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Equity Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Activity
The table below summarizes the restricted stock activity for the year ended December 31, 2021.
Number of SharesWeighted
Average
Grant Date
Fair Value
(in dollars)
2012 Omnibus Incentive Plan
Stock Ownership Participation Program
Total
Nonvested restricted stock at December 31, 2020881 18 899 $51.12 
Granted404 16 420 $53.84 
Vested(369)(16)(385)$48.40 
Forfeited(48)(4)(52)$52.67 
Nonvested restricted stock at December 31, 2021868 14 882 $53.51 
Schedule of Performance-Based Stock Activity
The table below summarizes the performance-based stock activity for the year ended December 31, 2021. All nonvested performance-based stock outstanding at December 31, 2021 and 2020 was granted under the 2012 Omnibus Incentive Plan.
Number of
Shares
Weighted
Average
Grant Date
Fair Value
(in dollars)
Nonvested performance-based stock at December 31, 2020519 $49.42 
Granted (1)
272 $53.75 
Vested(191)$39.04 
Forfeited (2)
(162)$53.80 
Nonvested performance-based stock at December 31, 2021 (3)
438 $53.08 
(1)Shares granted in 2021 are presented at the stated target, which represents the base number of shares that could be earned. Actual shares earned may be below or, for certain grants, above the target based on the achievement of specific financial goals.
(2)Forfeited shares include shares forfeited as a result of not meeting the performance criteria of the award as well as shares forfeited upon termination.
(3)Of the 438,000 nonvested performance-based shares outstanding as of December 31, 2021, 383,167 shares were unearned and subject to achievement of specific financial goals. Once earned, the awards will be subject to time-based vesting according to the terms of the award. Based on 2021 financial results, approximately 189,161 of the 383,167 unearned shares will be forfeited in the first quarter of 2022.
Schedule of Stock Option Activity Stock option activity for the year ended December 31, 2021 was as follows:
Number
of
Options
(in thousands)
Weighted
Average
Exercise
Price
(in dollars)
Weighted
Average
Remaining
Contractual
Term
(in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at December 31, 202066 $37.31 1.5$1.4 
Granted50 $52.49 
Exercised(23)$34.34 $0.4 
Forfeited or expired— 
Outstanding at December 31, 2021 (1)
93 $46.25 4.1$0.3 
Exercisable at December 31, 202143 $38.93 0.9$0.5 
(1)Of the 93,000 outstanding options, approximately 11,000 were granted under the 2004 Omnibus Stock Plan, and the remaining 82,000 options were granted under the 2012 Omnibus Incentive Plan.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The fair value of the options granted during 2021 were calculated using the Black-Scholes option pricing model using the following assumptions:
2021
Black-Scholes option pricing model:
Expected dividend yield—%
Expected volatility40.0%
Risk-free rate0.9%
Expected option life (in years)4.75 years