XML 56 R36.htm IDEA: XBRL DOCUMENT v3.22.4
Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Shares Reserved for Future Issuance The following table sets forth the number of shares of Common Stock reserved for future issuance under the Company’s long-term equity incentive plans:
December 31,
20222021
Outstanding stock options and warrants527,067 527,067 
Possible future issuance under equity incentive plans2,817,293 2,999,100 
3,344,360 3,526,167 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
The following table sets forth stock option activity:
Options Outstanding
Number of OptionsWeighted Average Exercise Price
Stock options outstanding as of December 31, 2019584,902 $45.75 
Exercised(42,163)41.10 
Forfeited(5,366)50.82 
Stock options outstanding as of December 31, 2020537,373 46.07 
Exercised(25,306)43.76 
Stock options outstanding as of December 31, 2021 (1)
512,067 46.18 
__________
(1)There were no options granted, canceled, exercised or forfeited during the year ended December 31, 2022. The Company had 512,067 options exercisable as of both December 31, 2022 and 2021, with a weighted average exercise price of $46.18 at each date. As of December 31, 2022, these options had a weighted average remaining life of 3.0 years, and all had exercise prices higher than the market price of our common stock. As of December 31, 2021, these options had a weighted average remaining life of 4.0 years, an intrinsic value of $0.6 million, and there were 279,549 shares that had exercise prices higher than the market price of our common stock.
Schedule of NonQualified Deferred Compensation Liability
The following table sets forth our deferred compensation liability:

Year Ended December 31,
202220212020
Beginning deferred compensation liability$2,866 $2,573 $2,345 
Mark-to-market adjustment to deferred compensation (in general and administrative expenses)
(302)293 228 
Total deferred compensation liability$2,564 $2,866 $2,573 
Time-Based Restricted Stock [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table sets forth time-based restricted stock activity:
Number of SharesWeighted Average Grant Date Fair Value
Restricted shares outstanding as of December 31, 2019218,151 $45.73 
Awarded and issued (1)
83,116 44.88 
Vested (2)
(88,326)45.86 
Forfeited(3,751)45.78 
Restricted shares outstanding as of December 31, 2020209,190 45.34 
Awarded and issued (1)
103,120 39.99 
Vested (2)
(89,264)45.90 
Forfeited(3,327)43.13 
Restricted shares outstanding as of December 31, 2021219,719 42.63 
Awarded and issued (1)
99,975 43.58 
Vested (2)
(101,082)42.80 
Forfeited(779)42.37 
Restricted shares outstanding as of December 31, 2022217,833 $42.63 
__________
(1)The weighted average fair value at grant date of time-based restricted stock issued during the years ended December 31, 2022, 2021 and 2020 was $4.4 million, $4.1 million and $3.7 million, respectively.
(2)The vesting date fair value of time-based restricted stock that vested during the years ended December 31, 2022, 2021 and 2020 was $4.4 million, $3.6 million and $3.9 million, respectively. Vested shares include those shares surrendered by employees to satisfy tax withholding obligations in connection with such vesting.
Total Return-Based Restricted Stock [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Share-based Compensation, Restricted Stock Units Award Activity
The following table sets forth total return-based restricted stock activity:
Number of SharesWeighted Average Grant Date Fair Value
Restricted shares outstanding as of December 31, 2019208,848 $42.22 
Awarded and issued (1)
66,188 38.31 
Forfeited (3)
(49,852)51.93 
Restricted shares outstanding as of December 31, 2020225,184 39.53 
Awarded and issued (1)
81,464 36.41 
Vested (2)
(55,452)43.01 
Forfeited (3)
(21,904)42.33 
Restricted shares outstanding as of December 31, 2021229,292 38.00 
Awarded and issued (1)
81,832 41.94 
Vested (2)
(62,985)45.90 
Forfeited (3)
(20,995)45.90 
Restricted shares outstanding as of December 31, 2022227,144 $38.93 
__________
(1)The fair value at grant date of total return-based restricted stock issued during the years ended December 31, 2022, 2021 and 2020 was $3.4 million, $2.9 million and $2.5 million, respectively, at target.
(2)The vesting date fair value of total return-based restricted stock that vested during the years ended December 31, 2022 and 2021 was $2.7 million and $2.2 million, respectively, based on the performance of the specific plans. Vested shares include those shares
surrendered by employees to satisfy tax withholding obligations in connection with such vesting. There were no vested shares of total return-based restricted stock during the year ended December 31, 2020.
(3)The 2022, 2021 and 2020 amounts include 20,995, 18,484 and 46,852 shares, respectively, that were forfeited at the end of the applicable measurement period because the applicable total return did not meet targeted levels.
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions The fair values of the total return-based restricted stock granted were determined at the grant dates using a Monte Carlo simulation model and the following assumptions:
202220212020
Risk free interest rate (1) 
1.6 %0.3 %0.9 %
Common stock dividend yield (2) 
4.5 %4.8 %3.9 %
Expected volatility (3) 
25.8 %26.8 %20.4 %
__________
(1)Represents the interest rate as of the grant date on US treasury bonds having the same life as the estimated life of the total return-based restricted stock grants.
(2)The dividend yield is calculated utilizing the then current regular dividend rate for a one-year period and the average per share price of Common Stock during the three-month period preceding the date of grant.
(3)Based on the historical volatility of Common Stock over a period relevant to the related total return-based restricted stock grant.