Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 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 years ended December 31, 2022, 2021, and 2020 using a Black Scholes-Merton Model:

 

	2022			2021			2020
Directors and SLT1:
Expected dividend yield	$	0.38		$	0.38		$	0.33
Expected volatility	36.07		%	35.78		%	31.63		%
Risk-free interest rate	2.31		%	0.51		%	0.64		%
Expected life (in years)	4.0			4.0			5.0
Employees:
Expected dividend yield	$	0.39		$	0.38		$	0.32
Expected volatility	37.49		%	38.67		%	31.39		%
Risk-free interest rate	2.35		%	0.32		%	0.67		%
Expected life (in years)	3.0			3.0			5.0
1 Senior Leadership Team ("SLT") consists of officers and key members of management.

Summary of Stock Options Outstanding

The following is a summary of stock options vested and exercisable as of December 31, 2022:

 

		Weighted Average	Weighted
Range of	Number	Remaining	Average
Exercise	of	Contractual	Exercise		Intrinsic
Prices	Shares	Life	Price		Value
					(in thousands)
$20.92 - 41.37	1,031,134	5.14	$	36.60	$	39,926
$42.42 - 54.20	247,535	7.03	44.68		7,583
$54.29 - 79.92	98,344	8.10	72.38		294
Total	1,377,013	5.69	$	40.61	$	47,803

Summary of Stock Option Activity

A summary of option activity under the plans is as follows:

		Weighted Average Exercise
Options	Shares	Price
Outstanding at December 31, 2021	3,365,469	$	42.88
Granted	465,515	55.40
Exercised	(597,761)	38.71
Forfeited or Expired	(192,876)	49.56
Outstanding at December 31, 2022	3,040,347	$	45.20
Exercisable at December 31, 2022	1,377,013	$	40.61

Summary of Performance Share Units Assumptions

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 years ended December 31, 2022 and 2021, using a Monte Carlo Model:

	2022			2021
Expected dividend rate	$	0.38		$	0.38
Expected volatility	37.60		%	39.10		%
Risk-free interest rate	2.00		%	0.28		%
Expected life (in years)	2.80			2.80

Schedule of Nonvested Performance-based Units Activity

A summary of the unvested PSUs is as follows:

	Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	16,851	$	87.78
Granted	50,839	44.74
Vested	—	—
Forfeited	(5,031)	62.14
Unvested at December 31, 20221	62,659	$	54.92
1 Consists of 14,817 PSUs cliff vesting December 31, 2024 and 47,842 PSUs cliff vesting December 31, 2025.

Summary of Unvested Restricted Stock Awards

A summary of the unvested restricted stock awards is as follows:

		Weighted Average Grant Date
Restricted stock	Shares	Fair Value
Unvested at December 31, 2021	161,225	$	46.08
Granted	68,020	53.97
Vested	(72,936)	45.31
Forfeited	(11,483)	48.23
Unvested at December 31, 2022	144,826	$	50.00

A summary of the unvested Key Employee Awards is as follows:

	Shares	Weighted Average Grant Date Fair Value
Unvested at December 31, 2021	26,599	$	80.18
Granted	—	—
Vested	—	—
Forfeited	—	—
Unvested at December 31, 2022	26,599	$	80.18

Summary of Share-Based Compensation Expense

A summary of share-based compensation is as follows for the years ended December 31, 2022, 2021, and 2020:

 

	2022		2021		2020
Grant date fair value of awards during the period:	(in thousands)
Options	$	6,522	$	7,010	$	12,615
Restricted stock	3,671		2,517		3,316
PSUs	2,275		1,622		—
Key employee awards	—		1,572		—
Total	$	12,468	$	12,721	$	15,931

 

	2022		2021		2020
Share-based compensation expense:	(in thousands)
Options	$	8,585	$	8,724	$	8,312
Restricted stock	3,105		2,519		3,030
PSUs	958		525		—
Key employee awards	1,052		44		—
Total	$	13,700	$	11,812	$	11,342

`

	2022		2021		2020
Income tax benefit related to share-based compensation:	(in thousands)
Options	$	2,715	$	4,571	$	2,698
Restricted stock	241		837		519
Total	$	2,956	$	5,408	$	3,217