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Share-Based Compensation and Capital Stock (Tables)
 9 Months Ended
Sep. 30, 2020
Share-based Payment Arrangement [Abstract]  
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits
The components of the Company’s pretax share-based compensation activity and associated income tax benefit are as follows for the three and nine months ended September 30, 2020 and 2019:
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
(in thousands)
2020
 
2019
 
2020
 
2019
Stock options
$
497

 
$
541

 
$
1,478

 
$
1,667

Restricted stock
2,206

 
1,954

 
6,249

 
6,100

Performance vested restricted stock units
675

 
1,510

 
(4,836
)
 
3,998

Total share-based compensation expense
$
3,378

 
$
4,005

 
$
2,891

 
$
11,765

Income tax benefit
$
805

 
$
964

 
$
689

 
$
2,831
Summary Of Change In Stock-Based Award Activity
A summary of stock-based award activity as of and changes during the nine months ended September 30, 2020 are presented below:
 
Stock Options
 
Restricted Stock
 
Performance Vested
Restricted Stock Units
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2020
873,895

 
$
61.69

 
 
 
312,097

 
$
75.23

 
330,716

 
$
70.03

Granted
158,620

 
91.28

 
 
 
155,269

 
89.91

 
170,471

 
134.26

Performance-Based Leveraging(1)
—

 
—

 
 
 
—

 
—

 
30,116

 
61.31

Exercised/Vested
(131,800
)
 
50.82

 
 
 
(120,052
)
 
69.40

 
(176,471
)
 
58.68

Expired
—

 
—

 
 
 
—

 
—

 
(16,117
)
 
60.50

Forfeited
(3,696
)
 
91.28

 
 
 
(36,860
)
 
81.98

 
(16,963
)
 
82.25

Outstanding at September 30, 2020
897,019

 
$
68.40

 
2.5 years
 
310,454

 
$
84.03

 
321,752

 
$
109.25

Options exercisable at September 30, 2020
557,664

 
$
58.71

 
2.5 years
 
 
 
 
 
 
 
 

(1) PVRSUs outstanding have been increased by 30,116 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods which vested in the nine months ended September 30, 2020.
Weighted Average Assumptions Of Black-Scholes Option-Pricing Model The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
 
2020 Grants
Risk-free interest rate
0.99
%
Expected volatility
20.88
%
Expected life of stock option
5.9 years

Dividend yield
0.99
%
Requisite service period
4 years

Contractual life
10 years

Weighted average fair value of options granted (per option)
$
17.25