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Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of Stock Option Assumptions
The following weighted average assumptions were used to determine the fair value of the stock options granted on the original grant date for expense recognition purposes for options granted during the six months ended June 30, 2023 and 2022 using a Black Scholes-Merton Model:
 Six months ended
 June 30, 2023June 30, 2022
Directors and SLT1:
  
Expected (annual) dividend rate$0.48$0.38
Expected volatility37.89%35.95%
Risk-free interest rate4.39%2.17%
Expected life (in years)4.04.0
Employees:  
Expected (annual) dividend rate$0.48$0.38
Expected volatility38.52%37.29%
Risk-free interest rate4.40%2.11%
Expected life (in years)3.03.0
1 SLT consists of officers and key members of management.
The following weighted average assumptions were used to determine the fair value of the PSUs granted on the original grant date for expense recognition purposes for PSUs granted during the six months ended June 30, 2023 and 2022 using a Monte Carlo Model:
 Six months ended
 June 30, 2023June 30, 2022
 
Expected (annual) dividend rate$0.48$0.38
Expected volatility32.71%37.60%
Risk-free interest rate4.66%2.00%
Expected life (in years)2.82.8
Summary of Stock Options Outstanding
The following is a summary of stock options vested and exercisable as of June 30, 2023:

 
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$20.92 -$41.37 1,048,962 4.79$37.06 $60,579 
$42.42 -$55.30 364,787 6.9946.34 17,682 
$55.50 -$97.89 137,879 7.6672.62 3,060 
Total1,551,628 5.56$42.40 $81,321 
Summary of Stock Option Activity
A summary of stock option activity under the plans is as follows:

Stock OptionsSharesWeighted
Average
Exercise
Price
Outstanding at December 31, 2022
3,040,347 $45.20 
Granted
213,164 91.49 
Exercised
(532,830)43.62 
Forfeited or Expired
(38,727)51.88 
Outstanding at June 30, 2023
2,681,954 $49.09 
Exercisable at June 30, 2023
1,551,628 $42.40 
Summary of Unvested Restricted Stock Awards
A summary of the unvested restricted stock awards is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
144,826 $50.00 
Granted
46,492 89.26 
Vested
(60,373)48.67 
Forfeited
(1,112)56.35 
Unvested at June 30, 2023
129,833 $64.62 
Schedule of Nonvested Key Employee Award Activity
A summary of the unvested Key Employee Awards is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
26,599 $80.18 
Granted
— — 
Vested
— — 
Forfeited
— — 
Unvested at June 30, 2023
26,599 $80.18 
Schedule of Nonvested Performance-based Units Activity
A summary of the unvested PSUs is as follows:
SharesWeighted
Average
Grant Date
Fair Value
Unvested at December 31, 2022
62,659 $54.92 
Granted
38,759 126.61 
Vested
— — 
Forfeited
— — 
Unvested at June 30, 20231
101,418 $82.32 
1Consists of 14,817 PSUs cliff vesting December 31, 2023, 47,842 PSUs cliff vesting December 31, 2024, and 38,759 PSUs cliff vesting December 31, 2025.
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedSix Months Ended
 June 30,
2023		June 30,
2022		June 30,
2023		June 30,
2022
Grant date fair value of awards during the period:(in thousands)
Options$445 $650 $5,118 $5,499 
PSUs1,666 219 4,907 2,081 
Restricted stock1,244 1,018 4,150 3,155 
Total$3,355 $1,887 $14,175 $10,735 
Share-based compensation expense:
Options$2,311 $2,339 $4,376 $4,379 
PSUs716 292 1,083 477 
Restricted stock1,024 843 1,850 1,522 
Key employee awards253 322 514 530 
Total$4,304 $3,796 $7,823 $6,908 
Income tax benefit related to share-based compensation:
Options$1,840 $198 $5,161 $491 
Restricted stock199 9 664 228 
Total$2,039 $207 $5,825 $719