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Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The following table summarizes compensation expense recognized for the periods presented (in thousands):


	Year Ended December 31,
	2023		2022		2021
Stock options	$	2,741	$	2,378	$	1,088
Restricted stock units	34,458		23,771		16,724
Total compensation expense	$	37,199	$	26,149	$	17,812

Schedule of Option Activity

The following is a summary of time-based stock option activity in 2023:


	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value ($000's)
Outstanding as of December 31, 2022	551,515	$	75.82
Options granted	93,674	75.50
Options exercised	(5,189)	79.82
Options forfeited	(3,740)	77.77

Outstanding as of December 31, 2023	636,260	$	75.73	7.8	$	9,190

Exercisable as of December 31, 2023	210,262	$	72.72	7.4	$	7,817

Schedule of Valuation Assumptions

We used the Black-Scholes option pricing model to determine the grant date fair value of time-based options. The weighted-average assumptions used are as follows:


			2023
Dividend yield			3.20%
Estimated volatility(1)			34.82%
Risk free rate			4.12%
Expected life of options			4.8
Estimated fair value			$20.55

(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Schedule of Performance Share Outstanding Activity

The following is a summary of performance-based stock option activity as of December 31, 2023:


	Shares	Weighted Average Exercise Price
Outstanding as of December 31, 2022	825,216	$	83.44
Options forfeited	(10,095)	83.44
Outstanding as of December 31, 2023	815,121	$	83.44

Summary of Non-Vested Restricted Stock Incentive Awards

The following is a summary of our non-vested OPP restricted stock activity as of December 31, 2023:


	Restricted Stock
	Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2022	936,915	$	27.60
Forfeited or expired	(4,690)	27.60
Non-vested at December 31, 2023	932,225	$	27.60

The following is a summary of the status of our non-vested restricted stock (including market, performance and time-based awards, and excluding OPP awards) as of December 31, 2023:


	Restricted Stock
	Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2022	803,327	$	84.78
Vested	(255,514)	82.40
Granted	414,177	97.20
Change in awards based on performance(1)	798,065	106.59
Forfeited or expired	(14,040)	87.80
Non-vested at December 31, 2023	1,746,015	$	98.03

(1) Represents the change in number of market and performance based awards earned based on performance achievement.

Schedule of Restricted Stock Valuation Assumptions

The weighted-average assumptions used are as follows:


						2023
Dividend yield						3.20%
Estimated volatility over the life of the plan(1)						27.33% - 39.02%
Risk free rate						4.44% - 5.08%
Estimated market based performance award value based on total shareholder return measure						$118.87

(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.