Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

A summary of the Company’s stock option activity for the six months ended June 30, 2022 and June 30, 2021 is presented below:


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2022	193,447	$	41.62
Granted	—	—
Exercised	(83,507)	42.39
Forfeited or canceled	(1,430)	40.87
Outstanding at June 30, 2022	108,510	$	41.04	1.2	$	4,244
Exercisable at June 30, 2022	108,510	$	41.04	1.2	$	4,244


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2021	520,663	$	42.47

Granted	—	—
Exercised	(237,892)	43.05
Forfeited or canceled	(590)	46.86
Outstanding at June 30, 2021	282,181	$	41.98	1.7	$	9,496
Exercisable at June 30, 2021	280,632	$	41.95	1.6	$	9,453

(1)Represents the remaining weighted average contractual life in years.

(2)Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock.

Summary of Plans' Restricted and Performance Share Award Activity

A summary of the Plans’ restricted share activity for the six months ended June 30, 2022 and June 30, 2021 is presented below:


	Six months ended June 30, 2022			Six months ended June 30, 2021
Restricted Shares	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	476,813	$	61.33	234,794	$	59.02
Granted	204,043	96.95		261,498	63.01
Vested and issued	(56,380)	64.44		(10,022)	75.15
Forfeited or canceled	(9,722)	72.87		(7,525)	63.76
Outstanding at June 30	614,754	$	72.68	478,745	$	60.79
Vested, but not issuable at June 30	96,400	$	52.83	94,729	$	52.30

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2022 and June 30, 2021 is presented below:


	Six months ended June 30, 2022			Six months ended June 30, 2021
Performance-based Stock	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	557,255	$	62.94	482,608	$	71.15
Granted	160,326	97.16		207,620	58.93
Added by performance factor at vesting	—	—		—	—
Vested and issued	—	—		—	—
Expired, canceled or forfeited	(163,803)	71.44		(131,287)	86.79
Outstanding at June 30	553,778	$	70.34	558,941	$	62.94
Vested, but deferred at June 30	35,424	$	44.04	34,889	$	43.41