XML 56 R43.htm IDEA: XBRL DOCUMENT v3.24.0.1
Long-Term Incentive Plans (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of Authorized Shares that Remain Available for Issuance
The following table presents the amount of the plans’ authorized shares and those that remain available for issuance as of December 31, 2023. 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 3,822,733 1,529,093 
2011 Plan (1)
4,000,000 1,600,000 248,013 99,205 
Total10,950,000 4,380,000 4,070,746 1,628,298 
(1) The 2011 Stock Incentive Plan expired and the Company will not issue any further shares from this plan.
Schedule of Valuation Assumptions of Stock Options The fair value of these awards were estimated through the use of the Monte Carlo valuation model at the time of grant, applying the following assumptions:
20232022
Risk-free interest rate4.56 %1.36 %
Expected performance period2.8 years2.9 years
Expected volatility35.80 %41.10 %
Schedule 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, 2023, 2022 and 2021 is as follows:
 202320222021
 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:835,340 $21.84 778,971 $22.30 575,996 $23.42 
Granted322,425 22.14 279,750 21.47 388,392 21.53 
Vested(228,370)22.55 (190,094)23.14 (126,292)24.04 
Forfeited(114,906)22.07 (33,287)22.17 (59,125)24.39 
Outstanding at end of year814,489 $21.73 835,340 $21.84 778,971 $22.30 
Schedule of Option Activity
A summary of option activity for the years ended December 31, 2023, 2022 and 2021 is as follows:
 202320222021
 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 year2,210,684 $21.66 2,458,255 $21.02 2,838,867 $20.67 
Exercised(195,684)14.59 (217,038)14.17 (264,717)14.80 
Forfeited(15,358)20.44 — — (1,828)23.78 
Expired(30,203)18.32 (30,533)23.68 (114,067)26.62 
Outstanding at end of year1,969,439 $22.42 2,210,684 $21.66 2,458,255 $21.02 
Options exercisable1,663,506 1,645,901 1,583,521 
Schedule of Stock Options Outstanding
The following table summarizes information about stock options outstanding at December 31, 2023:
 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
$12.72 to $16.79
12,500 1.2 years$14.10 12,500 1.2 years$14.10 
16.80 to 20.86
1,108,815 3.919.27 875,029 3.318.95 
20.87 to 24.93
30,005 2.222.69 30,005 2.222.69 
24.94 to 29.01
818,119 4.026.82 745,972 3.926.98 
1,969,439 3.9 years$22.42 1,663,506 3.5 years$22.58 
Schedule of Compensation Expense for Stock Awards, Stock Options and Phantom Stock Units
The compensation expense for stock awards, stock options and phantom stock units were as follows (in thousands):
For the Year Ended December 31,
202320222021
Stock awards$5,154 $5,698 $4,161 
Stock options700 940 1,244 
Phantom stock units1,092 554 — 
Total$6,946 $7,192 $5,405