Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2021

Deferred Compensation Arrangements [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following is a summary of stock-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Condensed Consolidated Statements of Income ($ in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2021		2020		2021		2020
Non-cash stock-based compensation expense	$	989	$	457	$	7,427	$	2,772

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	2021	2020
Dividend yield	6.7%	5.1%
Expected volatility	48.1%	17.1%
Expected lives	2.9 years	2.9 years
Risk-free interest rate	0.33%	1.30%

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:

			Weighted Average
	Number	Weighted Average	Remaining
	of Shares	Exercise Price	Contractual Life (Years)
Options outstanding, January 1, 2020	1,004,014	$74.35
Options granted	592,000	$90.32
Options exercised	(512,509)	$72.98
Options forfeited	(10,500)	$88.73
Options outstanding, September 30, 2020	1,073,005	$83.68
Exercisable at September 30, 2020	601,994	$81.09
Options outstanding, January 1, 2021	1,033,838	$83.54
Options granted	652,000	$69.20
Options exercised	(20,000)	$60.52
Options outstanding, September 30, 2021	1,665,838	$78.20	3.37
Exercisable at September 30, 2021	1,183,324	$79.25	3.08