Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Options Issued

The following table summarizes the assumptions used in the valuation of the 2022 and 2021 option grants. During the nine months ended September 30, 2022, stock option expense totaling $1.0 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2022, the estimated future expense related to unvested stock options was $2.4 million.

	Directors				Officers
Grant date	May 13, 2022		May 7, 2021		May 13, 2022		May 7, 2021
Exercise price per share	$	47.90	$	43.89	$	47.90	$	43.89
Fair value per option	$	8.34	$	6.32	$	7.66	$	5.96
Volatility	30.00%		29.70%		27.10%		27.50%
Expected life (years)	5.0		5.0		7.0		7.0
Assumed yield	4.90%		4.96%		4.93%		4.97%
Risk-free rate	2.89%		0.77%		2.95%		1.24%

Summary of Option Activity

The table below summarizes the option activity for the nine months ended September 30, 2022:

	Number of Shares	Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	1,601,250	$	51.73	$	4,886,106
Granted	248,000	47.90		—
Exercised	(26,875)	44.44		179,217
Expired/Forfeited	(19,000)	51.71		—
Outstanding at September 30	1,803,375	51.31		—
Exercisable at September 30	1,287,250	52.74		—