Stock-Based Compensation Plans (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Payment Arrangement, Noncash Expense [Abstract]

A summary of the Plans’ stock option activity for the nine months ended September 30, 2024 and September 30, 2023 is presented below:


Stock Options	Common Shares	Weighted Average Strike Price		Remaining Contractual Term (1)	Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2024	13,100	$	42.76
Granted	—	—
Exercised	(775)	32.26
Forfeited or canceled	—	—
Outstanding at September 30, 2024	12,325	$	43.42	3.7	$	802
Exercisable at September 30, 2024	12,325	$	43.42	3.7	$	802


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 September 30, 2023	13,875	$	42.18	4.2	$	462
Exercisable at September 30, 2023	13,875	$	42.18	4.2	$	462

(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.

Schedule of Plans' Restricted and Performance Share Award Activity

A summary of the Plans’ restricted share activity for the nine months ended September 30, 2024 and September 30, 2023 is presented below:


	Nine months ended September 30, 2024			Nine months ended September 30, 2023
Restricted Shares	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	746,123	$	79.60	610,155	$	73.21
Granted	405,506	99.78		268,142	88.18
Vested and issued	(238,002)	70.14		(117,365)	65.51
Forfeited or canceled	(17,885)	92.77		(12,491)	83.47
Outstanding at September 30	895,742	$	90.99	748,441	$	79.61
Vested, but deferred, at September 30	100,281	$	54.19	98,747	$	53.46

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, 2024 and September 30, 2023 is presented below:


	Nine months ended September 30, 2024			Nine months ended September 30, 2023
Performance-based Stock	Common Shares	Weighted Average Grant-Date Fair Value		Common Shares	Weighted Average Grant-Date Fair Value
Outstanding at January 1	553,026	$	79.69	545,379	$	70.30
Granted	111,398	100.44		189,219	92.37
Added by performance factor at vesting	96,952	58.78		23,161	63.64
Vested and issued	(296,243)	58.76		(178,203)	63.64
Forfeited or canceled	(5,304)	95.77		(19,289)	82.14
Outstanding at September 30	459,829	$	93.61	560,267	$	79.18
Vested, but deferred, at September 30	21,688	$	44.21	36,465	$	45.08