Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement, Noncash Expense [Abstract]

A summary of the Company’s stock option activity for the nine months ended September 30, 2022 and September 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	(88,355)	42.30
Forfeited or canceled	(1,430)	40.87
Outstanding at September 30, 2022	103,662	$	41.04	1.0	$	4,199
Exercisable at September 30, 2022	103,662	$	41.04	1.0	$	4,199


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	(245,286)	43.05
Forfeited or canceled	(590)	46.86
Outstanding at September 30, 2021	274,787	$	41.95	1.4	$	10,557
Exercisable at September 30, 2021	273,238	$	41.92	1.4	$	10,506

(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 nine months ended September 30, 2022 and September 30, 2021 is presented below:


	Nine months ended September 30, 2022			Nine months ended September 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	223,559	95.98		268,429	63.22
Vested and issued	(61,333)	63.85		(13,120)	72.01
Forfeited or canceled	(18,632)	75.26		(12,624)	63.55
Outstanding at September 30	620,407	$	73.15	477,479	$	60.90
Vested, but deferred, at September 30	96,554	$	52.94	95,215	$	52.39

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


	Nine months ended September 30, 2022			Nine months ended September 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	160,463	97.15		208,732	58.97

Vested and issued	—	—		—	—
Forfeited or canceled	(172,001)	71.51		(132,998)	86.51
Outstanding at September 30	545,717	$	70.30	558,342	$	62.94
Vested, but deferred, at September 30	35,561	$	44.21	35,040	$	43.53