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Stockholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2021
Summary of Fair Value of Valuation Assumptions

The fair value of each stock option granted was estimated on the date of grant using the Black-Scholes valuation model that uses the following weighted-average assumptions:

 

 

 

Years Ended December 31,

 

 

 

2021

 

2020

 

Expected term (in years)

 

6.0 - 6.5

 

 

6.0

 

Expected volatility factor

 

43.11% - 42.16%

 

 

30.37

%

Risk free interest rate

 

0.66% - 0.75%

 

 

1.42

%

Expected dividend yield

 

0.80% - 0.82%

 

 

1.95

%
Summary of Stock Option Activity

The following table summarizes the stock option activity under the Company’s plan for the year ended December 31, 2021:

 

 

 

Weighted
Average
Remaining
Contractual
Life in Years

 

 

Options
(In thousands)

 

 

Weighted-average
grant date fair
value

 

 

Aggregate
Intrinsic
Value
(In millions)

 

Outstanding at January 1, 2021

 

 

 

 

 

460.7

 

 

$

32.48

 

 

 

 

Granted

 

 

 

 

 

124.7

 

 

 

59.40

 

 

 

 

Exercised

 

 

 

 

 

(72.2

)

 

 

30.72

 

 

 

 

Canceled/Forfeited

 

 

 

 

 

(13.2

)

 

 

39.43

 

 

 

 

Outstanding at December 31, 2021

 

 

8.0

 

 

 

500.0

 

 

$

39.26

 

 

$

7.1

 

Exercisable at December 31, 2021

 

 

7.8

 

 

 

231.3

 

 

$

35.83

 

 

$

3.9

 

Unvested and expected to vest at December 31, 2021

 

 

8.2

 

 

 

254.4

 

 

$

42.02

 

 

$

3.1

 
Summary of Restricted Stock Unit Activity

The following table summarizes the Restricted Stock Unit (“RSU”) activity under the Company’s plan for the year ended December 31, 2021:

 

 

 

Shares
(In thousands)

 

 

Weighted-average
grant date fair
value

 

 

Aggregate
Intrinsic
Value
(In millions)

 

Unvested at January 1, 2021

 

 

515.8

 

 

$

35.26

 

 

 

 

Granted

 

 

158.1

 

 

 

59.32

 

 

 

 

Vested

 

 

(221.3

)

 

 

38.40

 

 

 

 

Canceled/Forfeited

 

 

(32.1

)

 

 

40.50

 

 

 

 

Unvested at December 31, 2021

 

 

420.5

 

 

$

42.21

 

 

$

21.7

 
Summary of Performance Share Awards Activity

 

 

 

Shares
(In thousands)

 

 

Weighted-average
grant date fair
value

 

 

Aggregate
Intrinsic
Value
(In millions)

 

Unvested at January 1, 2021

 

 

268.0

 

 

$

36.21

 

 

 

 

Granted

 

 

63.7

 

 

 

63.03

 

 

 

 

Vested

 

 

(28.3

)

 

 

45.80

 

 

 

 

Canceled/Forfeited

 

 

(16.9

)

 

 

51.25

 

 

 

 

Unvested at December 31, 2021

 

 

286.5

 

 

$

40.23

 

 

$

14.8

 
Performance Share Awards  
Summary of Fair Value of Valuation Assumptions

The fair value of PSAs is determined utilizing the Monte Carlo simulation model. The following weighted-average assumptions were used in the Monte Carlo simulation model, which were based on historical data and standard industry valuation practices and methodology:

 

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

PSA fair value per share

 

$

64.43

 

 

$

34.35

 

Expected volatility factor

 

 

55.85

%

 

 

34.23

%

Risk free interest rate

 

 

0.18

%

 

 

1.35

%

Expected dividend yield

 

 

0.00

%

 

 

0.00

%