Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021 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, 2021		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	$	—
Granted		150,000	$	70.00
Outstanding at December 31, 2023		590,000	$	51.54	5.9 years	$	21,156
Exercisable at December 31, 2023		562,500	$	51.72	5.9 years	$	20,073

Assumptions Used to Estimate the Fair Value of Stock Options Granted

The following table provides assumptions used in the pricing model to estimate the fair value of the stock options granted during the year ended December 31, 2023:

	2023
Expected dividend yield (%)	3.05
Expected volatility (%)	44.63 - 46.55
Risk-free interest rate (%)	4.49 - 5.49
Expected life (in years)	4.8

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, 2023, 2022 and 2021 is as follows:

	Number of Restricted Stock Awards			Weighted Average Grant Date Fair Value
Nonvested at January 1, 2021		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
Granted		13,000		$	55.40
Vested		(75,041	)	$	50.55
Forfeited		(9,001	)	$	55.68
Nonvested at December 31, 2023		271,417		$	37.12

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, 2023, 2022 and 2021.

	2023		2022		2021
Deferred tax benefits recognized	$	921	$	1,780	$	1,397
Tax benefits realized for restricted stock and paid dividends	$	866	$	2,582	$	1,519
Fair value of vested restricted stock	$	3,793	$	13,337	$	4,742