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Share Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2023
Share Incentive Plans [Abstract]  
Stock Option Activity
Stock option activity for the 2006, 2015 and 2021 Plans is summarized below:
   
    Weighted     Weighted  
    Stock     Average     Average  
    Option     Exercise    
Grant Date
  

 
Shares
    
Price
    
Fair Value
  
Outstanding, December 31, 2021
    
619,835
    
$
28.51
    
$
8.70
  
                         
Granted
    
114,827
      
30.58
      
10.34
  
Exercised
    
(40,331
)
    
12.49
      
4.08
  
Forfeited
    
(11,117
)
    
32.60
      
9.35
  
Outstanding, December 31, 2022
    
683,214
     $
29.74
     $
9.24
  
                         
Granted
     77,519       20.71       6.45  
Exercised
    
(30,214
)
    
13.87
      
4.37
  
Forfeited
    
(65,214
)
    
27.38
      
9.11
  
Outstanding, September 30, 2023
    
665,305
    
$
29.67
    
$
9.14
  
Assumptions for Options Granted Under 2015 and 2021 Plan
The following table outlines the assumptions based on the number of options granted under the 2015 Plan.
   
February 10,
    
May 17,
    
March 7,
    
March 20,
    
October 24,
    
March 18,
    
  February 18,
    
May 3,
  

 
2017
    
2017
    
2018
    
2019
    
2019
    
2020
    
2021
    
2021
  
Number of options granted
    
40,000
      
93,819
      
98,100
      
155,780
      
25,000
      
155,000
      
100,000
      
12,000
  
Options outstanding at September 30, 2023
    
20,000
      
39,983
      
51,567
      
125,834
      
25,000
      
80,975
      
90,253
      
12,000
  
Number exercisable at September 30, 2023
    
20,000
      
39,983
      
51,567
      
125,834
      
25,000
      
80,975
      
63,727
      
8,040
  
Exercise price
  
$
13.00
    
$
15.41
    
$
21.21
    
$
47.58
    
$
20.89
    
$
14.85
    
$
51.75
    
$
47.76
  
Remaining lives
    
3.37
      
3.63
      
4.44
      
5.47
      
6.07
      
6.47
      
7.39
      
7.59
  
Risk free interest rate
    
1.89
%
    
1.76
%
    
2.65
%
    
2.34
%
    
1.58
%
    
0.79
%
    
0.56
%
    
0.84
%
Expected volatility
    
27.44
%
    
26.92
%
    
28.76
%
    
30.95
%
    
31.93
%
    
35.72
%
    
28.69
%
    
29.03
%
Expected life
    
6.000
      
6.000
      
6.000
      
6.000
      
6.000
      
6.000
      
6.000
      
6.000
  
Dividend yield
    
–
      
–
      
0.83
%
    
0.42
%
    
0.95
%
    
1.49
%
    
0.55
%
    
0.59
%
Fair value at grant date
  
$
3.98
    
$
4.60
    
$
6.37
    
$
15.63
    
$
6.27
    
$
4.41
    
$
13.77
    
$
13.06
  

The following table outlines the assumptions based on the number of options granted under the 2021 Plan.
   
May 17,
    
March 14,
    
April 29,
     May 12,  
 
  
2021
    
2022
    
2022
     2023  
Number of options granted
    
7,500
       100,000       14,827       77,519  
Options outstanding at September 30, 2023
    
7,500
       73,023       14,827       77,519  
Number exercisable at September 30, 2023
    
5,100
       24,995       5,042       58,139  
Exercise price
  
$
45.05
     $ 30.46     $ 31.39     $ 20.71  
Remaining lives
    
7.63
       8.46       8.59       9.62  
Risk free interest rate
    
0.84
%
     2.10 %     2.92 %     3.41 %
Expected volatility
    
31.50
%
     35.33 %     35.33 %     34.51 %
Expected life
    
6.000
       6.000       6.000       5.186  
Dividend yield
    
0.63
%
     1.01 %     0.98 %     1.61 %
Fair value at grant date
  
$
13.23
     $ 10.23     $ 11.07     $
6.45  
PRSU Activity
PRSUs are restricted stock units subject to both performance-based and service-based vesting conditions. The number of shares of TPB Common Stock a recipient will receive upon vesting of a PRSU will be calculated by reference to certain performance metrics related to the Company’s performance over a five-year period. PRSUs will vest on the measurement date, which is no more than 65 days after the performance period provided the applicable service and performance conditions are satisfied. As of September 30, 2023, there are 456,922 PRSUs outstanding. The following table outlines the PRSUs granted and outstanding as of September 30, 2023.
   
March 20,
    
March 18,
    
December 28,
    
February 18,
    
March 14,
     May 4,
  
   
2019
    
2020
    
2020
    
2021
    
2022
     2023  
Number of PRSUs granted
    
92,500
      
94,000
      
88,169
      
100,000
       49,996       133,577  
PRSUs outstanding at September 30, 2023
    
77,080
      
84,360
      
31,040
      
87,340
       43,525       133,577  
Fair value as of grant date
  
$
47.58
    
$
14.85
    
$
46.42
    
$
51.75
     $ 30.46     $ 22.25  
Remaining lives
    
0.25
      
1.25
      
0.25
      
2.25
       3.25       2.50  
RSU Activity

The Company has granted 228,640 RSUs which are outstanding and vest over one to five years. The following table outlines the RSUs granted and outstanding as of September 30, 2023.


   
March 14,
    
March 14,
    
April 29,
    
May 5,
      May 5,      May 8,  
   
2022
    
2022
    
2022
    
2023
      2023      2023  
Number of RSUs granted
    
50,004
      
28,726
      
4,522
       130,873    
22,472    
20,101  
RSUs outstanding at September 30, 2023
    
42,947
      
18,961
      
4,522
       130,873       11,236       20,101  
Fair value as of grant date
  
$
30.46
    
$
30.46
    
$
31.39
     $ 22.25  
$
22.25     $
21.77  
Remaining lives
    
3.25
      
1.25
      
3.25
       2.50       0.25       0.60