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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Expense Total stock-based compensation expense was as follows:

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

 

(In thousands)

 

Employees

 

 

 

 

 

 

 

 

 

 

 

Restricted stock, restricted stock units, performance shares
   and performance stock units

$

 

24,205

 

 

$

 

24,593

 

 

$

 

23,041

 

Stock options

 

 

3,592

 

 

 

 

3,583

 

 

 

 

2,961

 

 

 

 

27,797

 

 

 

 

28,176

 

 

 

 

26,002

 

Non-employee directors

 

 

 

 

 

 

 

 

 

 

 

Restricted stock and restricted stock units

 

 

1,393

 

 

 

 

1,688

 

 

 

 

1,312

 

Total stock-based compensation

$

 

29,190

 

 

$

 

29,864

 

 

$

 

27,314

 

 

 

 

 

 

 

 

 

 

 

 

 

Assumptions Used for the Black-Scholes Option-Pricing Model to Determine the Per Share Weighted Average Fair Value for Options Granted The following table represents the assumptions used for the Black-Scholes option-pricing model to determine the per share weighted-average fair value for options granted, excluding the two awards based on the Monte Carlo model discussed below:

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Expected life (years)

 

5.0

 

 

 

5.0

 

 

 

5.0

 

Risk-free interest rate

 

3.6

%

 

 

1.5

%

 

 

0.4

%

Expected volatility

 

35.8

%

 

 

32.6

%

 

 

31.2

%

Expected dividend yield

 

0.8

%

 

 

0.7

%

 

 

0.4

%

 

 

 

 

 

 

 

 

 

 

Stock Option Activity

The following table reports stock option activity during the years ended December 31, 2023, 2022 and 2021 and the intrinsic value as of December 31, 2023, 2022 and 2021:

 

Number
of Shares

 

 

Weighted-Average Exercise Price ($)

 

 

Remaining
Contractual Term

 

 

Intrinsic Value ($)

 

 

 

 

 

 

 

 

 

 

 

 

(In thousands)

 

 

Outstanding at December 31, 2020

 

387,372

 

 

 

223.60

 

 

 

 

 

 

 

 

Granted

 

17,897

 

 

 

517.88

 

 

 

 

 

 

 

 

Canceled

 

(616

)

 

 

394.77

 

 

 

 

 

 

 

 

Exercised

 

(91,900

)

 

 

107.05

 

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

312,753

 

 

 

274.35

 

 

 

 

 

 

 

 

Granted

 

23,904

 

 

 

352.15

 

 

 

 

 

 

 

 

Canceled

 

(1,646

)

 

 

421.08

 

 

 

 

 

 

 

 

Exercised

 

(28,758

)

 

 

157.08

 

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

306,253

 

 

 

290.65

 

 

 

 

 

 

 

 

Granted

 

13,908

 

 

 

358.53

 

 

 

 

 

 

 

 

Canceled

 

(551

)

 

 

382.12

 

 

 

 

 

 

 

 

Exercised

 

(5,653

)

 

 

166.34

 

 

 

 

 

 

761

 

 

Outstanding at December 31, 2023

 

313,957

 

 

 

295.74

 

 

 

1.1

 

 

 

6,214

 

 

Exercisable at December 31, 2023

 

202,562

 

 

 

285.35

 

 

 

0.7

 

 

 

5,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Estimate, Target and Maximum Performance Share Payouts

The following table reports the Company's performance payout estimates for three-year performance period awards as of December 31, 2023, as well as the target and maximum share payouts for each award date granted:

Award Date

 

2023 Estimate

 

 

Target

 

 

Maximum

 

January 15, 2021

 

 

4,739

 

 

 

12,185

 

 

 

24,370

 

August 1, 2021

 

 

437

 

 

 

1,070

 

 

 

2,140

 

January 31, 2022

 

 

11,343

 

 

 

18,155

 

 

 

36,310

 

March 1, 2022

 

 

2,490

 

 

 

3,986

 

 

 

7,972

 

February 15, 2023

 

 

14,178

 

 

 

18,263

 

 

 

36,526

 

 

 

 

 

 

 

 

 

 

 

Restricted Stock, Restricted Stock Unit, Performance Share and Performance Stock Unit Activity

The following table reports restricted stock, restricted stock unit, performance share and performance stock unit activity during the years ended December 31, 2023, 2022 and 2021:

 

 

Number of Restricted Shares

 

 

Weighted-Average Grant Date Fair Value

 

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

230,647

 

 

$

224.63

 

Granted

 

 

47,142

 

 

 

 

Performance share pay-out

 

 

 

 

 

 

Canceled

 

 

(3,911

)

 

 

 

Vested

 

 

(111,268

)

 

 

 

Outstanding at December 31, 2021

 

 

162,610

 

 

$

316.56

 

Granted

 

 

72,861

 

 

 

 

Performance share pay-out

 

 

 

 

 

 

Canceled

 

 

(8,513

)

 

 

 

Vested

 

 

(64,602

)

 

 

 

Outstanding at December 31, 2022

 

 

162,356

 

 

$

321.04

 

Granted

 

 

90,242

 

 

 

 

Performance share pay-out

 

 

12,145

 

 

 

 

Canceled

 

 

(5,272

)

 

 

 

Vested

 

 

(98,927

)

 

 

 

Outstanding at December 31, 2023

 

 

160,544

 

 

$

346.15