Share-Based Compensation

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based compensation costs of $25,597, $22,621, and $28,703, were recorded for the years ended December 31, 2021, 2020, and 2019, respectively. The total income tax benefits recognized in the consolidated statements of income for share-based compensation arrangements were approximately $6,911, $6,108, and $8,700 for 2021, 2020, and 2019, respectively. At December 31, 2021, total compensation cost related to nonvested awards not yet recognized was approximately $41,300. There have been no modifications to valuation methodologies or methods during the years ended December 31, 2021, 2020, or 2019.

As of December 31, 2021, there were 7,363 shares of common stock available for issuance pursuant to future equity-based compensation awards.

A summary of the Company’s restricted stock units activity and related information is as follows:


Nonvested Share Awards (RSUs)	Shares	Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Nonvested at beginning of year	854	$	84.91
Granted	317	$	127.21
Vested	(268)	$	92.82
Forfeited	(74)	$	91.47
Nonvested at end of year	829	$	98.25	2.0	$	116,171

A summary of the Company’s stock appreciation rights activity and related information is as follows:


Stock Appreciation Rights (SARs)	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Outstanding at beginning of year	1,787	$	88.95
Granted	—	$	—
Exercised	(1,144)	$	87.86
Forfeited	(9)	$	87.88
Outstanding at end of year	634	$	90.93	3.0	$	31,235
Exercisable at end of year	634	$	90.93	3.0	$	31,235

The aggregate intrinsic value of SARs exercised and RSUs vested during the years ended December 31, 2021, 2020, and 2019 was $72,484, $14,417 and $36,200, respectively. The fair value of RSUs is based on the price of the Company’s stock on the date of grant for the years ended December 31, 2021 and 2019. The fair value of RSUs is based on the 60-day average price of the Company's stock on the date of grant for the year ended December 31, 2020. The fair value of SARs is estimated using a Black-Scholes option pricing model. The Company ceased issuing SARs in 2017. The total fair value of SARs and RSUs vested during the years ended December 31, 2021, 2020, and 2019 were $24,537, $10,014, and $26,200, respectively.