Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

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

	December 31, 2022		December 31, 2021		December 31, 2020
Non-cash share-based compensation expense	$	8,613	$	8,415	$	3,061

Schedule of Stock Option Valuation Assumptions

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:

	December 31, 2022	December 31, 2021	December 31, 2020
Dividend yield	7.0%	6.7%	5.1%
Expected volatility	49.3%	48.1%	17.1%
Expected lives	2.9 years	2.9 years	2.9 years
Risk-free interest rate	1.75%	0.33%	1.30%

Schedule of Stock Option Activity

The following tables summarize our outstanding stock options:

			Weighted Average
	Number	Weighted Average	Remaining
	of Shares	Exercise Price	Contractual Life (Years)
Outstanding December 31, 2019	1,004,014	$74.35
Options granted under 2012 Plan	319,669	$90.79
Options granted under 2019 Plan	272,331	$89.76
Options exercised under 2012 Plan	(512,509)	$72.98
Options forfeited under 2012 Plan	(16,669)	$81.37
Options forfeited under 2019 Plan	(32,998)	$90.79
Outstanding December 31, 2020	1,033,838	$83.54
Options granted under 2012 Plan	12,500	$69.20
Options granted under 2019 Plan	639,500	$69.20
Options exercised under 2012 Plan	(20,000)	$60.52
Options forfeited under 2019 Plan	(13,333)	$90.79
Outstanding December 31, 2021	1,652,505	$78.10
Options granted under 2019 Plan	718,000	$53.62
Options exercised under 2019 Plan	(56,832)	$53.41
Options forfeited	(23,000)	$62.33
Options expired	(74,498)	$77.93
Options outstanding, December 31, 2022	2,216,175	$70.97	2.81
Exercisable at December 31, 2022	1,701,155	$74.78	2.50

				Remaining
Grant	Number	Exercise		Contractual
Date	of Shares	Price		Life in Years
2/20/2018	88,170	$	64.33	0.14
2/21/2019	306,837	$	79.96	1.14
2/21/2020	523,500	$	90.79	2.15
5/1/2020	7,500	$	53.76	2.33
2/25/2021	639,000	$	69.20	3.16
2/25/2022	626,168	$	53.41	4.16
6/1/2022	25,000	$	59.43	4.42
Options outstanding, December 31, 2022	2,216,175

Schedule of Nonvested Share Activity

The following table summarizes our outstanding non-vested stock options:

	Number of Shares	Weighted Average Grant Date Fair Value
Non-vested December 31, 2021	482,514	$7.51
Options granted under 2019 Plan	718,000	$11.77
Options vested under 2012 Plan	(76,670)	$6.16
Options vested under 2019 Plan	(594,490)	$11.83
Non-vested options forfeited under 2019 Plan	(14,334)	$12.47
Non-vested December 31, 2022	515,020	$12.51