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Stock-Based Compensation | 9 Months Ended
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Sep. 30, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company issues stock-based compensation in the form of nonvested restricted stock and stock appreciation rights (SARs). Historically, most of the awards have been issued during the first quarter of each year. The stock-based compensation expense charged against income was $4.2 million and $3.9 million in the three months ended September 30, 2022 and 2021, respectively, and $12.6 million and $11.6 million in the nine months ended September 30, 2022 and 2021, respectively. Nonvested stock awards granted generally vest in 4 to 7 years and contain restrictions as to transferability, sale, pledging, or assigning, among others, prior to the end of the vesting period. Dividend and voting rights are conferred upon grant. A summary of the status of the Company’s nonvested share awards as of September 30, 2022, and changes during the nine month period then ended, is presented below.
| Shares | Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022 | 1,120,491 |  | $55.58
Granted | 263,497 |  | 70.76
Vested | (262,579) |  | 47.78
Forfeited | (23,145) |  | 60.08
Nonvested at September 30, 2022 | 1,098,264 |  | $61.00
SARs are granted with exercise prices equal to the market price of the Company’s stock at the date of grant. SARs vest ratably over 4 years of continuous service and have contractual terms of 10 years. All SARs must be settled in stock under provisions of the plan. In determining compensation cost, the Black-Scholes option-pricing model is used to estimate the fair value of SARs on date of grant. The current year per share average fair value and the model assumptions are shown in the table below.
Weighted per share average fair value at grant date | $17.42 |
Assumptions: |
Dividend yield | 1.5 | %
Volatility | 28.4 | %
Risk-free interest rate | 1.6 | %
Expected term | 5.7 years
A summary of SAR activity during the first nine months of 2022 is presented below.
(Dollars in thousands, except per share data) | Rights | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value
Outstanding at January 1, 2022 | 896,348 |  | $ | 46.21 |  |  |
Granted | 96,318 |  | 70.64 |  |  |
Forfeited | (8,135) |  | 61.68 |  |  |
Expired | (2,350) |  | 56.68 |  |  |
Exercised | (66,608) |  | 40.54 |  |  |
Outstanding at September 30, 2022 | 915,573 |  | $ | 49.02 |  | 5.5 years | $ | 16,367 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901 + Details
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