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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans As of September 30, 2023, approximately 1.2 million shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2022 Form 10-K. Stock-based compensation expense recognized in the Consolidated Statements of Income was $8.1 million in the third quarter of 2023 and $9.0 million in the third quarter of 2022, and $24.5 million and $23.9 million in the nine months ended September 30, 2023 and 2022, respectively. A summary of the Plans’ stock option activity for the nine months ended September 30, 2023 and September 30, 2022 is presented below:
Stock Options | Common Shares |  | Weighted Average Strike Price |  | Remaining Contractual Term (1) |  | Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2023 | 68,093 |  |  | $ | 41.14 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (54,218) |  |  | 40.87 |  |  |  |  |
Forfeited or canceled | — |  |  | — |  |  |  |  |
Outstanding at September 30, 2023 | 13,875 |  |  | $ | 42.18 |  |  | 4.2 |  | $ | 462 |
Exercisable at September 30, 2023 | 13,875 |  |  | $ | 42.18 |  |  | 4.2 |  | $ | 462 |
Stock Options | Common Shares |  | Weighted Average Strike Price |  | Remaining Contractual Term (1) |  | Intrinsic Value (2) (in thousands)
Outstanding at January 1, 2022 | 193,447 |  |  | $ | 41.62 |  |  |  |  |
Granted | — |  |  | — |  |  |  |  |
Exercised | (88,355) |  |  | 42.30 |  |  |  |  |
Forfeited or canceled | (1,430) |  |  | 40.87 |  |  |  |  |
Outstanding at September 30, 2022 | 103,662 |  |  | $ | 41.04 |  |  | 1.0 |  | $ | 4,199 |
Exercisable at September 30, 2022 | 103,662 |  |  | $ | 41.04 |  |  | 1.0 |  | $ | 4,199 |
(1)Represents the remaining weighted average contractual life in years. (2)Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company’s stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock. The aggregate intrinsic value of options exercised during the nine months ended September 30, 2023 and September 30, 2022, was $2.5 million and $4.9 million, respectively. Cash received from option exercises under the Plans for the nine months ended September 30, 2023 and September 30, 2022 was $2.2 million and $3.7 million, respectively. A summary of the Plans’ restricted share activity for the nine months ended September 30, 2023 and September 30, 2022 is presented below:
| Nine months ended September 30, 2023 |  | Nine months ended September 30, 2022
Restricted Shares | Common Shares |  | Weighted Average Grant-Date Fair Value |  | Common Shares |  | Weighted Average Grant-Date Fair Value
Outstanding at January 1 | 610,155 |  |  | $ | 73.21 |  |  | 476,813 |  |  | $ | 61.33 |
Granted | 268,142 |  |  | 88.18 |  |  | 223,559 |  |  | 95.98 |
Vested and issued | (117,365) |  |  | 65.51 |  |  | (61,333) |  |  | 63.85 |
Forfeited or canceled | (12,491) |  |  | 83.47 |  |  | (18,632) |  |  | 75.26 |
Outstanding at September 30 | 748,441 |  |  | $ | 79.61 |  |  | 620,407 |  |  | $ | 73.15 |
Vested, but deferred, at September 30 | 98,747 |  |  | $ | 53.46 |  |  | 96,554 |  |  | $ | 52.94 |
A summary of the Plans’ performance-based stock award activity, based on the target level of the awards, for the nine months ended September 30, 2023 and September 30, 2022 is presented below:
| Nine months ended September 30, 2023 |  | Nine months ended September 30, 2022
Performance-based Stock | Common Shares |  | Weighted Average Grant-Date Fair Value |  | Common Shares |  | Weighted Average Grant-Date Fair Value
Outstanding at January 1 | 545,379 |  |  | $ | 70.30 |  |  | 557,255 |  |  | $ | 62.94 |
Granted | 189,219 |  |  | 92.37 |  |  | 160,463 |  |  | 97.15 |
Added by performance factor at vesting | 23,161 |  |  | 63.64 |  |  | — |  |  | — |
Vested and issued | (178,203) |  |  | 63.64 |  |  | — |  |  | — |
Forfeited or canceled | (19,289) |  |  | 82.14 |  |  | (172,001) |  |  | 71.51 |
Outstanding at September 30 | 560,267 |  |  | $ | 79.18 |  |  | 545,717 |  |  | $ | 70.30 |
Vested, but deferred, at September 30 | 36,465 |  |  | $ | 45.08 |  |  | 35,561 |  |  | $ | 44.21 |

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