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Share-Based Compensation (Tables)
 9 Months Ended
Sep. 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 nine months ended September 30, 2023 and 2022 using a Black Scholes-Merton Model:
 Nine months ended
 September 30, 2023September 30, 2022
Directors and SLT1:
  
Expected (annual) dividend rate$0.32$0.25
Expected volatility37.89%36.00%
Risk-free interest rate4.39%2.21%
Expected life (in years)4.04.0
Employees:
Expected (annual) dividend rate$0.32$0.25
Expected volatility38.30%37.38%
Risk-free interest rate4.41%2.20%
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 nine months ended September 30, 2023 and 2022 using a Monte Carlo Model:
 Nine months ended
 September 30, 2023September 30, 2022
 
Expected (annual) dividend rate$0.32$0.25
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 September 30, 2023:  
Range of
Exercise
Prices		Number
of
Shares
Weighted
Average
Remaining
Contractual Life
(in years)
Weighted
Average
Exercise
Price
Intrinsic
Value
(in thousands)
$13.95 -$27.58 1,528,983 4.52$24.70 $49,191 
$28.28 -$37.16 534,293 6.7230.91 13,870 
$37.63 -$69.62 210,415 7.4448.06 1,857 
Total2,273,691 5.31$28.32 $64,918 
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
4,560,520 $30.14 
Granted
326,506 61.16 
Exercised
(864,524)29.19 
Forfeited or Expired
(106,291)33.90 
Outstanding at September 30, 2023
3,916,211 $32.83 
Exercisable at September 30, 2023
2,273,691 $28.32 
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
217,168 $33.34 
Granted
73,633 59.70 
Vested
(92,977)32.57 
Forfeited
(4,846)38.52 
Unvested at September 30, 2023
192,978 $43.64 
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
39,899 $53.45 
Granted
— — 
Vested
— — 
Forfeited
— — 
Unvested at September 30, 2023
39,899 $53.45 
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
93,982 $36.62 
Granted
58,130 84.42 
Vested
— — 
Forfeited
— — 
Unvested at September 30, 20231
152,112 $54.88 
1Consists of 22,222 PSUs cliff vesting December 31, 2023, 71,760 PSUs cliff vesting December 31, 2024, and 58,130 PSUs cliff vesting December 31, 2025.
Summary of Share-Based Compensation Expense
A summary of share-based compensation is as follows:

Three Months EndedNine Months Ended
 September 30,
2023		September 30,
2022		September 30,
2023		September 30,
2022
Grant date fair value of awards during the period:(in thousands)
Options$106 $480 $5,224 $5,979 
PSUs— 109 4,907 2,190 
Restricted stock246 164 4,396 3,319 
Total$352 $753 $14,527 $11,488 
Share-based compensation expense:
Options$2,228 $2,104 $6,604 $6,483 
PSUs737 188 1,820 665 
Restricted stock1,053 768 2,903 2,290 
Key employee awards261 261 775 791 
Total$4,279 $3,321 $12,102 $10,229 
Income tax benefit related to share-based compensation:
Options$478 $531 $5,639 $1,022 
Restricted stock16 3 680 231 
Total$494 $534 $6,319 $1,253