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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
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, 2022:
 SharesWeighted Average
Exercise Price
Weighted Average
Remaining
Contractual Term
(Years)
Aggregate
Intrinsic Value
Balance at December 31, 2021651,617 $123.98   
Granted75,202 371.80   
Less: Exercised
71,737 87.09   
           Forfeited12,157 260.53   
Balance at December 31, 2022642,925 $154.57 4.66$101,227,921 
Exercisable at December 31, 2022391,430 $87.02 2.84$84,298,268 
Stock options outstanding and exercisable by exercise price range
The following table presents information about stock options outstanding and exercisable at December 31, 2022:
 Outstanding
Stock Options
Exercisable
Stock Options
Range of Exercise PricesSharesWeighted Average
Remaining
Contractual Term
(Years)
Weighted Average Exercise PriceSharesWeighted Average Exercise Price
$ 45.61 to $ 80.78273,850 2.01$67.80 273,850 $67.80 
$ 80.79 to $ 220.01254,801 5.58157.12 116,778 130.45 
$ 220.02 to $ 515.41114,274 8.99356.84 802 328.39 
 642,925 4.66$154.57 391,430 $87.02 
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)202220212020
Options exercised71,737 274,253 482,361 
Cash proceeds$6,247 $14,435 $17,657 
Intrinsic value of options exercised$21,976 $118,305 $116,794 
Tax benefits realized$5,494 $29,576 $29,199 
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)202220212020
Expected volatility28.9 %27.0 %20.7 %
Expected term7.1years6.9years6.8years
Risk-free interest rate2.92 %1.00 %1.22 %
Expected dividend yield1.15 %1.15 %1.30 %
Grant date fair value$116.56  $83.05  $42.52  
Summary of restricted share actvity
The table below presents restricted stock award activity under our share-based plans for the year ended December 31, 2022:
 SharesWeighted Average
Grant Date Fair Value
Balance unvested at December 31, 2021260,738 $190.26 
Granted (at market price) (1)
53,926 393.64 
Less: Vested78,931 137.60 
Forfeited
23,016 273.55 
Balance unvested at December 31, 2022212,717 $256.97 
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):
 202220212020
Restricted stock awards - shares vested78,931 69,069 77,294 
Fair value of restricted stock awards vested$37,258 $24,005 $16,813 
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:
202220212020
7,658 8,649 10,929 
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):
 202220212020
Restricted stock awards share-based compensation expense$11,024 $11,543 $10,965 
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):
 202220212020
Option grants share-based compensation expense$3,413 $2,846 $2,842 
Option grants share-based compensation tax benefits853 712 710