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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2021
Share-based Payment Arrangement [Abstract] |
Components of the Company’s Stock-Based Compensation Expense | The following table summarizes the components of stock-based compensation expense included in general and administrative expenses in the Consolidated Statements of Comprehensive Income:
|  |  | Three months ended March 31,
|  |  |  |  | 2021 |  | 2020
Total stock-based compensation expense: |  |  |  | (In millions)
Equity classified awards expense |  |  |  |  | $ | 3.1 |  |  | $ | 4.1 |
Liability classified awards expense (credit) |  |  |  |  | 1.5 |  |  | (0.6) |
Total pre-tax stock-based compensation expense |  |  |  |  | 4.6 |  |  | 3.5 |
Book income tax benefit |  |  |  |  | (1.1) |  |  | (0.9) |
Total stock-based compensation expense, net of tax |  |  |  |  | $ | 3.5 |  |  | $ | 2.6 |
Schedule of Stock Option Valuation Assumptions | The following summarizes the weighted average assumptions used in the Black-Scholes model:
Risk-free interest rate | 0.5 | %
Historical volatility | 67.7 | %
Dividend yield | — | %
Expected years until exercise | 4.5
Fair value of options granted | $39.85
Schedule of Stock Option Activity | Stock option balances at March 31, 2021, and activity for the three months ended March 31, 2021 were as follows:
|  | Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2020 |  | 1,014,670 |  |  | $ | 64.16 |  |  |  |  |
Granted |  | 91,743 |  |  | 74.57 |  |  |  |  |
Exercised |  | (428,376) |  |  | 45.48 |  |  |  |  |
Expired |  | (20,169) |  |  | 98.11 |  |  |  |  |
Forfeited |  | (36,093) |  |  | 88.46 |  |  |  |  |
Outstanding at March 31, 2021 |  | 621,775 |  |  | 76.06 |  |  | 6.7 |  | $ | 10.5 |
Vested at March 31, 2021 and Expected to Vest |  | 595,541 |  |  | 75.87 |  |  | 6.6 |  | $ | 10.2 |
Exercisable at March 31, 2021 |  | 423,603 |  |  | $ | 72.91 |  |  | 5.6 |  | $ | 8.7 |
Schedule of Restricted Stock Unit Activity | Outstanding balances as of March 31, 2021, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2021 were as follows:
|  | Restricted Stock |  | Weighted Average Grant Date Fair Value |  | Stock-Settled Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020 |  | 254,331 |  |  | $ | 76.50 |  |  | 355,570 |  |  | $ | 28.01 |
Granted |  | 110,840 |  |  | 82.44 |  |  | 68,578 |  |  | 62.92 |
Released |  | (40,416) |  |  | 66.16 |  |  | (314,713) |  |  | 22.84 |
Forfeited |  | (18,644) |  |  | 84.15 |  |  | — |  |  | — |
Outstanding at March 31, 2021 |  | 306,111 |  |  | $ | 79.55 |  |  | 109,435 |  |  | $ | 64.76 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award | The Company has granted cash-settled restricted stock units to certain employees. These instruments are recorded as liabilities at fair value as of the respective period end.
|  | Cash-Settled Restricted Stock Units
Outstanding at December 31, 2020 |  | 52,956 |
Released |  | (38,171) |
Forfeited |  | (54) |
Outstanding at March 31, 2021 |  | 14,731 |

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- Definition Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14.F) -URI http://asc.fasb.org/extlink&oid=115993241&loc=d3e301413-122809 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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