Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense, net of amounts capitalized

The following summarizes stock-based compensation expense, net of amounts capitalized to development projects, for the years ended December 31:

thousands	2022		2021		2020
Stock Options (a)(b)	$	250	$	227	$	(1,892)
Restricted Stock (c)	6,860		7,332		6,520
Pre-tax stock-based compensation expense	$	7,110	$	7,559	$	4,628
Income tax benefit	$	636	$	882	$	167

(a)Amounts shown are net of an immaterial amount capitalized to development projects in 2022, $0.1 million capitalized to development projects in 2021 and $0.2 million capitalized to development projects in 2020.

(b)The credit position for the year ended December 31, 2020, was due to significant forfeitures which exceeded the expense.

(c)Amounts shown are net of $4.8 million capitalized to development projects in 2022, $2.2 million capitalized to development projects in 2021 and $0.9 million capitalized to development projects in 2020.

Summary of stock option plan activity

The following table summarizes stock option activity:

	Stock Options	Weighted-average Exercise Price		Weighted-average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Stock options outstanding at December 31, 2021	270,487	$	112.61
Granted	13,000	$	65.99
Exercised (a)	(4,500)	68.61
Forfeited	(11,900)	126.67
Expired	(8,100)	118.70
Stock options outstanding at December 31, 2022	258,987	$	110.20	4.2	$	240,858
Stock options vested and expected to vest at December 31, 2022	257,062	$	110.45	4.2	$	231,823
Stock options exercisable at December 31, 2022	179,150	$	118.90	2.8	$	—

(a)The total intrinsic value of stock options exercised was $0.1 million during 2022, $2.6 million during 2021, and $2.4 million during 2020, based on the difference between the market price at the exercise date and the exercise price.

Summary of significant assumptions used in Black-Scholes option-pricing model

The fair value on the grant date and the significant assumptions used in the Black‑Scholes option‑pricing model are as follows:

	2022			2021			2020
Weighted-average grant date fair value	$	37.70		$	41.52		$	32.10
Assumptions
Expected life of options (in years)	7.5			7.5			7.5
Risk-free interest rate	3.4		%	1.2		%	0.7		%
Expected volatility	50.3		%	36.5		%	40.4		%
Expected annual dividend per share	—			—			—

Schedule of restricted stock activity

The following table summarizes restricted stock activity:

	Restricted Stock	Weighted-average Grant Date Fair Value
Restricted stock outstanding at December 31, 2021	405,966	$	72.20
Granted	154,599	88.19
Vested	(101,000)	103.48
Forfeited	(106,102)	55.96
Restricted stock outstanding at December 31, 2022	353,463	$	75.14