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Share-Based Compensation and Capital Stock (Tables)
 3 Months Ended
Mar. 31, 2021
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 three months ended March 31, 2021 and 2020:
 Three Months Ended
March 31,
(in thousands)20212020
Stock options$616 $491 
Restricted stock awards2,519 1,944 
Performance vested restricted stock units1,666 (5,187)
Total share-based compensation expense$4,801 $(2,752)
Income tax benefit (expense)$1,157 $(674)
Summary Of Change In Stock-Based Award Activity
A summary of share-based award activity as of and changes during the three months ended March 31, 2021 are presented below:
 Stock OptionsRestricted StockPerformance Vested
Restricted Stock Units
 OptionsWeighted
Average
Exercise
Price		Weighted
Average
Remaining
Contractual
Term		SharesWeighted
Average
Grant Date
Fair Value		SharesWeighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2021819,610 $70.48 304,439 $84.48 321,752 $109.25 
Granted280,811 104.87 43,607 105.24 96,447 108.52 
Performance-Based Leveraging (1)
— — — — 920 81.55 
Exercised/Vested(48,237)59.00 (84,711)82.20 (3,986)81.55 
Expired— — — — (72,944)81.55 
Forfeited— — (5,998)82.63 (1,003)97.68 
Outstanding at March 31, 20211,052,184 $80.19 5.7 years257,337 $88.79 341,186 $113.22 
Options exercisable at March 31, 2021556,285 $65.32 3.1 years
(1) PVRSUs outstanding have been increased by 920 units in the three months ended March 31, 2021 due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods.
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:
2021 Grants
Risk-free interest rate0.94 %
Expected volatility29.23 %
Expected life of stock option5.9 years
Dividend yield (1)
0.82 %
Requisite service period4 years
Contractual life10 years
Weighted average fair value of options granted (per option)$28.00 
(1) In April 2020, in light of uncertainty resulting from the COVID-19 pandemic, we suspended future, undeclared dividends. On May 7, 2021, the Company's board of directors declared a quarterly cash dividend of $0.225 per share of common stock. Refer to Note 14.