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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2022
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the nine months ended September 30, 2022 and 2021 using a Black Scholes-Merton Model:
 Nine months ended
 September 30, 2022September 30, 2021
Directors and SLT1:
  
Expected dividend rate$0.38$0.38
Expected volatility36.00%35.78%
Risk-free interest rate2.21%0.51%
Expected life (in years)4.04.0
Employees:  
Expected dividend rate$0.38$0.38
Expected volatility37.38%38.69%
Risk-free interest rate2.20%0.30%
Expected life (in years)3.03.0
1 Senior Leadership Team ("SLT") consists of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the nine months ended September 30, 2022 and 2021 using a Monte Carlo Model:
 Nine months ended
 September 30, 2022September 30, 2021
 
Expected dividend rate$0.38$0.38
Expected volatility37.60%39.10%
Risk-free interest rate2.00%0.28%
Expected life (in years)2.82.6
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of September 30, 2022:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$9.79 -$41.37 1,233,000 5.29$36.72 $21,160 
$42.42 -$54.20 309,531 6.8844.68 2,848 
$54.29 -$79.81 118,916 7.9672.20 — 
Total1,661,447 5.78$40.74 $24,008 
 
The following is a summary of stock options vested and exercisable as of September 30, 2021:
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$8.17 -$40.87 593,901 4.88$30.33 $20,790 
$41.37 -$41.37 415,541 6.7241.37 9,961 
$42.42 -$73.36 139,605 8.3645.08 2,828 
Total1,149,047 5.97$36.12 $33,579 
Summary of Stock Option Activity
A summary of stock option activity under the plans is as follows:

Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2021
3,365,469 $42.88 
Granted
434,941 54.47 
Exercised
(305,180)36.00 
Forfeited or Expired
(145,856)49.45 
Outstanding at September 30, 2022
3,349,374 $44.73 
Exercisable at September 30, 2022
1,661,447 $40.74 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2021
161,225 $46.08 
Granted
62,356 53.22 
Vested
(69,341)44.89 
Forfeited
(10,811)47.51 
Unvested at September 30, 2022
143,429 $49.65 
Schedule of Nonvested Key Employee Award Activity
A summary of the unvested Key Employee Awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2021
26,599 $80.18 
Granted
— — 
Vested
— — 
Forfeited
— — 
Unvested at September 30, 2022
26,599 $80.18 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2021
16,851 $87.78 
Granted
48,946 44.74 
Vested
— — 
Forfeited
(5,031)62.14 
Unvested at September 30, 2022
60,766 $55.23 
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedNine Months Ended
 September 30,
2022		September 30,
2021		September 30,
2022		September 30,
2021
Grant date fair value of awards during the period:(in thousands)
Options$480 $152 $5,979 $6,870 
PSUs109 32 2,190 1,622 
Restricted stock164 80 3,319 2,253 
Total$753 $264 $11,488 $10,745 
Share-based compensation expense:
Options$2,104 $2,167 $6,483 $6,594 
PSUs188 166 665 355 
Restricted stock768 658 2,290 1,835 
Key employee awards261 — 791 — 
Total$3,321 $2,991 $10,229 $8,784 
Income tax benefit/(deficiency) related to share-based compensation:
Options$531 $440 $1,022 $3,010 
Restricted stock3 1 231 820 
Total$534 $441 $1,253 $3,830