INCENTIVE STOCK PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs

A summary of our stock-based compensation cost is presented below:

	2022	2021	2020
Selling and general expenses	$10,767	$8,255	$6,839
Cost of sales	1,226	816	693
Timber and Timberlands, net (a)	363	206	170
Other operating expense, net (b)	—	—	324
Total stock-based compensation	$12,356	$9,277	$8,026
Tax benefit recognized related to stock-based compensation expense (c)	$603	$487	$421

(a)Represents amounts capitalized as part of the overhead allocation of timber-related costs.

(b)Represents expense associated with the acceleration of share-based compensation on Pope replacement awards related to qualifying terminations.

(c)A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of our restricted stock is presented below:

	2022	2021	2020
Restricted shares granted (a)	22,800	22,140	100,452
Weighted average price of restricted shares granted	$38.60	$37.36	$23.15
Intrinsic value of restricted stock outstanding (b)	$620	$3,062	$4,666
Grant date fair value of restricted stock vested	2,478	3,121	2,755
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested	708	869	566

(a)The year ended December 31, 2020 includes 69,176 replacement awards issued as a result of the merger with Pope Resources.

(b)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2022.

	2022
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1,	75,862	$29.29
Granted	22,800	38.60
Vested (a)	(78,607)	31.52
Cancelled	(1,247)	24.32
Non-vested Restricted Shares at December 31,	18,808	$31.58

(a)The year ended December 31, 2022 includes 3,718 replacement awards vested as a result of acceleration due to qualifying terminations.

A summary of our restricted stock units is presented below:

	2022	2021	2020
Restricted stock units granted	130,213	129,290	171,409
Weighted average price of restricted stock units granted	$41.81	$33.59	$22.58
Intrinsic value of restricted stock units outstanding (a)	$13,826	$15,095	$7,801
Grant date fair value of restricted stock units vested	2,475	493	218
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested	1,063	189	47

(a)Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2022.

	2022
	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1,	374,016	$28.44
Granted	130,213	41.81
Vested	(80,857)	30.61
Cancelled	(3,888)	33.72
Non-vested Restricted Stock Units at December 31,	419,484	$32.12

Schedule of Nonvested Performance-based Units Activity

A summary of our performance share units is presented below:

	2022	2021	2020
Common shares reserved for performance shares granted during year	193,333	191,203	361,870
Weighted average fair value of performance share units granted	$45.68	$36.10	$29.59
Intrinsic value of outstanding performance share units (a)	$13,123	$16,360	$11,711
Fair value of performance shares vested	5,549	1,738	3,522
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested	2,454	559	992

(a)Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2022.

	2022
	Number of Units	Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1,	405,361	$33.16
Granted	110,476	45.68
Units Distributed	(115,167)	35.98
Other Cancellations/Adjustments	(2,514)	39.23
Outstanding Performance Share units at December 31,	398,156	$35.78

Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31:

	2022		2021		2020
Expected volatility	38.1	%	35.6	%	32.6	%
Risk-free rate	2.6	%	0.4	%	0.3	%
Liquidity discount applied to grants with a post-vesting holding restriction (a)	4.2	%	6.3	%	n/a

(a)One-year post-vest holding requirement began in grant year 2021.

Schedule of Share-based Compensation, Stock Options, Activity

A summary of the status of our stock options as of and for the year ended December 31, 2022 is presented below:

	2022
	Number of Shares	Weighted Average Exercise Price (per common share)	Weighted Average Remaining Contractual Term (in years)	Aggregate Intrinsic Value
Options outstanding at January 1,	124,170	$36.67
Exercised	(64,762)	38.07
Cancelled or expired	(5,317)	35.13
Options outstanding at December 31,	54,091	35.15	0.57	$40
Options exercisable at December 31,	54,091	$35.15	0.57	$40

A summary of additional information pertaining to our stock options is presented below:

	2022	2021	2020
Intrinsic value of options exercised (a)	$300	$916	$108
Cash received from exercise of options	2,466	5,922	1,368

(a)Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.