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Stockholders' Equity
 12 Months Ended
Dec. 31, 2024
Stockholders' Equity [Abstract]  
Stockholders' Equity

Note 18.  Stockholders’ Equity

Capital Stock


The Company’s authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 31,895,655 shares and 32,404,721 shares were outstanding at December 31, 2024 and 2023, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding.

Cash Dividends


Cash dividends of $13.2 million or $0.41 per common share were paid during 2024. In January 2025, a cash dividend of approximately $3.5 million or $0.11 per share, was declared, payable in the first quarter of 2025.

Stock Award and Incentive Plan


The Company’s 2015 Stock Award and Incentive Plan provides for grants of incentive and non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance unit awards (the 2015 Stock Award and Incentive Plan, as amended, referred to herein as the “Plan” and together with its predecessor for awards granted prior to May 2015, the 2001 Stock Award and Incentive Plan, as amended and restated, the “Plans”). At the Company's 2024 Annual Meeting of Stockholders, the Company's stockholders ratified the adoption of an amendment and restatement of the Plan, which increased the number of shares available for issuance pursuant to the Plan by 889,000 shares and removed certain individual award limits in light of recent tax law changes.  The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years.


The following table summarizes stock option and restricted stock unit activity for the Plans:

       
Stock Options
    
Restricted Stock Units
  
   
Shares
Available
for Grant
    
Shares
    
Weighted Average
Exercise Price
per Share ($)
    
Shares
    
Weighted Average
Exercise Price
per Share ($)
  
Balance January 1, 2022
    
1,268,770
      
1,330,002
    
$
59.91
      
196,133
    
$
60.87
  
Granted
    
(341,187
)
    
242,723
      
69.81
      
98,464
      
69.70
  
Exercised/vested
    
—
      
(121,992
)
    
46.81
      
(52,441
)
    
58.92
  
Canceled
    
152,877
      
(87,315
)
    
69.49
      
(65,562
)
    
61.00
  
Balance December 31, 2022
    
1,080,460
      
1,363,418
      
62.22
      
176,594
      
66.32
  
Granted
    
(358,463
)
    
255,620
      
66.08
      
102,843
      
66.01
  
Exercised/vested
    
—
      
(91,604
)
    
56.82
      
(46,141
)
    
64.25
  
Canceled
    
58,918
      
(12,972
)
    
67.54
      
(45,946
)
    
64.33
  
Balance December 31, 2023
    
780,915
      
1,514,462
      
63.15
      
187,350
      
67.15
  
Authorized
    
889,000
      
—
      
—
      
—
      
—
  
Granted
    
(299,640
)
    
196,471
      
66.72
      
103,169
      
66.79
  
Exercised/vested
    
—
      
(279,810
)
    
55.85
      
(47,876
)
    
67.19
  
Canceled
    
49,336
      
(5,487
)
    
66.76
      
(43,849
)
    
67.21
  
Balance December 31, 2024
    
1,419,611
      
1,425,636
    
$
65.06
      
198,794
    
$
66.94