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Stock-Based Compensation
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Stock-based compensation Stock-Based Compensation
The Company has stock-based compensation plans under which it is currently authorized to grant restricted stock and other stock awards. As of December 31, 2020, there were 4.2 million remaining shares available to grant under these plans. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards.
Total stock-based compensation expense (after tax) was $10.8 million, $6.5 million and $4.6 million in 2020, 2019 and 2018, respectively.
As of December 31, 2020, total remaining unrecognized compensation expense related to stock-based compensation was approximately $10.9 million (before income taxes) which will be amortized over a weighted average period of 1.6 years.
Stock awards
Non-employee directors receive shares of common stock in addition to and in lieu of cash payment for directors' fees. There were 45,273 shares with a fair value of $1.1 million, 41,644 shares with a fair value of $1.2 million and 38,605 shares with a fair value of $1.0 million issued to non-employee directors during the years ended December 31, 2020, 2019 and 2018, respectively.
Restricted stock awards
In February 2018, the Company granted restricted stock awards under the long-term performance-based incentive plan to certain key employees. The Company granted 22,838 shares at a weighted average grant-date fair value of $27.48 per share. The restricted stock awards vested on December 31, 2020. The fair value of the vested awards was $600,000.
Performance share awards
Since 2003, key employees of the Company have been granted performance share awards each year under the long-term performance-based incentive plan. Entitlement to performance shares is established by either the market condition or the performance metrics and service condition relative to the designated award.
Target grants of performance shares outstanding at December 31, 2020, were as follows:
Grant DatePerformance
Period		Target Grant
of Shares
February 20192019-2021327,194 
February 20202020-2022285,980 
Under the market condition for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares based on the Company's total shareholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants applicable to the market condition for certain performance shares issued in 2020, 2019 and 2018 were:
2020 2019 2018 
Weighted average grant-date fair value$40.75 $35.07 $34.55 
Blended volatility range15.30 %–15.97 %19.50 %–19.69 %17.87 %–22.14 %
Risk-free interest rate range1.45 %–1.62 %2.46 %–2.55 %1.86 %–2.46 %
Weighted average discounted dividends per share$2.91 $2.85 $2.46 
Under the performance conditions for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares. The performance conditions are based on the Company's compound annual growth rate in earnings from continuing operations before interest, taxes, depreciation, depletion and amortization and the Company's compound annual growth rate in earnings from continuing operations. The weighted average grant-date fair value per share for the performance shares applicable to these performance conditions issued in 2020, 2019 and 2018 was $31.63, $26.25 and $27.48, respectively.
The fair value of the performance shares that vested during both years ended December 31, 2020 and 2019, was $9.7 million. There were no performance shares that vested in 2018.
A summary of the status of the performance share awards for the year ended December 31, 2020, was as follows:
 Number of
Shares		Weighted
Average
Grant-Date
Fair Value
Nonvested at beginning of period573,503 $30.81 
Granted285,980 36.19 
Additional performance shares earned123,147 27.48 
Less:
Vested369,456 29.84 
Nonvested at end of period613,174 $33.24