intrinsic value of the awards prior to the Separation.
Summarized Information Concerning Outstanding and Exercisable Options
The following table summarizes information concerning outstanding and exercisable options as of December 31, 2021:
Options OutstandingExercisable Options
Range of
Exercise Prices
Number Outstanding December 31, 2021
Weighted
Average
Remaining
Contractual
Life
Weighted
Average
Exercise
Price
Number
Exercisable
December 31,
2021
Weighted
Average
Exercise
Price
$27.155,439 0.17 years$27.15 5,439 $27.15 
68.97435,135 6.00 years68.97 163,175 68.97 
$27.15 - $68.97
440,574 5.93 years$68.45 168,614 $67.62 
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, 2021December 31, 2020December 31, 2019
Underlying stock price at valuation date$113.27 $91.17 $84.58 
Expected volatility30.3 %27.0 %28.3 %
Risk-free interest rate1.3 %0.7 %2.5 %
Restricted Stock and Restricted Stock Unit Award Activity Restricted stock award activity for the years ended December 31, 2021, 2020 and 2019 is set forth below:
SharesWeighted-Average
Grant-Date
Fair Value
Nonvested at January 1, 20191,207,011 $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 
Granted— — 
Vested(435,529)60.52 
Canceled(33,194)83.23 
Adjustment due to Consensus Separation (1)
32,120 74.62 
Nonvested at December 31, 2021383,963 $41.45 
(1) As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2007 Plan and the 2015 Plan, the number of shares underlying each restricted stock award outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the market condition stock price target for marked-based restricted stock awards was also adjusted.
Restricted stock unit activity for the years ended December 31, 2021, 2020 and 2019 is set forth below:
Number of
Shares
Weighted-Average
Remaining
Contractual
Life (in Years)
Aggregate
Intrinsic
Value
Outstanding at January 1, 201941,231 
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   
Granted319,345   
Vested(124,761)  
Canceled(60,201)  
Adjustment due to Consensus Separation (1)
16,576 
Outstanding at December 31, 2021360,743 2.71$39,991,969 
Vested and expected to vest at December 31, 2021360,743 2.71$39,991,969 
(1) As noted above, in connection with the Consensus separation and pursuant to the anti-dilution provisions of the 2007 Plan and the 2015 Plan, the number of shares underlying each restricted stock unit outstanding as of the date of the Separation was multiplied by a factor of approximately 1.09 and the market condition stock price target for marked-based restricted stock units was also adjusted.
Valuation Assumptions of Stock Options Granted
The compensation expense related to the Purchase Plan has been estimated utilizing the following assumptions:
December 31, 2021December 31, 2020December 31, 2019
Risk-free interest rate0.05%0.73%2.31%
Expected term (in years)0.50.50.5
Dividend yield0.00%0.00%1.02%
Expected volatility35.00%25.33%24.63%
Weighted average volatility35.00%25.33%24.63%