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Stock-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of Activity | The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:
|  | Nine Months Ended September 30,
Restricted Shares and Performance Based Shares |  | 2024 |  | 2023
Expected quarterly dividends per share |  | $ | 0.3875 |  |  | $ | 0.3675 |
Risk-free interest rate |  | 4.27 | % |  | 4.46 | %
Market-Based Shares |  |  |  |
Dividend yield |  | 4.21 | % |  | N/A
Expected volatility |  | 13.09 | % |  | N/A
Risk-free interest rate |  | 4.31 | % |  | N/A
The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the nine months ended September 30, 2024:
| Restricted Stock |  |
| Shares |  | Weighted- Average Grant Date Fair Value |  |  |  |
Outstanding at December 31, 2023 | 212,080 |  |  | $ | 40.33 |  |  |  |  |
Granted | 249,282 |  |  | 33.51 |  |  |  |  |
Released | (208,442) |  |  | 38.47 |  |  |  |  |
Forfeited | — |  |  | — |  |  |  |  |
Outstanding at September 30, 2024 | 252,920 |  |  | $ | 37.06 |  |  |  |  |
The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares:
|  | Nine Months Ended September 30,
Restricted Stock |  | 2024 |  | 2023
Weighted-average grant date fair value |  | $ | 33.51 |  |  | $ | 45.00 |
Total fair value of restricted shares that vested (in thousands) |  | $ | 7,976 |  |  | $ | 9,635 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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