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Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2021

The assumptions used in determining the fair value of the option awards for each of the grant years are as follows:

		2021			2020			2019
Risk-free interest rate		.71	%		1.54	%		2.55	%
Expected volatility		26	%		23	%		23	%
Expected dividend yield		3.6	%		4.1	%		4.9	%
Expected term	6 years			6 years			6 years
Weighted average grant date fair value of options per share	$	14.22		$	10.02		$	8.26

A summary of activity under the Company’s stock plans is presented below:

		2021		2020		2019
Intrinsic value of options exercised	$	25.4	$	26.9	$	31.9
Cash received from stock option exercises		38.4		53.8		60.9
Tax benefit related to stock award exercises		4.9		3.8		3.8
Stock-based compensation		14.7		13.0		15.1
Tax benefit related to stock-based compensation		1.6		1.6		1.9

The summary of options as of December 31, 2021 and changes during the year then ended are presented below:

				PER SHARE		REMAINING		AGGREGATE
	NUMBER			EXERCISE		CONTRACTUAL		INTRINSIC
	OF SHARES			PRICE*		LIFE IN YEARS*		VALUE
Options outstanding at January 1		3,116,500		$	64.34
Granted		569,600			91.89
Exercised		(681,100	)		57.21
Cancelled		(127,100	)		77.10
Options outstanding at December 31		2,877,900		$	70.90		6.51	$	51.9
Vested and expected to vest		2,806,400		$	70.52		6.46	$	51.5
Exercisable		1,109,400		$	61.36		4.10	$	29.9

*	Weighted Average

The summary of nonvested restricted shares as of December 31, 2021 and changes during the year then ended is presented below:

	NUMBER			GRANT DATE
NONVESTED SHARES	OF SHARES			FAIR VALUE*
Nonvested awards outstanding at January 1		142,400		$	70.49
Granted		102,000			90.76
Vested		(87,000	)		76.39
Forfeited		(2,900	)		91.89
Nonvested awards outstanding at December 31		154,500		$	80.16

*	Weighted Average

The dilutive and antidilutive options are shown separately in the table below: