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Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Stock-Based Compensation Expense
Stock-based compensation expense was as follows:
(In thousands)202120202019
Restricted stock units$5,797 $6,258 $6,914 
Stock options81 113 487 
Performance stock units13,030 549 6,359 
Total stock-compensation expense before income taxes18,908 6,920 13,760 
Income tax benefit4,633 1,668 3,357 
Total stock-compensation expense, net of income tax benefit$14,275 $5,252 $10,403 
Schedule of Fair Value Weighted Average Assumptions for Options Granted
The Company utilized the Black-Scholes valuation model for estimating the fair value of stock option expense with the following weighted average assumptions. There were no stock options granted in 2021 or 2020.
2019
Fair value per option$59.07 
Risk-free interest rate2.3 %
Expected dividend yield1.7 %
Expected volatility31 %
Expected life (years)6.4
Summary of Option Activity
A summary of option activity follows:
SharesWeighted
Average
Exercise Price		Exercisable at
Year-end
Outstanding January 1, 2019735,001 $43.79 
Granted23,285 43.54 
Exercised(198,535)38.16 
Forfeited(95)49.19 
Outstanding December 31, 2019559,656 45.78 552,682 
Exercised(274,704)45.31 
Forfeited(954)42.00 
Outstanding December 31, 2020283,998 46.23 281,593 
Exercised(122,087)47.25 
Forfeited(210)43.75 
Outstanding December 31, 2021161,701 $45.47 161,347 
Characteristics of Outstanding and Exercisable Stock Options
For various exercise price ranges, characteristics of outstanding and exercisable stock options at December 31, 2021 were as follows:
Stock Options Outstanding
Range of Exercise PricesSharesWeighted-Average
Exercise PriceRemaining Life
$33.01 – $45.00
126,985 $44.46 2.04
$45.01 – $57.93
34,716 49.18 2.79
$33.01 – $57.93
161,701 $45.47 2.20
 Stock Options Exercisable
Range of Exercise PricesSharesWeighted-Average
Exercise PriceRemaining Life
$33.01 – $45.00
126,985 $44.46 2.04
$45.01 – $57.93
34,362 49.17 2.75
$33.01 – $57.93
161,347 $45.46 2.19
Summary of Restricted Stock Unit Activity
A summary of restricted stock unit activity follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested January 1, 2019205,449 $68.97 
Granted70,160 104.53 
Vested(97,253)56.47 
Forfeited(5,655)85.48 
Unvested at December 31, 2019172,701 90.38 
Granted51,468 124.61 
Vested(70,399)81.58 
Forfeited(7,579)106.54 
Unvested at December 31, 2020146,191 105.83 
Granted43,146 167.13 
Vested(65,225)95.43 
Forfeited(5,769)132.54 
Unvested at December 31, 2021118,343 $132.62 
Summary of Performance Stock Unit Activity
A summary of performance stock unit activity follows:
SharesWeighted Average
Grant Date
Fair Value
Unvested at January 1, 2019218,886 $68.43 
Granted83,819 101.03 
Vested(139,478)44.75 
Performance adjustments76,960 44.24 
Forfeited(2,152)99.82 
Unvested at December 31, 2019238,035 85.39 
Granted67,479 127.48 
Vested(132,036)73.00 
Performance adjustments33,499 72.36 
Forfeited(6,765)111.60 
Unvested at December 31, 2020200,212 104.69 
Granted52,309 175.59 
Vested(64,543)85.41 
Performance adjustments5,357 88.45 
Unvested at December 31, 2021193,335 $129.86