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Stock Award Plans (Tables)
12 Months Ended
Dec. 31, 2021
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]  
Compensation Cost Breakdown in Statement of Earnings

The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Compensation cost

 

$

15,713

 

 

$

14,722

 

 

$

13,612

 

Income tax benefit

 

$

4,410

 

 

$

4,143

 

 

$

3,368

 

Stock Option Valuation Assumptions

The key input variables used in valuing the stock options granted were as follows:

 

 

 

Year Ended December 31,

 

 

 

2020

 

 

2019

 

Dividend yield

 

None

 

 

None

 

Average risk-free interest rate

 

 

1.3

%

 

 

2.5

%

Stock price volatility

 

 

28

%

 

 

28

%

Estimated option term

 

5.3 years

 

 

5.3 years

 

Employee Plan [Member]  
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]  
Stock Option Activity

The following is a summary of the stock option activity under the employee plan described above:

 

 

 

Outstanding
Non-Qualified or
Nonincentive
Stock
Awards

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2020

 

 

577,517

 

 

$

72.09

 

Exercised

 

 

(2,424

)

 

$

51.23

 

Forfeited or expired

 

 

(37,326

)

 

$

93.96

 

Outstanding at December 31, 2021

 

 

537,767

 

 

$

70.66

 

Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2021:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise
Prices

 

Number
Outstanding

 

 

Weighted
Average
Remaining
Contractual
Life in
Years

 

 

Weighted
Average
Exercise
Price

 

 

Aggregated
Intrinsic
Value

 

 

Number
Exercisable

 

 

Weighted
Average
Exercise
Price

 

 

Aggregated
Intrinsic
Value

 

$51.23

 

 

59,891

 

 

 

1.1

 

 

$

51.23

 

 

 

 

 

 

59,891

 

 

$

51.23

 

 

 

 

$64.65 – $68.50

 

 

92,385

 

 

 

2.5

 

 

$

67.24

 

 

 

 

 

 

92,385

 

 

$

67.24

 

 

 

 

$73.29 – $75.50

 

 

378,786

 

 

 

3.6

 

 

$

74.32

 

 

 

 

 

 

266,478

 

 

$

74.67

 

 

 

 

$84.90

 

 

6,705

 

 

 

4.3

 

 

$

84.90

 

 

 

 

 

 

4,470

 

 

$

84.90

 

 

 

 

$51.23 – $84.90

 

 

537,767

 

 

 

3.2

 

 

$

70.66

 

 

$

491,000

 

 

 

423,224

 

 

$

69.84

 

 

$

491,000

 

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the employee plan described above:

 

 

 

Unvested
Restricted
Stock Award
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

Nonvested balance at December 31, 2020

 

 

83,902

 

 

$

63.33

 

Vested

 

 

(65,037

)

 

$

61.77

 

Forfeited

 

 

(441

)

 

$

68.50

 

Nonvested balance at December 31, 2021

 

 

18,424

 

 

$

68.72

 

RSU Activity

The following is a summary of RSU activity under the employee plan described above:

 

 

 

Unvested RSUs

 

 

Weighted
Average Grant
Date Fair Value
Per Unit

 

Nonvested balance at December 31, 2020

 

 

338,418

 

 

$

74.09

 

Granted

 

 

339,092

 

 

$

51.36

 

Vested

 

 

(83,304

)

 

$

74.29

 

Forfeited

 

 

(3,227

)

 

$

63.97

 

Nonvested balance at December 31, 2021

 

 

590,979

 

 

$

61.07

 

Director Plan [Member]  
Share-Based Compensation Arrangement By Share-Based Payment Award [Line Items]  
Stock Option Activity

The following is a summary of the stock option activity under the director plan described above:

 

 

 

Outstanding
Non-Qualified or
Nonincentive
Stock
Awards

 

 

Weighted
Average
Exercise
Price

 

Outstanding at December 31, 2020

 

 

103,756

 

 

$

77.44

 

Exercised

 

 

(14,776

)

 

$

57.06

 

Outstanding at December 31, 2021

 

 

88,980

 

 

$

80.82

 

Outstanding and Exercisable Stock Options

The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2021:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Range of Exercise
Prices

 

Number
Outstanding

 

 

Weighted
Average
Remaining
Contractual
Life in
Years

 

 

Weighted
Average
Exercise
Price

 

 

Aggregate
Intrinsic
Value

 

 

Number
Exercisable

 

 

Weighted
Average
Exercise
Price

 

 

Aggregate
Intrinsic
Value

 

$61.89 – $62.48

 

 

20,500

 

 

 

0.6

 

 

$

62.19

 

 

 

 

 

 

20,500

 

 

$

62.19

 

 

 

 

$70.65 – $99.52

 

 

68,480

 

 

 

2.1

 

 

$

86.39

 

 

 

 

 

 

68,480

 

 

$

86.39

 

 

 

 

$61.89 – $99.52

 

 

88,980

 

 

 

1.8

 

 

$

80.82

 

 

$

 

 

 

88,980

 

 

$

80.82

 

 

$

 

Restricted Stock Award Activity

The following is a summary of the restricted stock award activity under the director plan described above:

 

 

 

Unvested
Restricted
Stock Award
Shares

 

 

Weighted
Average
Grant Date
Fair Value
Per Share

 

Nonvested balance at December 31, 2020

 

 

904

 

 

$

49.84

 

Granted

 

 

29,773

 

 

$

65.13

 

Vested

 

 

(27,340

)

 

$

65.41

 

Nonvested balance at December 31, 2021

 

 

3,337

 

 

$

58.70