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Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

The assumptions used in determining the fair value of the option awards for each of the grant years are as follows:

		2020			2019			2018
Risk-free interest rate		1.54	%		2.55	%		2.64	%
Expected volatility		23	%		23	%		23	%
Expected dividend yield		4.1	%		4.9	%		3.8	%
Expected term	6 years			6 years			6 years
Weighted average grant date fair value of options per share	$	10.02		$	8.26		$	10.67

A summary of activity under the Company’s stock plans is presented below:

		2020		2019		2018
Intrinsic value of options exercised	$	26.9	$	31.9	$	13.4
Cash received from stock option exercises		53.8		60.9		19.7
Tax benefit related to stock award exercises		3.8		3.8		2.4
Stock-based compensation		13.0		15.1		13.2
Tax benefit related to stock-based compensation		1.6		1.9		1.9

The summary of options as of December 31, 2020 and changes during the year then ended are presented below:

				PER SHARE		REMAINING		AGGREGATE
	NUMBER			EXERCISE		CONTRACTUAL		INTRINSIC
	OF SHARES			PRICE*		LIFE IN YEARS*		VALUE
Options outstanding at January 1		3,488,300		$	60.18
Granted		641,700			76.18
Exercised		(949,900	)		56.68
Cancelled		(63,600	)		69.75
Options outstanding at December 31		3,116,500		$	64.34		6.48	$	68.4
Vested and expected to vest		3,014,300		$	64.06		6.40	$	67.0
Exercisable		1,323,200		$	56.63		4.15	$	39.2

*	Weighted Average

The summary of nonvested restricted shares as of December 31, 2020 and changes during the year then ended is presented below:

	NUMBER			GRANT DATE
NONVESTED SHARES	OF SHARES			FAIR VALUE*
Nonvested awards outstanding at January 1		150,500		$	65.92
Granted		94,400			76.78
Vested		(96,700	)		69.46
Forfeited		(5,800	)		71.47
Nonvested awards outstanding at December 31		142,400		$	70.49

*	Weighted Average

The dilutive and antidilutive options are shown separately in the table below: