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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary Information for Restricted Stock Awards and Incentive Compensation Stock Awards

The following table summarizes information for restricted stock awards and incentive compensation stock awards for 2021:

 

 

 

Restricted Stock -

Service Based

 

 

Restricted Stock -

Performance Based

 

 

Incentive Compensation Stock

 

 

 

Number of

Awards

 

 

Weighted-

Average

Grant-Date

Fair Value

 

 

Number of

Awards

 

 

Weighted-

Average

Grant-Date

Fair Value

 

 

Number of

Awards

 

 

Weighted-

Average

Grant-Date

Fair Value

 

January 1, 2021

 

 

206,981

 

 

$

198.28

 

 

 

118,576

 

 

$

228.15

 

 

 

42,623

 

 

$

223.85

 

Awarded

 

 

68,393

 

 

$

342.11

 

 

 

35,067

 

 

$

352.52

 

 

 

18,722

 

 

$

325.30

 

Distributed

 

 

(56,710

)

 

$

217.49

 

 

 

(67,451

)

 

$

219.88

 

 

 

(23,317

)

 

$

199.79

 

Forfeited

 

 

(2,589

)

 

$

278.74

 

 

 

(1,777

)

 

$

267.58

 

 

 

(170

)

 

$

258.67

 

Adjustment for performance

 

 

 

 

$

 

 

 

33,908

 

 

$

219.88

 

 

 

 

 

$

 

December 31, 2021

 

 

216,075

 

 

$

237.80

 

 

 

118,323

 

 

$

266.76

 

 

 

37,858

 

 

$

288.68

 

Summary Information for Stock Options

The following table includes summary information for stock options as of December 31, 2021:

 

 

 

Number of

Options

 

 

Weighted-

Average

Exercise

Price

 

 

Weighted-

Average

Remaining

Contractual Life

(years)

 

Outstanding at January 1, 2021

 

 

31,089

 

 

$

129.00

 

 

 

 

 

Exercised

 

 

(10,385

)

 

$

120.89

 

 

 

 

 

Terminated

 

 

(140

)

 

$

57.71

 

 

 

 

 

Outstanding at December 31, 2021

 

 

20,564

 

 

$

133.59

 

 

 

2.6

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2021

 

 

20,564

 

 

$

133.59

 

 

 

2.6

 

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense for the years ended December 31, 2021, 2020 and 2019, unrecognized compensation cost for nonvested awards at December 31, 2021 and the weighted-average period over which unrecognized compensation cost will be recognized:

 

(in millions, except year data)

 

Stock

Options

 

 

Restricted

Stock

 

 

Incentive

Compensation

Stock

 

 

Directors’

Awards

 

 

Total

 

Stock-based compensation expense recognized for

   years ended December 31:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2021

 

$

 

 

$

41.4

 

 

$

1.0

 

 

$

0.6

 

 

$

43.0

 

2020

 

$

 

 

$

28.5

 

 

$

0.8

 

 

$

0.7

 

 

$

30.0

 

2019

 

$

0.1

 

 

$

32.6

 

 

$

0.8

 

 

$

0.6

 

 

$

34.1

 

Unrecognized compensation cost at

   December 31, 2021

 

$

 

 

$

36.9

 

 

$

0.9

 

 

$

 

 

$

37.8

 

Weighted-average period over which unrecognized

   compensation cost will be recognized

 

 

 

 

 

2.3 years

 

 

1.6 years

 

 

 

 

 

 

 

 

 

Stock-Based Compensation Expense in Future for Outstanding Awards

The following presents expected stock-based compensation expense in future periods for outstanding awards as of December 31, 2021:

 

(in millions)

 

 

 

 

2022

 

$

21.9

 

2023

 

 

11.8

 

2024

 

 

2.4

 

2025

 

 

1.2

 

2026

 

 

0.5

 

Total

 

$

37.8