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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of unvested restricted stock awards
The following tables summarize the unvested restricted stock awards at December 31, 2022, 2021 and 2020.
Years Ended December 31,
202220212020
Performance AwardsSharesWeighted-
Average 
Grant  Date
Fair Value
SharesWeighted-
Average
Grant Date 
Fair Value
SharesWeighted-
Average
Grant Date 
Fair Value
Unvested at beginning118,568 $44.71 90,642 $49.11 58,780 $57.74 
Issued37,775 53.97 51,564 42.97 44,741 40.19 
Forfeited(1,966)55.76 (580)60.45 (8,586)54.89 
Vested(24,522)55.76 (23,058)60.45 (4,293)62.70 
Unvested at end129,855 $45.15 118,568 $44.71 90,642 $49.11 
Years Ended December 31,
202220212020
Time Vested AwardsSharesWeighted-
Average
Grant Date 
Fair Value
SharesWeighted-
Average
Grant Date 
Fair Value
SharesWeighted-
Average
Grant Date 
Fair Value
Unvested at beginning300,792 $46.24 218,031 $45.89 110,714 $57.84 
Issued166,471 59.72 179,624 47.63 176,252 42.51 
Forfeited(12,064)53.10 (8,489)47.38 (18,385)50.06 
Vested(153,051)45.54 (88,374)48.10 (50,550)58.76 
Unvested at end302,148 $53.75 300,792 $46.24 218,031 $45.89 
Schedule of activity of stock options
Below is a summary of stock option activity for the twelve months ended December 31, 2022, 2021 and 2020. The information excludes restricted stock units and awards.
Years Ended December 31,
20222021
2020
SharesWeighted-
Average
Exercise 
Price
SharesWeighted-
Average
Exercise
Price
SharesWeighted-
Average
Exercise 
Price
Beginning balance5,789 $36.96 5,789 $36.96 6,589 $19.99 
Issued— — — — 2,500 47.96 
Exercised(3,289)28.60 — — (3,300)11.40 
Forfeited— — — — — — 
Ending balance2,500 $47.95 5,789 $36.96 5,789 $36.96 
Exercisable end of year1,666 $47.95 4,122 $32.51 3,289 $28.60 
Schedule of cash proceeds, tax benefits and intrinsic value related to total stock options exercised The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option pricing model with the assumptions shown in the table below used for the grants during 2020.
Year Ended December 31, 2020
Expected volatility42.3 %
Weighted-Average volatility42.3 %
Expected dividends
Expected term (in years)6.5
Risk-free rate1.67 %
Weighted-average fair value (grant date)$21.06 
Cash proceeds, tax benefits and intrinsic value related to total stock options exercised is as follows:
Years Ended December 31,
(dollars in thousands)202220212020
Proceeds from stock options exercised$97 $— $63 
Tax benefits realized from stock compensation— 24 
Intrinsic value of stock options exercised98 — 91