XML 46 R25.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Stock Compensation | 12 Months Ended
--- | ---
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Compensation | Note 15 - Stock Compensation Under its long-term incentive plan, the Company's common shares have been made available for grant, at the discretion of the Compensation Committee of the Board of Directors or its designees, to officers, directors and other key employees. Grants can take the form of performance- or time-based restricted stock units, deferred shares and stock options. A summary of the awards granted in 2024 is presented below:
| Expected to be Settled in Equity | Expected to be Settled in Cash | Total Awards Granted
Performance-based restricted stock units | 233,895 |  | 7,085 |  | 240,980 |
Time-based restricted stock units | 171,130 |  | 4,730 |  | 175,860 |
Deferred shares | 30,100 |  | — |  | 30,100 |
Performance-based restricted stock units are calculated and awarded based on the achievement of specified performance objectives and cliff vest three years from the date of grant. Time-based restricted stock units generally vest in 25% increments annually beginning on the first anniversary of the grant. Deferred shares generally cliff vest in a range of two to five years from the date of grant. For time-based restricted stock units that are expected to settle in cash, the Company had $2.1 million and $2.0 million accrued in salaries, wages and benefits as of December 31, 2024 and 2023, respectively, on the Consolidated Balance Sheets. Note 15 - Stock Compensation (continued) A summary of stock award activity, including performance-based restricted stock units, time-based restricted stock units and deferred shares that will settle in common shares for the year ended December 31, 2024 is as follows:
| Number of Shares | Weighted-average Grant Date Fair Value
Outstanding - beginning of year | 869,386 |  | $ | 75.00 |
Granted - new awards | 435,125 |  | 81.23 |
Adjusted for performance results achieved (1) | 71,092 |  | 74.70 |
Vested | (366,427) |  | 72.84 |
Canceled or expired | (27,166) |  | 79.38 |
Outstanding - end of year | 982,010 |  | $ | 78.43 |
(1) Adjustments for the number of shares vested under the 2021 performance-based restricted stock unit awards at the end of the three-year period ended December 31, 2023 being higher than the target number of shares.
The Company distributed shares totaling 366,427 in 2024, 376,261 in 2023 and 386,594 in 2022 due to the vesting of stock awards. The grant date fair value of these vested shares was $26.7 million, $20.8 million and $18.7 million, respectively. The Company recognized compensation expense of $25.9 million, $30.5 million and $29.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, relating to performance-based restricted stock units, time-based restricted stock units, deferred shares and restricted shares. As of December 31, 2024, the Company had unrecognized compensation expense of $31.8 million related to unvested stock awards, which is expected to be recognized over a total weighted-average period of two years. In addition to performance-based restricted stock units, time-based restricted stock units and deferred shares, the Company has granted stock option awards to officers and key employees. Stock options typically have a ten-year term and generally vest in 25% increments beginning annually on the first anniversary date of grant. During 2024, the Company recognized no stock-based compensation expense for stock options awards. During 2023 and 2022, the Company recognized stock-based compensation expense of $0.1 million and $1.1 million, respectively, for stock option awards. Beginning in 2020, the Company discontinued the use of nonqualified stock options. As such, there were no stock option awards granted in 2024, 2023 or 2022.
A summary of stock option award activity for the year ended December 31, 2024 is presented below:
| Number of Shares | Weighted-average Exercise Price | Weighted-average Remaining Contractual Term | Aggregate Intrinsic Value (millions)
Outstanding - beginning of year | 386,617 |  | $ | 42.69 |  |  |
Exercised | (128,888) |  | 43.00 |  |  |
Outstanding - end of year | 257,729 |  | $ | 42.53 |  | 4 years | $ | 7.4 |
As of December 31, 2024, there were 257,729 stock options outstanding. All of these options are fully vested and are exercisable at December 31, 2024. The total intrinsic value of stock option awards exercised during the years ended December 31, 2024, 2023 and 2022 was $5.8 million, $22.2 million and $7.3 million, respectively. Net cash proceeds from the exercise of stock option awards were $5.6 million, $21.8 million and $8.5 million, respectively. There were 5.8 million shares available for future grants for all plans at December 31, 2024.

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration