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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
Share-based Payment Arrangement, Cost by Plan
The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:
202220212020
Stock options$1,774 $1,235 $1,491 
Non-vested stock awards and restricted stock units6,679 5,438 5,012 
Non-elective and elective 401(k) matching contribution in stock— 1,553 3,112 
Director stock ownership plan63 901 541 
Performance stock units3,150 1,911 840 
Total share-based compensation expense$11,666 $11,038 $10,996 
Share-based Payment Arrangement, Option, Activity
Stock option activity under all plans is as follows:
Number of
Options
Weighted
Average
Exercise
Price
(per option)
Weighted
Average
Remaining
Contractual
Term (years)
Aggregate
Intrinsic
Value
Options outstanding as of January 1, 2022109,684$165.47 
Options granted31,914222.82 
Options exercised(11,801)133.10 
Options forfeited(10,315)172.41 
Options outstanding as of December 31, 2022119,482$183.39 4.7$(373)
Options expected to vest after December 31, 202254,245$182.20 5.5$(830)
Options exercisable as of December 31, 202265,237$159.93 3.9$455 
Share-based Payment Arrangement, Option, Exercise Price Range
A summary of the Company’s outstanding stock options as of December 31, 2022 is as follows:
Range of
Exercise Prices
Number
of Options
Outstanding
Weighted
Average
Remaining
Contractual
Term (years)
Weighted
Average
Exercise Price
(per option)
Number
of Options
Exercisable
Weighted
Average
Exercise Price
(per option)
$120.01 -$150.00 40,7814.5137.28 23,262136.64 
$150.01 -$180.00 56,8344.6164.63 33,833155.35 
$220.01 -$250.00 21,8675.2245.10 8,142245.49 
119,4824.7183.39 65,237159.93 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:
July 2022 GrantMarch 2022 Grant202120202019
Number of stock options granted4,83727,07725,25049,11551,610
Dividend yield0.79 %0.80 %0.85 %0.99 %1.12 %
Expected volatility40.47 %38.60 %37.33 %31.57 %26.29 %
Risk-free interest rate2.87 %2.07 %0.60 %0.36 %1.52 %
Expected term (years)4.04.04.04.04.0
The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation on the grant date and using the following assumptions set forth in the table below:
2022CEO Grant 2021 (1)20212020
Number of PSUs granted18,4623,77512,10318,485
Risk-free interest rate2.11 %0.65 %0.29 %0.28 %
Dividend yield0.93 %0.72 %0.64 %1.13 %
Expected term (years)3.03.03.03.0
(1)On September 2, 2021, the Board appointed Andrew Tometich to serve as CEO and entered into an Employment Agreement, and granted an equity award consisting of a mix of time-based restricted stock and PSUs.
Share-based Payment Arrangement, Expensed and Capitalized, Amount
The fair value of these options is being amortized on a straight-line basis over the respective vesting period of each award. The compensation expense recorded on each award during the years ended December 31, 2022, 2021 and 2020, respectively, is as follows:
202220212020
2022 Stock option awards$783 $— $— 
2021 Stock option awards521 429 — 
2020 Stock option awards443 516 385 
2019 Stock option awards27 234 698 
2018 Stock option awards— 56 357 
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity
Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:
Number of
Shares
Weighted Average Grant Date Fair Value (per share)
Nonvested awards, December 31, 202168,693$179.26 
Granted54,433166.07 
Vested(38,583)175.80 
Forfeited(5,088)184.64 
Nonvested awards, December 31, 202279,455$171.61 
Share-based Payment Arrangement, Restricted Stock Unit, Activity
Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:
Number of
Units
Weighted Average Grant Date Fair Value (per unit)
Nonvested awards, December 31, 202110,977$170.82 
Granted10,703169.29 
Vested(3,009)158.09 
Forfeited(171)190.37 
Nonvested awards, December 31, 202218,500$171.83