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

9 Months Ended

Sep. 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 nine months ended September 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		375,180
Exercised	—	—		—
Expired/Forfeited	(114,375)	49.67		—
Outstanding at September 30	1,907,500	49.05		375,180
Exercisable at September 30	1,229,875	52.28		44,400