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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Option Grant Fair Value Assumptions

The fair value of option grants is estimated on the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions for option grants during the periods indicated below:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Expected volatility

 

 

 

 

 

47.83

%

 

 

45.36

%

Expected dividends

 

 

 

 

 

2.63

%

 

 

0.34

%

Expected term (in years)

 

 

 

 

 

6.0

 

 

 

6.0

 

Risk-free rate

 

 

 

 

 

0.64

%

 

 

0.68

%

(1) Beginning in 2022, the Company no longer issues non-qualified stock options as part of its annual long-term incentive program.

Summary of Company's Stock Option Plan Activity

The following table summarizes the stock option activity for the year ended December 31, 2022:

Dollars in thousands, except per share amounts

 

Number of

Shares

 

 

Weighted-Average Exercise Price

Per Share

 

 

Weighted-Average Remaining Contractual Life (Years)

 

 

Aggregate Intrinsic Value

 

Options outstanding at January 1, 2022

 

 

589

 

 

$

22.50

 

 

 

 

 

 

 

 

 

Granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercised

 

 

(61

)

 

 

17.60

 

 

 

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expired

 

 

(1

)

 

 

17.08

 

 

 

 

 

 

 

 

 

Options outstanding at December 31, 2022

 

 

527

 

 

$

23.07

 

 

 

5.9

 

 

$

2,989

 

Options exercisable at December 31, 2022

 

 

475

 

 

$

22.32

 

 

 

5.6

 

 

$

2,973

 

Summary of Additional Stock Option Information

The following table provides additional stock option information for the periods indicated:

 

 

Year Ended December 31,

 

Dollars in thousands, except per share amounts

 

2022

 

 

2021

 

 

2020

 

Weighted-average grant date fair value per share

 

$

 

 

$

10.52

 

 

$

7.80

 

Intrinsic value of options exercised

 

$

2,142

 

 

$

11,711

 

 

$

2,896

 

Fair value of stock options that vested

 

$

849

 

 

$

1,063

 

 

$

994

 

Award Grant Fair Value Assumptions The following are the weighted-average assumptions for the PRSU grants during the periods indicated below:

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Expected volatility

 

 

39.24

%

 

 

 

 

 

 

Expected dividends

 

 

 

 

 

 

 

 

 

Risk-free rate

 

 

1.05

%

 

 

 

 

 

 

Discount for post-vesting restrictions

 

 

11.93

%

 

 

 

 

 

 

Summary of PRSU Activity

The following table summarizes PRSU activity during the year ended December 31, 2022:

Dollars and units in thousands, except per unit amounts

 

Units

 

 

Weighted-Average

Grant Date

Fair Value Per Unit

 

Non-vested units at January 1, 2022

 

 

 

 

$

 

Granted

 

 

70

 

 

 

52.07

 

Achieved performance adjustment

 

 

 

 

 

 

Vested

 

 

 

 

 

 

Forfeited

 

 

 

 

 

 

Non-vested units at December 31, 2022

 

 

70

 

 

$

52.07

 

Summary of Additional PRSU Information

The following table provides additional PRSU information for the periods indicated:

 

 

Year Ended December 31,

 

Dollars in thousands, except per unit amounts

 

2022

 

 

2021

 

 

2020

 

Weighted-average grant date fair value per unit

 

$

52.07

 

 

$

 

 

$

 

Fair value of PRSUs that vested

 

$

 

 

$

 

 

$

 

Summary of RSU Activity

The following table summarizes RSU activity during the year ended December 31, 2022:

Dollars in thousands, except per unit amounts

 

Units

 

 

Weighted-Average Grant Date Fair Value Per Unit

 

Non-vested units at January 1, 2022

 

 

129

 

 

$

22.84

 

Granted (target)

 

 

 

 

 

 

Achieved performance adjustment (1)

 

 

(2

)

 

 

27.89

 

Vested

 

 

(19

)

 

 

27.89

 

Forfeited

 

 

 

 

 

 

Non-vested units at December 31, 2022

 

 

108

 

 

$

21.87

 

(1) The 2019 LTIP RSUs were earned and vested at 95.6% of target, as described in greater detail in the Company’s definitive proxy statement filed with the SEC on April 13, 2022.

Summary of Additional RSU Information

The following table provides additional RSU information for the periods indicated:

 

 

Year Ended December 31,

 

Dollars in thousands, except per unit amounts

 

2022

 

 

2021

 

 

2020

 

Weighted-average grant date fair value per unit

 

$

 

 

$

30.22

 

 

$

15.86

 

Fair value of RSUs that vested

 

$

513

 

 

$

1,199

 

 

$

1,314

 

Summary of RSA Activity

The following table summarizes RSA activity during the year ended December 31, 2022:

Dollars in thousands, except per share amounts

 

Shares

 

 

Weighted-Average Grant Date Fair Value Per Share

 

Non-vested shares at January 1, 2022

 

 

219

 

 

$

30.32

 

Granted

 

 

210

 

 

 

40.76

 

Vested

 

 

(226

)

 

 

32.30

 

Forfeited

 

 

(5

)

 

 

34.69

 

Non-vested shares at December 31, 2022

 

 

198

 

 

$

38.99

 

Summary of Additional RSA Information

The following table provides additional RSA information for the periods indicated:

 

 

Year Ended December 31,

 

Dollars in thousands, except per share amounts

 

2022

 

 

2021

 

 

2020

 

Weighted-average grant date fair value per share

 

$

40.76

 

 

$

35.18

 

 

$

19.06

 

Fair value of RSAs that vested

 

$

7,274

 

 

$

4,874

 

 

$

3,760