Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

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

(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 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