As of March 31, 2023, approximately 1.2 million shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2022 Form 10-K.

Stock-based compensation expense recognized in the Consolidated Statements of Income was $8.3 million in the first quarter of 2023 and $7.9 million in the first quarter of 2022.

A summary of the Plans’ stock option activity for the three months ended March 31, 2023 and March 31, 2022 is presented below:


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2023	68,093	$	41.14
Granted	—	—
Exercised	(54,218)	40.87
Forfeited or canceled	—	—
Outstanding at March 31, 2023	13,875	$	42.18	4.7	$	427
Exercisable at March 31, 2023	13,875	$	42.18	4.7	$	427


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	(79,376)	42.32
Forfeited or canceled	(771)	40.87
Outstanding at March 31, 2022	113,300	$	41.13	1.4	$	5,869
Exercisable at March 31, 2022	113,300	$	41.13	1.4	$	5,869

(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.

The aggregate intrinsic value of options exercised during the three months ended March 31, 2023 and March 31, 2022, was $2.5 million and $4.5 million, respectively. Cash received from option exercises under the Plans for the three months ended March 31, 2023 and March 31, 2022 was $2.2 million and $3.4 million, respectively.

A summary of the Plans’ restricted share activity for the three months ended March 31, 2023 and March 31, 2022 is presented below:


	Three months ended March 31, 2023			Three months ended March 31, 2022
Restricted Shares	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	610,155	$	73.21	476,813	$	61.33
Granted	242,576	89.82		194,849	97.30
Vested and issued	(96,649)	64.14		(52,465)	65.42
Forfeited or canceled	(1,968)	77.37		(3,615)	66.37
Outstanding at March 31	754,114	$	79.70	615,582	$	72.34
Vested, but deferred, at March 31	97,888	$	53.30	95,806	$	52.67

A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2023 and March 31, 2022 is presented below:


	Three months ended March 31, 2023			Three months ended March 31, 2022
Performance-based Stock	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	545,379	$	70.30	557,255	$	62.94
Granted	185,514	92.48		159,202	97.21
Added by performance factor at vesting	23,161	63.64		—	—
Vested and issued	(178,203)	63.64		—	—
Forfeited or canceled	(2,301)	78.20		(159,952)	71.56
Outstanding at March 31	573,550	$	79.24	556,505	$	70.27
Vested, but deferred, at March 31	35,852	$	44.59	35,285	$	43.88