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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and 2023, using a Black Scholes-Merton Model:
 Nine months ended
 September 30,
2024		September 30,
2023
Senior Leadership1:
  
Expected (annual) dividend rate$0.32$0.32
Expected volatility37.90%37.89%
Risk-free interest rate4.14%4.39%
Expected life (in years)4.04.0
Employees:
Expected (annual) dividend rate$0.32$0.32
Expected volatility33.56%38.30%
Risk-free interest rate4.27%4.41%
Expected life (in years)3.03.0
1 Senior Leadership 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, 2024 and 2023, using a Monte Carlo Model:
 Nine months ended
 September 30,
2024		September 30,
2023
 
Expected (annual) dividend rate$0.32$0.32
Expected volatility33.99%32.71%
Risk-free interest rate4.31%4.66%
Expected life (in years)2.82.8
Summary of Stock Options Outstanding The following is a summary of stock options vested and exercisable as of September 30, 2024:
 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$13.95 -$27.58 1,267,078 3.75$25.27 $104,618 
$28.28 -$37.07 534,194 6.0131.63 40,709 
$37.09 -$107.85 332,194 6.9750.80 18,947 
Total2,133,466 4.82$30.84 $164,274 
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, 2023
3,619,585 $33.09 
Granted
414,016 79.77 
Exercised
(820,177)31.26 
Forfeited or Expired
(44,816)52.50 
Outstanding at September 30, 2024
3,168,608 $39.34 
Exercisable at September 30, 2024
2,133,466 $30.84 
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, 2023
187,084 $44.07 
Granted
65,187 78.26 
Vested
(96,672)40.87 
Forfeited
(5,560)56.41 
Unvested at September 30, 2024
150,039 $60.53 
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, 2023
152,112 $54.88 
Granted
47,965 106.24 
Additional payout1
2,059 58.53 
Vested
(21,919)58.53 
Forfeited
(5,957)69.81 
Unvested at September 30, 20242
174,260 $68.09 
1 The additional number of PSUs earned based on a 110% achievement at December 31, 2023 for awards vesting in 2024.
2 Consists of 70,852 PSUs cliff vesting December 31, 2024, 56,528 PSUs cliff vesting December 31, 2025, and 46,880 PSUs cliff vesting December 31, 2026.
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:
Three Months EndedNine Months Ended
 September 30,
2024		September 30,
2023		September 30,
2024		September 30,
2023
Grant date fair value of awards during the period:(in thousands)
Options$222 $106 $9,342 $5,224 
PSUs39 — 5,096 4,907 
Restricted stock73 246 5,102 4,396 
Total$334 $352 $19,540 $14,527 
Share-based compensation expense:
Options$1,960 $2,228 $6,213 $6,604 
PSUs1,238 737 3,089 1,820 
Restricted stock1,165 1,053 3,512 2,903 
Key Employee Awards— 261 — 775 
Total$4,363 $4,279 $12,814 $12,102 
Income tax benefit (deficiency) related to share-based compensation:
Options$5,066 $478 $10,294 $5,639 
PSUs— — 169 — 
Restricted stock32 16 1,003 680 
Key Employee Awards— — 282 — 
Total$5,098 $494 $11,748 $6,319