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Share-Based Compensation and Capital Stock
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation and Capital Stock Share-Based Compensation and Capital Stock The components of the Company’s share-based compensation expense for the three and nine months ended September 30, 2023 and 2022 were as follows:
Three Months Ended September 30,
Nine Months Ended September 30,
(in thousands)20232022
2023
2022
Stock options$1,422 $1,216 $4,562 $3,445 
Restricted stock awards3,305 3,763 10,362 10,364 
Performance vested restricted stock units5,261 4,887 17,041 13,051 
Total share-based compensation expense$9,988 $9,866 $31,965 $26,860 
A summary of the share-based award activity during the nine months ended September 30, 2023 is 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 64,216 123.95 109,786 127.82 
Performance-Based Leveraging (1)
— — — — 64,717 138.51 
Exercised/Vested(126,556)57.04 (85,551)94.82 (119,751)145.41 
Expired— — — — — — 
Forfeited(8,660)126.49 (10,370)116.26 (12,365)134.36 
Outstanding at September 30, 2023964,164 $102.30 5.9367,394 $135.87 479,567 $136.11 
Stock options exercisable at September 30, 2023581,426 $90.42 4.4
(1) Any revisions to the outstanding PVRSUs during the nine months ended September 30, 2023 is based on the Company's performance relative to the targeted performance conditions in the respective PVRSUs.
The fair value of the restricted stock awards and the PVRSUs with performance conditions that were granted during the nine months ended September 30, 2023 was equal to the market price of the Company’s common stock on the 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 the restricted stock and PVRSUs was between 9 months and 48 months. PVRSU awards have 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 nine months ended September 30, 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 the stock option6.0 years
Dividend yield0.9 %
Requisite service period4 years
Contractual life10 years
Weighted average fair value of the stock options granted (per stock option)$42.59