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Stock-Based Compensation (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (In millions)
Equity classified awards expense | $ | 3.5 |  |  | $ | 4.0 |  |  | $ | 5.3 |  |  | $ | 8.4 |
Liability classified awards (credit) expense | (1.3) |  |  | 1.0 |  |  | (0.6) |  |  | 1.4 |
Total stock-based compensation expense | $ | 2.2 |  |  | $ | 5.0 |  |  | $ | 4.7 |  |  | $ | 9.8 |
Schedule of Stock Option Valuation Assumptions | The following table summarizes the assumptions used in the Black-Scholes model for stock options granted during the six months ended June 30, 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 June 30, 2023, and activity for the six months ended June 30, 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 |  | (69,443) |  |  | 54.90 |  |  |  |  |
Expired |  | (55,879) |  |  | 82.17 |  |  |  |  |
Forfeited |  | (20,375) |  |  | 79.22 |  |  |  |  |
Outstanding at June 30, 2023 |  | 466,169 |  |  | 77.69 |  |  | 6.2 |  | $ | 0.3 |
Vested at June 30, 2023 and Expected to Vest |  | 449,236 |  |  | 77.84 |  |  | 6.1 |  | $ | 0.3 |
Exercisable at June 30, 2023 |  | 325,063 |  |  | $ | 57.61 |  |  | 5.1 |  | $ | 0.3 |
Schedule of Restricted Stock Unit Activity | Outstanding balances as of June 30, 2023, and activity related to restricted stock and restricted stock units for the six months ended June 30, 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 |  | 201,517 |  |  | 74.16 |  |  | 20,540 |  |  | 74.01 |
Released |  | (141,487) |  |  | 75.01 |  |  | (46,228) |  |  | 63.66 |
Forfeited |  | (50,180) |  |  | 73.05 |  |  | (39,294) |  |  | 77.23 |
Outstanding at June 30, 2023 |  | 365,750 |  |  | $ | 73.41 |  |  | 58,913 |  |  | $ | 54.62 |

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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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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