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Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2022
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, 2022:
SharesWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2021
360,169 $98.19 6.6$48,833 
Granted57,348 191.95 
Exercised(32,581)73.54 
Outstanding at December 31, 2022
384,936 $114.24 6.3$39,501 
Exercisable at December 31, 2022
194,393 $89.29 4.6$24,798 
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, 2022, 2021 and 2020 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
Year Ended December 31,
202220212020
Dividend yield1.32 %1.43 %1.69 %
Volatility36.21 %36.19 %32.65 %
Average expected life (years)666
Risk-free interest rate1.97 %1.44 %1.13 %
Fair value of options granted$63.00 $49.42 $22.14 
The calculation used the following weighted-average assumptions:
Year Ended December 31,
202220212020
Volatility51.51 %47.13 %33.66 %
Risk-free interest rate1.72 %0.27 %0.85 %
Activity in Performance Unit Awards The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2022:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period224,903 $121.39 
Granted64,106 204.60 
Vested(60,639)118.91 
Forfeited(3,822)137.12 
Nonvested, end of period224,548 140.44 
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, 2022:
SharesWeighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period309,254 $92.52 
Granted74,887 205.45 
Vested(75,643)90.26 
Forfeited(7,545)140.13 
Nonvested, end of period300,953 120.09