Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Service-Based Options Granted

The fair values for Service-Based options granted for the years ended December 31, 2022 and 2021 were estimated using the Black-Scholes option pricing model with the below weighted-average assumptions.

	Year Ended December 31,
	2023	2022		2021
Expected lives of options (years)	N/A	9.4		5.4
Expected volatility	N/A	43.3	%	40.4	%
Risk free interest rate	N/A	3.7	%	0.8	%
Dividend yield rate	N/A	5.0	%	3.0	%

Schedule of Stock Option Award Activity

Stock option activity under our option plans, restated as applicable for stock dividends, for the years ended December 31, 2023, 2022 and 2021 were as follows.

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price		Number of Shares	Weighted- Average Exercise Price
Outstanding Stock Option Activity
Outstanding, beginning of year	4,684,481	$	26.30	4,240,004	$	23.64	4,364,161	$	23.37
Granted	—	N/A		1,846,534	28.97		15,000	53.32
Exercised	(1,500,008)	21.74		(1,402,057)	21.77		(139,157)	19.87
Forfeited	—	N/A		—	N/A		—	N/A
Cancelled	—	N/A		—	N/A		—	N/A
Outstanding, end of year	3,184,473	$	28.45	4,684,481	$	26.30	4,240,004	$	23.64

Schedule of Nonvested Share Activity

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted- Average Fair Value		Number of Shares	Weighted- Average Fair Value		Number of Shares	Weighted- Average Fair Value
Unvested Stock Option Activity
Outstanding, beginning of year	144,000	$	8.73	432,000	$	8.25	875,519	$	7.76
Granted	—	—		1,846,534	8.36		15,000	14.66
Vested	(144,000)	8.73		(2,134,534)	8.32		(458,519)	7.52
Forfeited	—	—		—	—		—	—
Unvested, end of year	—	$	—	144,000	$	8.73	432,000	$	8.25

Schedule of Stock Options that are Vested or Expected to Vest

The following table provides data for our stock options that are vested or expected to vest as of December 31, 2023.

Exercisable or expected to vest
Number outstanding	3,184,473
Weighted-average exercise price	$	28.45
Aggregate intrinsic value (in thousands)	$	85,342
Weighted-average remaining contractual term (years)	7.31
Exercisable
Number outstanding	3,184,473
Weighted-average exercise price	$	28.45
Aggregate intrinsic value (in thousands)	$	85,342
Weighted-average remaining contractual term (years)	7.31

Schedule of Outstanding Exercisable Stock Options

The following table summarizes information associated with outstanding and exercisable stock options at December 31, 2023.

					Options Outstanding				Options Exercisable
Range of Exercise Price					Number Outstanding	Weighted- Average Remaining Contractual Life (in years)	Weighted- Average Exercise Price		Number Outstanding	Weighted- Average Remaining Contractual Life (in years)	Weighted- Average Exercise Price
$	15.01	-	$	20.00	14,879	2.03	$	17.20	14,879	2.03	$	17.20
$	20.01	-	$	25.00	432,000	6.32	23.90		432,000	6.32	23.90
$	25.01	-	$	30.00	2,266,560	7.85	28.29		2,266,560	7.85	28.29
$	30.01	-	$	35.00	432,000	5.59	32.92		432,000	5.59	32.92
$	35.01	-	$	40.00	24,034	8.58	36.48		24,034	8.58	36.48
$	50.01	-	$	55.00	15,000	7.58	53.32		15,000	7.58	53.32
Total					3,184,473	7.31	$	28.45	3,184,473	7.31	$	28.45

Schedule of Nonvested Restricted Stock Units Activity

Non-vested restricted stock awards, restated as applicable for stock dividends, at December 31, 2023, 2022 and 2021 and changes during those years were as follows:

	Year Ended December 31,
	2023			2022			2021
	Number of Shares	Weighted- Average Grant Date Fair Value		Number of Shares	Weighted- Average Grant Date Fair Value		Number of Shares	Weighted- Average Grant Date Fair Value
Unvested, beginning of year	363,801	$	46.58	347,552	$	47.27	413,274	$	35.94
Granted	289,694	43.14		240,536	45.21		208,386	53.47
Vested	(205,193)	44.66		(210,157)	45.88		(257,430)	38.49
Forfeited	(3,653)	51.96		(14,130)	50.67		(16,678)	49.21
Unvested, end of year	444,649	$	45.18	363,801	$	46.58	347,552	$	47.27

Schedule of Performance Shares Activity and Outstanding

The number of PSUs earned shall be adjusted to be proportional to the partial performance between the Threshold Goals, Target Goals and Maximum Goals. Details for each defined term above for each grant have been provided in the table below.

Threshold Goal

Target Goal

Maximum Goal

Maximum Potential Expense to be Recognized *

Maximum Remaining Expense to be Recognized *

Date of Award

Performance Period

Base Period

Base Period Revenues

PSUs

Home Sale Revenues

PSUs

Home Sale Revenues

PSUs

Home Sale Revenues

Fair Value per Share

Aug 23, 2023

January 1, 2023 - December 31, 2025

January 1, 2023 - December 31, 2023

$4.520 billion

198,750

$4.746 billion

397,500

$4.972 billion

795,000

$5.424 billion

$

42.18

$

33,536

$

33,536

Jul 14, 2021

January 1, 2021 - December 31, 2023

January 1, 2020 - December 31, 2020

$3.765 billion

198,750

$3.953 billion

397,500

$4.142 billion

795,000

$4.518 billion

$

44.35

$

35,255

$

—

_______________________

* Dollars in thousands