XML 52 R40.htm IDEA: XBRL DOCUMENT v3.22.4
Incentive Plans (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation Arrangements by Share-Based Payment Award
The following table presents the amount of the plans’ authorized shares and those that remain available for issuance as of December 31, 2022. Both plans allowed the Company to authorize shares subject to options or, in lieu of options, shares in the form of stock awards.
Authorized AwardsAuthorized but Not Issued
Stock OptionsorStock AwardsStock OptionsorStock Awards
2020 Plan6,950,000 2,780,000 4,354,574 1,741,830 
2011 Plan4,000,000 1,600,000 200,003 80,001 
Total10,950,000 4,380,000 4,554,577 1,821,831 
Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions The fair value of these awards were estimated through the use of the Monte Carlo valuation model applying the following assumptions:
2022
Risk-free interest rate1.36 %
Expected performance period2.9 years
Expected volatility41.10 %
The fair value of stock options granted in 2020 was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:
2020
Risk-free interest rate1.03 %
Expected option life7 years
Expected volatility23 %
Expected dividend yield3.33 %
Weighted average fair value of an option share granted during the year$2.93 
Intrinsic value of options exercised during the year (in thousands)2,499 
Summary of Granted but Unvested Stock Award Activity
A summary of the granted but unvested stock award activity, which included both time- and performance-based stock awards, for the years ended December 31, 2022, 2021 and 2020 is as follows:
 202220212020
 Number
of
Shares		Weighted
Average
Grant Date
Fair Value		Number
of
Shares		Weighted
Average
Grant Date
Fair Value		Number
of
Shares		Weighted
Average
Grant Date
Fair Value
Outstanding at beginning of year:778,971 $22.30 575,996 $23.42 451,443 $25.61 
Granted279,750 21.47 388,392 21.53 256,649 20.38 
Vested(190,094)23.14 (126,292)24.04 (96,564)24.41 
Forfeited(33,287)22.17 (59,125)24.39 (35,532)26.56 
Outstanding at end of year835,340 $21.84 778,971 $22.30 575,996 $23.42 
Summary of Option Activity A summary of option activity for the years ended December 31, 2022, 2021 and 2020 is as follows:
 202220212020
 Number
of
Shares		Weighted
Average
Exercise
Price		Number
of
Shares		Weighted
Average
Exercise
Price		Number
of
Shares		Weighted
Average
Exercise
Price
Outstanding at beginning of year2,458,255 $21.02 2,838,867 $20.67 2,424,032 $19.80 
Granted— — — — 699,651 20.44 
Exercised(217,038)14.17 (264,717)14.80 (213,506)9.50 
Forfeited— — (1,828)23.78 (6,357)21.26 
Expired(30,533)23.68 (114,067)26.62 (64,953)22.51 
Outstanding at end of year2,210,684 $21.66 2,458,255 $21.02 2,838,867 $20.67 
Options exercisable1,645,901 1,583,521 1,596,927 
Summary of Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2022:
 Options OutstandingOptions Exercisable
Exercise PricesNumber
of
Options		Weighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price		Number
of
Options		Weighted
Average
Remaining
Contractual
Life		Weighted
Average
Exercise
Price
$11.70 to $16.03
194,374 0.3 years$14.19 194,374 0.3 years$14.19 
16.04 to 20.36
464,706 2.217.45 464,706 2.217.45 
20.37 to 24.69
733,485 6.920.55 334,172 6.620.68 
24.70 to 29.01
818,119 5.226.82 652,649 5.027.16 
2,210,684 4.7 years$21.66 1,645,901 4.0 years$21.57 
Summary Of Compensation Expense
The compensation expense for stock awards, stock options and phantom stock units were as follows (in thousands):
For the Year Ended December 31,
202220212020
Stock awards$5,698 $4,161 $2,792 
Stock options940 1,244 1,466 
Phantom stock units554 — — 
Total$7,192 $5,405 $4,258