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Stock-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2023
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,
|  |  |  |  | 2023 |  | 2022
|  |  |  | (In millions)
Equity classified awards expense |  |  |  |  | $ | 1.8 |  |  | $ | 4.4 |
Liability classified awards expense |  |  |  |  | 0.7 |  |  | 0.4 |
Total stock-based compensation expense |  |  |  |  | $ | 2.5 |  |  | $ | 4.8 |
Schedule of Stock Option Valuation Assumptions | The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the three months ended March 31, 2023:
Risk-free interest rate | 4.4 | %
Historical volatility | 70.9 | %
Dividend yield | 2.7 | %
Expected years until exercise | 4.5
Fair value of options granted | $37.35
Schedule of Stock Option Activity | Stock option balances at March 31, 2023, and activity for the three months ended March 31, 2023 were as follows:
|  | Number of Shares Under Option |  | Weighted Average Exercise Price Per Share |  | Weighted Average Remaining Contractual Term (in Years) |  | Aggregate Intrinsic Value (in Millions)
Outstanding at December 31, 2022 |  | 539,575 |  |  | $ | 75.65 |  |  |  |  |
Granted |  | 72,291 |  |  | 74.94 |  |  |  |  |
Exercised |  | (10,568) |  |  | 55.36 |  |  |  |  |
Expired |  | (472) |  |  | 72.28 |  |  |  |  |
Forfeited |  | (19,621) |  |  | 79.38 |  |  |  |  |
Outstanding at March 31, 2023 |  | 581,205 |  |  | 75.80 |  |  | 5.3 |  | $ | 1.8 |
Vested at March 31, 2023 and Expected to Vest |  | 561,092 |  |  | 75.88 |  |  | 5.1 |  | $ | 1.8 |
Exercisable at March 31, 2023 |  | 437,962 |  |  | $ | 76.59 |  |  | 4.0 |  | $ | 1.7 |
Schedule of Restricted Stock Unit Activity | Outstanding balances as of March 31, 2023, and activity related to restricted stock and restricted stock units for the three months ended March 31, 2023 were as follows:
|  | Shares of Restricted Stock |  | Weighted Average Grant Date Fair Value |  | Stock-Settled Restricted Stock Units |  | Weighted Average Grant Date Fair Value
Outstanding at December 31, 2022 |  | 355,900 |  |  | $ | 73.57 |  |  | 123,895 |  |  | $ | 62.11 |
Granted |  | 184,392 |  |  | 75.05 |  |  | 18,856 |  |  | 74.94 |
Released |  | (121,935) |  |  | 77.11 |  |  | (46,228) |  |  | 63.66 |
Forfeited |  | (31,735) |  |  | 73.54 |  |  | (39,294) |  |  | 77.23 |
Outstanding at March 31, 2023 |  | 386,622 |  |  | $ | 73.16 |  |  | 57,229 |  |  | $ | 54.49 |

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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + 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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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