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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Activity in Stock Award Plans
The activity in the Stock Plan is displayed in the following table:
Year Ended From Inception to
Authorized Shares Available for Future Award GrantsDecember 31, 2023December 31, 2023
Beginning balance1,334,790  1,900,000 
Additional shares authorized— 2,150,000 
Number of awards granted(351,716) (3,973,857)
Number of awards forfeited or expired167,760  1,074,691 
Ending balance1,150,834  1,150,834 
Number of option awards exercised4,000  1,537,336 
Number of unrestricted stock awards granted— 10,090 
Number of restricted stock awards vested32,591  300,436 
The activity in the Director Stock Plan is displayed in the following table:
Year EndedFrom Inception to
Authorized Shares Available for Future Award GrantsDecember 31, 2023December 31, 2023
Beginning balance123,397  300,000 
Additional authorization— 150,000 
Number of awards granted(31,380) (386,618)
Number of awards forfeited or expired11,583  40,218 
Ending balance103,600  103,600 
Number of option awards exercised1,755  152,336 
Number of restricted stock awards vested20,955 137,956 
Summary of Recognition of Stock-Based Compensation Expense We expect this compensation to be recognized in subsequent years according to the following table, except with respect to awards that are accelerated by the Board of Directors, in which case we will recognize any remaining compensation expense in the period in which the awards are accelerated.
20243,394 
20251,865 
2026367 
202729 
Total$5,655 
Summary of Analysis of Award Activity
The analysis below details the option award activity for 2023 and the awards outstanding at December 31, 2023, for both of our plans and ad hoc options, which were granted prior to the adoption of the other plans:
OptionsSharesWeighted-Average Exercise Price
Weighted-Average Remaining Life (in years)
Aggregate Intrinsic Value
Outstanding at January 1, 2023776,338 $36.47 
Granted117,026 28.08 
Exercised(5,755)27.35 
Cancelled/Forfeited(74,350)35.95 
Expired(17,583)27.23 
Outstanding at December 31, 2023795,676 $35.55 3.01$— 
Exercisable at December 31, 2023645,476 $37.21 1.64$— 
Summary of Restricted Stock Award Activity
The analysis below details the award activity for the restricted stock and restricted stock unit awards outstanding at December 31, 2023:
Restricted stock awardsSharesWeighted-Average Grant Date Fair Value
Non-vested at January 1, 2023157,387 $30.56 
Adjustment to prior year PSU performance prediction7,329 30.56 
Granted266,070 26.42 
Vested(67,488)32.99 
Forfeited(31,117)31.89 
PSU projected performance adjustment(40,742)28.42 
Non-vested at December 31, 2023291,439 $27.42 
Summary of Weighted-average Grant-Date Fair Value Assumptions
The weighted-average grant-date fair value of the options granted under our plans has been estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:
December 31,202320222021
Risk-free interest rate4.09 %2.18 %0.98 %
Expected volatility (historical)
41.85 %40.56 %56.49 %
Expected option life (in years)
777
Expected dividends (in dollars)
$0.64 $0.61 $0.60 
Weighted-average grant-date fair value of options granted during the year (in dollars)
$10.95 $10.49 $13.48 
Summary of Stock Options Outstanding and Exercisable
The following table summarizes information regarding the stock options outstanding and exercisable at December 31, 2023:
 Options OutstandingOptions Exercisable
Range of Exercise Prices
Number Outstanding (in shares)
Weighted-Average Remaining Contractual Life (in years)
Weighted-Average Exercise Price
Number Exercisable (in shares)
Weighted-Average Exercise Price
$20.24 28.76136,617 7.74$27.36 26,954 $24.50 
28.77 29.44171,963 1.5829.20 165,469 29.19 
29.45 34.76128,246 3.3629.56 94,203 29.59 
34.77 43.54189,022 1.2440.79 189,022 40.79 
43.55 54.26169,828 2.3447.27 169,828 47.27 
$20.24 54.26795,676 3.01$35.55 645,476 $37.21