XML 57 R42.htm IDEA: XBRL DOCUMENT v3.22.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during December 31, 2021, 2020, and 2019 using a Black Scholes-Merton Model:
 
 202120202019
Directors and SLT1:
   
Expected dividend yield$0.38 $0.33 $0.32 
Expected volatility35.78 %31.63 %29.54 %
Risk-free interest rate0.51 %0.64 %2.40 %
Expected life (in years)4.005.005.00
Employees:
Expected dividend yield$0.38 $0.32 $0.32 
Expected volatility38.67 %31.39 %29.54 %
Risk-free interest rate0.32 %0.67 %2.38 %
Expected life (in years)3.005.005.00
1 Senior Leadership Team ("SLT") consists of officers and key members of management.
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of December 31, 2021:
 
Weighted
Average
Weighted
Range ofNumberRemainingAverage 
ExerciseofContractualExerciseIntrinsic
PricesSharesLifePriceValue
    (in thousands)
$8.17 - 40.87
538,335 4.84$30.32 $26,440 
$41.37 - 41.37
361,231 6.3741.37 13,748 
$42.42 - 79.81
124,098 8.1745.60 4,198 
Total1,023,664 5.79$36.07 $44,386 
 
The following is a summary of stock options vested and exercisable as of December 31, 2020:
 
Weighted
Average
Weighted
Range ofNumberRemainingAverage 
ExerciseofContractualExerciseIntrinsic
PricesSharesLifePriceValue
    (in thousands)
$7.18 - 36.95
543,646 5.33$28.33 $20,820 
$37.00 - 40.87
1,978 7.0938.50 56 
$41.37 - 66.98
194,697 7.8741.59 4,875 
Total740,321 6.00$31.85 $25,751 

The following is a summary of stock options vested and exercisable as of December 31, 2019:
 
Weighted
Average
Weighted
Range ofNumberRemainingAverage 
ExerciseofContractualExerciseIntrinsic
PricesSharesLifePriceValue
    (in thousands)
$7.18 - 34.10
451,077 5.44$23.47 $11,702 
$34.15 - 40.87
86,122 7.8236.33 1,126 
$41.37 - 50.68
1,750 1.8141.59 14 
Total538,949 5.81$21.58 $12,842 
Summary of Stock Option Activity A summary of option activity under the plans is as follows:
Weighted
Average
Exercise
OptionsSharesPrice
Outstanding at December 31, 20203,752,945 $39.00 
Granted368,501 72.95 
Exercised(595,057)35.54 
Forfeited or Expired(160,920)48.44 
Outstanding at December 31, 20213,365,469 $42.88 
Exercisable at December 31, 20211,023,664 $36.07 
Summary of Performance Share Units Assumptions
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the year ended December 31, 2021 using a Monte Carlo Model:
Year Ended
December 31, 2021
Expected dividend rate$0.38 
Expected volatility39.10 %
Risk-free interest rate0.28 %
Expected life (in years)2.80
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2020— $— 
Granted18,483 87.78 
Vested— — 
Forfeited(1,632)87.78 
Unvested at December 31, 202116,851 $87.78 
Summary of Unvested Restricted Stock Awards A summary of the unvested restricted stock awards is as follows:
Weighted
Average
Grant date
Restricted stockSharesFair Value
Unvested at December 31, 2020224,691 $38.22 
Granted36,234 69.46 
Vested(91,923)35.80 
Forfeited(7,777)49.27 
Unvested at December 31, 2021161,225 $46.08 
A summary of the unvested Key Employee Awards is as follows:
SharesWeighted Average Grant Date Fair Value
Unvested at December 31, 2020— $— 
Granted26,599 80.18 
Vested— — 
Forfeited— — 
Unvested at December 31, 202126,599 $80.18 
Summary of Grant Date Fair Value of Awards During Period
 202120202019
Grant date fair value of awards during the period:(in thousands)
Options$7,010 $12,615 $20,442 
Restricted stock2,517 3,316 4,631 
PSUs1,622 — — 
Key employee awards1,572 — — 
     Total$12,721 $15,931 $25,073 
Summary of Share-Based Compensation Expense
202120202019
Share-based compensation expense:(in thousands)
Options$8,724 $8,312 $9,145 
Restricted stock2,519 3,030 2,654 
PSUs525 — — 
Key employee awards 44 — — 
     Total$11,812 $11,342 $11,799 
Summary of Income Tax Benefit Related to Share-Based Compensation
202120202019
Income tax benefit related to share-based compensation:(in thousands)
Options$4,571 $2,698 $1,197 
Restricted stock837 519 575 
     Total$5,408 $3,217 $1,772