Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense, Net of Forfeitures

For 2023, 2022, and 2021, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):

	2023		2022		2021
Equity-classified awards:
Restricted stock	$	3,645	$	3,151	$	2,677
Market-based RSUs	5,042		4,073		2,532
Performance-based RSUs	1,463		1,173		881
Director grants	1,601		1,471		890
Employee Stock Purchase Plan	150		191		25
	11,901		10,059		7,005
Liability-classified awards
Market-based RSUs	—		—		1,942
Performance-based RSUs	—		—		456
Service-based RSUs	61		(146)		690
Dividend equivalent units	—		69		564
	61		(77)		3,652
Total stock-based compensation expense	$	11,962	$	9,982	$	10,657

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, 2023, 2022, and 2021 (shares in thousands):

	2023		2022		2021
	Restricted Stock and RSUs	Weighted Average Fair Market Value at Grant	Restricted Stock and RSUs	Weighted Average Fair Market Value at Grant	Restricted Stock and RSUs	Weighted Average Fair Market Value at Grant
Restricted stock and RSUs unvested at beginning of the year	463	$39.91	409	$38.63	221	$41.90
Granted	399	$29.31	242	$43.30	248	$35.44
Vested	(225)	$37.28	(169)	$41.54	(58)	$37.47
Forfeited	(8)	$37.60	(19)	$41.05	(2)	$39.27
Restricted stock and RSUs unvested at end of year (1)	629	$34.16	463	$39.91	409	$38.63

(1) The targeted number of non-vested stock-settled RSUs and Restricted Stock at December 31, 2023 is 370,352 and 258,286, respectively.

The following table summarizes the Company's liability-classified award activity, at target, during the years ended December 31, 2023, 2022, and 2021 (shares in thousands):

	2023	2022	2021
	Shares	Shares	Shares
Shares unvested at beginning of the year	43	43	135
Vested	(43)	—	(92)
Shares unvested at end of year	—	43	43

Schedule of Valuation Assumptions

The Monte Carlo valuation used to determine the grant date fair value of the stock-settled Market-based RSUs included the following assumptions for those RSUs granted in 2023, 2022, and 2021:

		2023		2022		2021
Volatility	(1)	40.5	%	37.7	%	37.5	%
Risk-free rate	(2)	4.35	%	1.39	%	0.17	%
Stock beta	(3)	1.03	%	1.02	%	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 year ended December 31, 2021 (options in thousands):

	2021
	Number of Options	Weighted Average Exercise Price Per Option
Outstanding at beginning of year	28	$25.55
Exercised	(28)	$25.55
Outstanding at end of year	—	—