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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Assumptions Used in Determining Fair Value of Option Awards

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

 

 

 

 

 

 

2022

 

 

 

2021

 

 

 

2020

 

Risk-free interest rate

 

 

 

 

1.86

%

 

 

.71

%

 

 

1.54

%

Expected volatility

 

 

 

 

26

%

 

 

26

%

 

 

23

%

Expected dividend yield

 

 

 

 

4.3

%

 

 

3.6

%

 

 

4.1

%

Expected term

 

 

 

6 years

 

 

6 years

 

 

6 years

 

Weighted average grant date fair value of options per share

 

 

 

$

9.70

 

 

$

9.48

 

 

$

6.68

 
Activity Under Company's Stock Plans

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

 

 

 

 

 

 

2022

 

 

 

2021

 

 

 

2020

 

Intrinsic value of options exercised

 

 

 

$

17.8

 

 

$

25.4

 

 

$

26.9

 

Cash received from stock option exercises

 

 

 

 

35.8

 

 

 

38.4

 

 

 

53.8

 

Tax benefit related to stock award exercises

 

 

 

 

2.6

 

 

 

4.9

 

 

 

3.8

 

Stock-based compensation

 

 

 

 

17.1

 

 

 

14.7

 

 

 

13.0

 

Tax benefit related to stock-based compensation

 

 

 

 

1.7

 

 

 

1.6

 

 

 

1.6

 
Stock Option Activity

The summary of options as of December 31, 2022 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

 

 

4,316,800

 

 

$

47.27

 

 

 

 

 

 

 

 

 

Granted

 

 

858,000

 

 

 

62.75

 

 

 

 

 

 

 

 

 

Exercised

 

 

(846,700

)

 

 

42.31

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(122,900

)

 

 

58.15

 

 

 

 

 

 

 

 

 

Options outstanding at December 31

 

 

4,205,200

 

 

$

51.10

 

 

 

6.37

 

 

$

62.6

 

Vested and expected to vest

 

 

4,094,000

 

 

$

50.79

 

 

 

6.30

 

 

$

62.2

 

Exercisable

 

 

1,843,200

 

 

$

42.01

 

 

 

4.13

 

 

$

44.2

 

*

Weighted Average

 
Nonvested Restricted Shares Activity The summary of nonvested restricted shares as of December 31, 2022 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

 

 

 

 

 

 

231,800

 

 

$

53.44

 

Granted

 

 

 

 

 

 

162,800

 

 

62.27

 

Vested

 

 

 

 

 

 

(153,100

)

 

52.97

 

Nonvested awards outstanding at December 31

 

 

 

 

 

 

241,500

 

 

$

59.69

 

*

Weighted Average

Dilutive and Antidilutive Options

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

 

Year Ended December 31,

 

 

2022

 

 

 

2021

 

 

 

2020

 

Additional shares

 

 

769,100

 

 

 

973,300

 

 

 

911,700

 

Antidilutive options

 

 

1,653,600

 

 

 

883,800

 

 

 

1,029,200