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Share-Based Compensation (Tables)
 3 Months Ended
Mar. 31, 2023
Share-based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the three months ended March 31, 2023 and 2022 using a Black Scholes-Merton Model:
 Three months ended
 March 31, 2023March 31, 2022
Directors and SLT1:
  
Expected dividend rate$0.48$0.38
Expected volatility37.89%35.87%
Risk-free interest rate4.40%2.11%
Expected life (in years)4.04.0
Employees:  
Expected dividend rate$0.48$0.38
Expected volatility39.55%37.16%
Risk-free interest rate4.48%1.98%
Expected life (in years)3.03.0
1 SLT consists of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the three months ended March 31, 2023 and 2022 using a Monte Carlo Model:
 Three months ended
 March 31, 2023March 31, 2022
 
Expected dividend rate$0.48$0.38
Expected volatility32.71%37.60%
Risk-free interest rate4.66%2.00%
Expected life (in years)2.82.8
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of March 31, 2023:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$20.92 -$41.37 1,160,450 5.09$37.25 $68,977 
$42.42 -$55.60 377,159 7.2846.39 18,970 
$55.63 -$93.05 149,544 7.8972.76 3,578 
Total1,687,153 5.83$42.44 $91,525 
Summary of Stock Option Activity
A summary of stock option activity under the plans is as follows:

Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2022
3,040,347 $45.20 
Granted
191,286 91.35 
Exercised
(367,167)43.18 
Forfeited or Expired
(24,587)49.88 
Outstanding at March 31, 2023
2,839,879 $48.52 
Exercisable at March 31, 2023
1,687,153 $42.44 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:

SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
144,826 $50.00 
Granted
32,883 88.39 
Vested
(43,090)47.07 
Forfeited
(711)54.93 
Unvested at March 31, 2023
133,908 $60.35 
Schedule of Nonvested Key Employee Award Activity
A summary of the unvested Key Employee Awards is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
26,599 $80.18 
Granted
— — 
Vested
— — 
Forfeited
— — 
Unvested at March 31, 2023
26,599 $80.18 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
62,659 $54.92 
Granted
25,598 126.61 
Vested
— — 
Forfeited
— — 
Unvested at March 31, 20231
88,257 $75.71 
1Consists of 14,817 PSUs cliff vesting December 31, 2023, 47,842 PSUs cliff vesting December 31, 2024, and 25,598 PSUs cliff vesting December 31, 2025.
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months Ended
 March 31,
2023		March 31,
2022
Grant date fair value of awards during the period:(in thousands)
Options$4,673 $4,849 
PSUs3,241 1,862 
Restricted stock2,906 2,137 
Total$10,820 $8,848 
Share-based compensation expense:
Options$2,065 $2,040 
PSUs367 185 
Restricted stock826 679 
Key employee awards261 208 
Total$3,519 $3,112 
Income tax benefit related to share-based compensation:
Options$3,321 $293 
Restricted stock465 219 
Total$3,786 $512