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Share-Based Compensation and Capital Stock
 3 Months Ended
Mar. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation and Capital Stock Share-Based Compensation and Capital Stock The components of the Company’s pretax share-based compensation activity are as follows for the three months ended March 31, 2023 and 2022:
Three Months Ended March 31,
(in thousands)20232022
Stock options$1,388 $1,052 
Restricted stock awards3,699 3,043 
Performance vested restricted stock units4,684 3,354 
Total share-based compensation expense$9,771 $7,449 
A summary of share-based award activity as of and changes during the three months ended March 31, 2023 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, 20231,010,647 $94.97 399,099 $128.47 437,180 $140.05 
Granted88,733 123.62 35,361 123.71 104,128 128.88 
Performance-Based Leveraging (1)
— — — — — — 
Exercised/Vested(107,252)52.25 (68,432)93.31 (120,308)145.41 
Expired— — — — — — 
Forfeited(645)123.71 (4,201)106.66 (960)139.95 
Outstanding at March 31, 2023991,483 $102.13 6.3361,827 $134.91 420,040 $135.78 
Options exercisable at March 31, 2023596,997 $90.05 4.8
(1) There has been no change to PVRSUs outstanding in the three months ended March 31, 2023 based on the Company's performance relative to the targeted performance conditions contained in PVRSUs.
The fair value of the restricted stock awards and the PVRSUs with performance conditions granted during the three months ended March 31, 2023 were equal to the market price of the Company’s common stock on date of grant. The fair value of the PVRSUs with market conditions based on the Company’s total shareholder return relative to a predetermined peer group was estimated using a Monte Carlo simulation method as of the grant date. The requisite service periods for restricted stock and PVRSUs granted was between 9 months and 48 months. PVRSU award vesting ranges between 0% and 230% of the initial units granted.

The stock options granted by the Company had an exercise price equal to the market price of the Company's common stock on the date of grant. The fair value of the options granted during the three months ended March 31, 2023 was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
Risk-free interest rate4.10 %
Expected volatility30.90 %
Expected life of stock option6.0 years
Dividend yield0.9 %
Requisite service period4 years
Contractual life10 years
Weighted average fair value of options granted (per option)$42.59