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Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Fixed-Price Stock Options The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2021:
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2020
599,841 $73.24 5.6$44,554 
Granted62,479 157.21 
Exercised(302,151)60.87 
Outstanding at December 31, 2021
360,169 $98.19 6.6$48,833 
Exercisable at December 31, 2021
157,724 $85.29 4.6$23,419 
Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted The fair value of each option granted during the years ended December 31, 2021, 2020 and 2019 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Year Ended December 31,
202120202019
Dividend yield1.43 %1.69 %1.58 %
Volatility36.19 %32.65 %32.50 %
Average expected life (years)666
Risk-free interest rate1.44 %1.13 %2.81 %
Fair value of options granted$49.42 $22.14 $27.71 
The calculation used the following weighted-average assumptions:
Year Ended December 31,
202120202019
Volatility47.13 %33.66 %30.11 %
Risk-free interest rate0.27 %0.85 %2.43 %
Activity in Performance Unit Awards The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2021:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period226,808 $116.54 
Granted63,648 157.21 
Vested(37,783)155.65 
Forfeited(27,770)117.27 
Nonvested, end of period224,903 121.39 
Activity in Non-Performance Based Restricted Stock Awards The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2021:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period326,744 $79.48 
Granted66,432 159.89 
Vested(69,937)93.61 
Forfeited(13,985)101.98 
Nonvested, end of period309,254 92.52