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

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock Options Issued

The following table summarizes the assumptions used in the valuation of the 2023 and 2022 option grants.

	Directors				Officers
Grant date	May 12, 2023		May 13, 2022		May 12, 2023		May 13, 2022
Exercise price per share	$	33.79	$	47.90	$	33.79	$	47.90
Fair value per option	$	6.53	$	8.34	$	6.06	$	7.66
Volatility	0.319		0.300		0.288		0.271
Expected life (years)	5.0		5.0		7.0		7.0
Assumed yield	4.94%		4.90%		4.96%		4.93%
Risk-free rate	3.45%		2.89%		3.45%		2.95%

Summary of Option Activity

The table below summarizes the option activity for the six months ended June 30, 2023:

	Number of Shares	Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	1,768,375	$	51.28	$	—
Granted	253,500	33.79		770,640
Exercised	—	—		—
Expired/Forfeited	(96,875)	49.24		—
Outstanding at June 30	1,925,000	49.08		770,640
Exercisable at June 30	1,247,375	52.28		91,200