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Stock-Based Compensation
 9 Months Ended
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation Stock-Based CompensationThe following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three and nine months ended September 30, 2023 and 2022, and associated with the issuance of restricted shares of common stock and vesting of stock options that are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2023202220232022
Stock options$406 $947 $1,393 $2,868 
Restricted stock5,300 2,555 11,971 7,609 
Total stock-based compensation expense$5,706 $3,502 $13,364 $10,477 
Unrecognized compensation expense related to total share-based payments outstanding as of September 30, 2023 was $33.7 million.
Options
The Company’s outstanding stock options consisted of the following:
Shares
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Contractual
Term
(Years)
Aggregate
Intrinsic
Value
(in millions)
Options outstanding at January 1, 2023859,850 $25.88 2.19$10.3 
Options granted
— — — — 
Options exercised
(125,000)10.00 — 3.3 
Options forfeited
(50,000)0.10 — — 
Options outstanding at September 30, 2023684,850 $30.66 1.92$7.0 
Options exercisable at September 30, 2023589,522 $21.80 1.51$6.7 
During the nine months ended September 30, 2023, options were exercised for 125,000 shares of the Company’s common stock, resulting in proceeds of $1.3 million. During the nine months ended September 30, 2022, options were exercised for 41,603 shares of the Company’s common stock, resulting in proceeds of $0.7 million.
Restricted Stock
The Company grants restricted stock to officers and employees, which are earned based on service conditions. The grant date fair value of the restricted stock is that day’s closing market price of the Company’s common stock. During the nine months ended September 30, 2023, the Company granted 353,181 shares of restricted stock with performance based conditions and 340,107 shares of restricted stock without performance based conditions. During the nine months ended September 30, 2023, the weighted average grant date fair value of restricted stock with and without performance based conditions was $32.54 and $33.13, respectively. As of September 30, 2023, unvested restricted stock awards, including performance based restricted stock awards totaled 1.3 million shares.
Warrants
All warrants issued by the Company expired as of December 31, 2022. As a result, there are no outstanding warrants as of September 30, 2023 and December 31, 2022. During the nine months ended September 30, 2022, common stock warrants were exercised for 281,742 shares of the Company’s common stock, which resulted in proceeds of approximately $2.0 million. The exercise price ranged from $10.00 to $11.00 per share for the exercises during the nine months ended September 30, 2022.