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Stock-Based Compensation (Tables)
6 Months Ended
Jun. 30, 2022
Share-based Payment Arrangement [Abstract]  
Weighted-Average Fair Value Assumptions The weighted-average fair value assumptions were approximately:
For the six months ended June 30, 2022
Expected option life (years)(1)
4.75
Risk-free interest rate(2)
1.60%
Expected share price volatility(3)
26.83%
Expected annual dividends per share(4)
$0.760
Expected forfeiture rate(5)
3.00%
Weighted-average grant date fair value per option granted during the period$18.76
(1)Represents the period of time that awards are expected to be outstanding. Historical data on exercise behaviour or, when available, specific expectations regarding future exercise behaviour were used to estimate the expected life of the option.
(2)Based on the implied yield available on zero-coupon government issues with an equivalent term commensurate with the expected option life.
(3)Based on the historical volatility of the Company’s share price over a period commensurate with the expected term of the option.
(4)Determined by the current annual dividend at the time of grant. The Company does not employ different dividend yields throughout the contractual term of the option.
(5)The Company estimates forfeitures based on past experience. This rate is monitored on a periodic basis.