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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Activity
The following table summarizes stock option activity under our share-based plans for the year ended December 31, 2021:
 SharesWeighted Average
Exercise Price
Weighted Average
Remaining
Contractual Term
(Years)
Aggregate
Intrinsic Value
Balance at December 31, 2020884,059 $91.49   
Granted44,750 332.91   
Less: Exercised
274,253 52.64   
           Forfeited2,939 207.30   
Balance at December 31, 2021651,617 $123.98 4.93$288,028,501 
Exercisable at December 31, 2021376,780 $76.06 3.31$184,599,877 
Stock options outstanding and exercisable by exercise price range
The following table presents information about stock options outstanding and exercisable at December 31, 2021:
 Outstanding
Stock Options
Exercisable
Stock Options
Range of Exercise PricesSharesWeighted Average
Remaining
Contractual Term
(Years)
Weighted Average Exercise PriceSharesWeighted Average Exercise Price
$ 37.13 to $ 69.85218,817 2.29$59.66 218,817 $59.66 
$ 69.86 to $ 138.03257,995 5.05108.93 156,309 97.51 
$ 138.04 to $ 515.41174,805 8.05226.70 1,654 217.71 
 651,617 4.93$123.98 376,780 $76.06 
Summary of cash proceeds and tax benefits realized from stock option exercise.
The following table summarizes the cash proceeds and tax benefits realized from the exercise of stock options:
 Year Ended December 31,
(in thousands, except share amounts)202120202019
Options exercised274,253 482,361 640,475 
Cash proceeds$14,435 $17,657 $16,839 
Intrinsic value of options exercised$118,305 $116,794 $97,007 
Tax benefits realized$29,576 $29,199 $24,252 
Summary of assumptions for estimated fair value of employee stock option awards at grant date
We estimated the fair value of employee stock option awards at the grant date based on the assumptions summarized in the following table:
 
 Year Ended December 31,
(Weighted average)202120202019
Expected volatility27.0 %20.7 %21.4 %
Expected term6.9years6.8years7.0years
Risk-free interest rate1.00 %1.22 %2.52 %
Expected dividend yield1.15 %1.30 %1.30 %
Grant date fair value$83.05  $42.52  $37.75  
Summary of restricted share actvity
The table below presents restricted stock award activity under our share-based plans for the year ended December 31, 2021:
 SharesWeighted Average
Grant Date Fair Value
Balance unvested at December 31, 2020291,704 $153.12 
Granted (at market price) (1)
40,597 335.80 
Less: Vested69,069 115.88 
Forfeited
2,494 295.73 
Balance unvested at December 31, 2021260,738 $190.26 
Total restricted stock awards that vested for the past three years and related fair value
The table below presents the total number of restricted stock awards that vested for the past three years and the related fair value of those awards (in thousands, except share amounts):
 202120202019
Restricted stock awards - shares vested69,069 77,294 75,143 
Fair value of restricted stock awards vested$24,005 $16,813 $12,316 
Number of shares purchased by employees under the employee stock purchase plan For the two six month offering periods in each of the last three years, our employees purchased the following aggregate number of shares:
202120202019
8,649 10,929 12,716 
Restricted [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for restricted stock awards for the past three years (in thousands):
 202120202019
Restricted stock awards share-based compensation expense$11,543 $10,965 $10,026 
Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for stock option awards for the past three years (in thousands):
 202120202019
Option grants share-based compensation expense$2,846 $2,842 $3,021 
Option grants share-based compensation tax benefits712 710 755