Stock Incentive Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Expense

The following table summarizes compensation expense recognized for the periods presented (in thousands):

	Year Ended December 31,
	2022		2021		2020
Stock options	$	2,378	$	1,088	$	—
Restricted stock	23,771		16,724		28,318
Total compensation expense	$	26,149	$	17,812	$	28,318

Schedule of Option Activity

The following is a summary of time-based stock option activity in 2022:

	Shares	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value ($000's)
Outstanding as of December 31, 2021	311,306	$	67.17
Options granted	256,716	86.23
Options exercised	(2,433)	67.17
Options forfeited	(14,074)	76.02
Options expired	—	—
Outstanding as of December 31, 2022	551,515	$	75.82	8.76	$	—
Exercisable as of December 31, 2022	75,383	$	67.17	8.50	$	—

Schedule of Valuation Assumptions

The Company used the Black-Scholes Option Pricing model to determine the grant date fair value of time-based options. The weighted-average assumptions used are as follows:

	2022
Dividend yield	2.83%
Estimated volatility(1)	32.84%
Risk free rate	1.61%
Expected life of options	6 years
Estimated fair value	$21.15

(1) Estimated volatility is using 50% historical volatility and 50% implied volatility.

Summary of Non-Vested Restricted Stock Incentive Awards

The following is a summary of the status of our non-vested restricted stock (including market, performance, and time-based awards, and excluding OPP awards) as of December 31, 2022, and changes during the year ended December 31, 2022:

	Restricted Stock
	Number of Shares	Weighted-Average Grant Date Fair Value
Non-vested at December 31, 2021	566,227	$	76.28
Vested	(168,275)	82.78
Granted	303,566	98.49
Change in awards based on performance(1)	120,959	82.42
Forfeited or expired	(19,150)	83.56
Non-vested at December 31, 2022	803,327	$	84.78

(1) Represents the change in number of market and performance based awards earned based on performance achievement.

Schedule of Restricted Stock Valuation Assumptions

The weighted-average assumptions used are as follows:

	2022
Dividend yield	2.83%
Estimated volatility over the life of the plan(1)	26.31% - 56.62%
Risk free rate	0.08% - 1.20%
Estimated market based performance award value based on total shareholder return measure	$111.27

(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.