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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based Compensation A combined summary of activity in our active stock plans is presented in the table below. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. As of September 30, 2023, there were 518,746 shares remaining available for grant for future stock-based compensation awards.
|  | Deferred Stock Units Outstanding |  | Non-Vested Restricted Stock Units Outstanding |  | Performance Stock Units Outstanding |  | Stock Options Outstanding
|  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Units |  | Weighted- Average Fair Value at Grant |  | Number of Shares |  | Weighted- Average Exercise Price
Balance, January 1, 2023 |  | 45,661 |  |  | $ | 87.15 |  |  | 465,319 |  |  | $ | 105.36 |  |  | 213,749 |  |  | $ | 96.20 |  |  | 616,227 |  |  | $ | 71.27 |
Granted |  | 8,503 |  |  | 103.47 |  |  | 2,941 |  |  | 125.16 |  |  | — |  |  | — |  |  | — |  |  | — |
Exercised/vested |  | — |  |  | — |  |  | (1,957) |  |  | 91.96 |  |  | (28,151) |  |  | 85.74 |  |  | (42,388) |  |  | 71.76 |
Forfeited/expired |  | — |  |  | — |  |  | (6,480) |  |  | 115.63 |  |  | (18,254) |  |  | 85.74 |  |  | — |  |  | — |
Balance, September 30, 2023 |  | 54,164 |  |  | 89.71 |  |  | 459,823 |  |  | 105.40 |  |  | 167,344 |  |  | 99.10 |  |  | 573,839 |  |  | 71.24 |
Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
New shares issued from available authorized shares | — |  |  | — |  |  | 49,887 |  |  | — |
Shares issued from available treasury stock | 8,483 |  |  | 88,350 |  |  | 22,609 |  |  | 232,612 |
Proceeds from stock option exercises | $ | 596 |  |  | $ | 5,270 |  |  | $ | 3,042 |  |  | $ | 11,760 |
Stock-based compensation expense is recognized ratably over the requisite service period for all awards. For most stock option awards, the service period generally matches the vesting period. For stock options granted to certain executive officers and for non-vested stock units granted to all participants, the service period does not extend past the date the participant reaches 65 years of age. Deferred stock units granted to non-employee directors generally have immediate vesting and the related expense is fully recognized on the date of grant. For performance stock units, the service period generally matches the three-year performance period specified by the award, however, the service period does not extend past the date the participant reaches 65 years of age. Expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. Stock-based compensation expense or benefit and the related income tax benefit is presented in the following table. The service period for performance stock units granted each year begins on January 1 of the following year.
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Non-vested stock units | $ | 2,423 |  |  | $ | 2,174 |  |  | $ | 8,594 |  |  | $ | 6,823 |
Deferred stock units | — |  |  | — |  |  | 880 |  |  | 720 |
Performance stock units | 688 |  |  | 999 |  |  | 3,172 |  |  | 1,160 |
Total | $ | 3,111 |  |  | $ | 3,173 |  |  | $ | 12,646 |  |  | $ | 8,703 |
Income tax benefit | $ | 531 |  |  | $ | 440 |  |  | $ | 2,399 |  |  | $ | 1,760 |
Unrecognized stock-based compensation expense at September 30, 2023 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria.
Non-vested stock units | $ | 12,839 |
Performance stock units | 6,341 |
Total | $ | 19,180 |

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