Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense, net of forfeitures

For 2022, 2021, and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):

	2022		2021		2020
Equity-classified awards:
Restricted stock	$	3,151	$	2,677	$	2,555
Market-based RSUs	4,073		2,532		1,255
Performance-based RSUs	1,173		881		428
Director grants	1,471		890		1,060
Employee Stock Purchase Plan	191		25		—
	10,059		7,005		5,298
Liability-classified awards
Market-based RSUs	—		1,942		2,498
Performance-based RSUs	—		456		258
Service-based RSUs	(146)		690		633
Dividend equivalent units	69		564		675
	(77)		3,652		4,064
Total stock-based compensation expense	$	9,982	$	10,657	$	9,362

Schedule of equity and liability classified award activity

The following table summarizes equity-classified employee stock compensation award activity for the years ended December 31, 2022, 2021, and 2020 (shares in thousands):

	2022		2021		2020
	Shares	Weighted Average Fair Market Value at Grant	Shares	Weighted Average Fair Market Value at Grant	Shares	Weighted Average Fair Market Value at Grant
Shares unvested at beginning of the year	409	$38.63	221	$41.90	141	$34.81
Granted	242	$43.30	248	$35.44	173	$44.13
Vested	(169)	$41.54	(58)	$37.47	(82)	$34.69
Forfeited	(19)	$41.05	(2)	$39.27	(11)	$41.10
Shares unvested at end of year	463	$39.91	409	$38.63	221	$41.90

The following table summarizes the Company's liability-classified award activity, at target, during the years ended December 31, 2022, 2021, and 2020 (shares in thousands):

	2022	2021	2020
	Shares	Shares	Shares
Shares unvested at beginning of the year	43	135	316
Vested	—	(92)	(172)
Forfeited	—	—	(9)
Shares unvested at end of year	43	43	135

Schedule of valuation assumptions

The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in 2022, 2021, and 2020:

		2022		2021		2020
Volatility	(1)	37.7	%	37.5	%	18.0	%
Risk-free rate	(2)	1.39	%	0.17	%	1.34	%
Stock beta	(3)	1.02	%	1.04	%	1.04	%

(1) Based on historical volatility over three years using daily stock price.

(2) Reflects the yield on three-year Treasury bonds.

(3) Betas are calculated with up to three years of daily stock price data.

Schedule of stock options activity

The following is a summary of stock option activity for the years ended December 31, 2021, and 2020 (options in thousands):

	2021		2020
	Number of Options	Weighted Average Exercise Price Per Option	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at beginning of year	28	$25.55	67	$23.13
Exercised	(28)	$25.55	(37)	$21.28
Forfeited/expired	—	—	(2)	$22.76
Outstanding at end of year	—	—	28	$25.55