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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Company's Stock Option Plan Activity

A summary of the stock option activity for the years ended December 31, 2022, 2021 and 2020 is as follows (option amounts not in thousands):

 

 

 

Number of
Options

 

 

Weighted
Average
Exercise
Price

 

 

Weighted
Average
Remaining
Contractual
Term

 

Aggregate
Intrinsic
Value

 

Outstanding at January 1, 2020

 

 

340,000

 

 

$

43.21

 

 

7.9 years

 

$

1,657

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

 

110,000

 

 

$

48.00

 

 

 

 

 

 

Exercised

 

 

(10,000

)

 

$

6.30

 

 

 

 

 

 

Outstanding at December 31, 2020

 

 

440,000

 

 

$

45.25

 

 

7.6 years

 

$

3,113

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2021

 

 

440,000

 

 

$

45.25

 

 

6.6 years

 

$

18,119

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2022

 

 

440,000

 

 

$

45.25

 

 

5.6 years

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercisable at December 31, 2022

 

 

357,500

 

 

$

44.23

 

 

5.3 years

 

$

—

 
Information about Options Exercised

The following table summarizes information about options exercised for the years ended December 31, 2022, 2021 and 2020 (option amounts not in thousands):

 

 

 

2022

 

 

2021

 

 

2020

 

Options exercised

 

 

—

 

 

 

—

 

 

 

10,000

 

Total intrinsic value of exercised options

 

$

—

 

 

$

—

 

 

$

288

 

Tax benefits realized

 

$

—

 

 

$

—

 

 

$

71

 
Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table provides assumptions used in the Black-Scholes option-pricing model to estimate the fair value of the stock options granted during the year ended December 31, 2020:

 

 

 

2020

 

Expected dividend yield

 

 

3.48

%

Expected volatility

 

 

38.68

%

Risk-free interest rate

 

 

1.63

%

Expected life (in years)

 

 

5

 
Information with Respect to Unvested Restricted Stock Awards Stock Option and Incentive Plan

Information with respect to the activity of unvested restricted stock awards during the years ended December 31, 2022, 2021 and 2020 is as follows:

 

 

 

Number of
Restricted
Stock
Awards

 

 

Weighted
Average
Grant Date
Fair Value

 

Nonvested at January 1, 2020

 

 

396,760

 

 

$

41.71

 

Granted

 

 

192,680

 

 

$

45.57

 

Vested

 

 

(146,801

)

 

$

40.54

 

Forfeited

 

 

(18,852

)

 

$

43.60

 

Nonvested at December 31, 2020

 

 

423,787

 

 

$

43.79

 

 

 

 

 

 

 

 

Granted

 

 

564,426

 

 

$

38.79

 

Vested

 

 

(109,791

)

 

$

43.19

 

Cancelled

 

 

(142,760

)

 

$

43.77

 

Forfeited

 

 

(55,665

)

 

$

44.01

 

Nonvested at December 31, 2021

 

 

679,997

 

 

$

39.72

 

 

 

 

 

 

 

 

Granted

 

 

7,000

 

 

$

69.17

 

Vested

 

 

(333,308

)

 

$

40.01

 

Forfeited

 

 

(11,230

)

 

$

45.00

 

Nonvested at December 31, 2022

 

 

342,459

 

 

$

39.86

 
Information about Deferred Tax Benefits Recognized Related to Restricted Stock Awards, Paid Dividends and the Fair Value of Vested Restricted Stock The following table summarizes information about deferred tax benefits recognized and tax benefits realized related to restricted stock awards and paid dividends, and the fair value of vested restricted stock for the years ended December 31, 2022, 2021 and 2020.

 

 

 

2022

 

 

2021

 

 

2020

 

Deferred tax benefits recognized

 

$

1,780

 

 

$

1,397

 

 

$

1,296

 

Tax benefits realized for restricted stock and paid dividends

 

$

2,582

 

 

$

1,519

 

 

$

1,448

 

Fair value of vested restricted stock

 

$

13,337

 

 

$

4,742

 

 

$

5,952