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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of stock-based compensation expense, net of forfeitures | For 2022, 2021, and 2020, stock-based compensation expense, net of forfeitures, was recorded as follows ($ in thousands):
|  | 2022 |  | 2021 |  | 2020
Equity-classified awards: |  |  |  |  |  |
Restricted stock |  | $ | 3,151 |  |  | $ | 2,677 |  |  | $ | 2,555 |
Market-based RSUs |  | 4,073 |  | 2,532 |  | 1,255
Performance-based RSUs |  | 1,173 |  | 881 |  | 428
Director grants |  | 1,471 |  | 890 |  | 1,060
Employee Stock Purchase Plan |  | 191 |  | 25 |  | —
|  | 10,059 |  | 7,005 |  | 5,298
Liability-classified awards |  |  |  |  |  |
Market-based RSUs |  | — |  |  | 1,942 |  |  | 2,498 |
Performance-based RSUs |  | — |  |  | 456 |  |  | 258 |
Service-based RSUs |  | (146) |  |  | 690 |  |  | 633 |
Dividend equivalent units |  | 69 |  |  | 564 |  |  | 675 |
|  | (77) |  |  | 3,652 |  |  | 4,064 |
Total stock-based compensation expense |  | $ | 9,982 |  |  | $ | 10,657 |  |  | $ | 9,362 |
Schedule of equity and liability classified award activity | The following table summarizes equity-classified employee stock compensation award activity for the years ended December 31, 2022, 2021, and 2020 (shares in thousands):
|  | 2022 |  | 2021 |  | 2020
|  | Shares |  | Weighted Average Fair Market Value at Grant |  | Shares |  | Weighted Average Fair Market Value at Grant |  | Shares |  | Weighted Average Fair Market Value at Grant
Shares unvested at beginning of the year |  | 409 |  |  | $38.63 |  | 221 |  |  | $41.90 |  | 141 |  |  | $34.81
Granted |  | 242 |  |  | $43.30 |  | 248 |  |  | $35.44 |  | 173 |  |  | $44.13
Vested |  | (169) |  |  | $41.54 |  | (58) |  |  | $37.47 |  | (82) |  |  | $34.69
Forfeited |  | (19) |  |  | $41.05 |  | (2) |  |  | $39.27 |  | (11) |  |  | $41.10
Shares unvested at end of year |  | 463 |  |  | $39.91 |  | 409 |  |  | $38.63 |  | 221 |  |  | $41.90
The following table summarizes the Company's liability-classified award activity, at target, during the years ended December 31, 2022, 2021, and 2020 (shares in thousands):
|  | 2022 |  | 2021 |  | 2020 |  |
|  | Shares |  |  |  | Shares |  |  |  | Shares |  |
Shares unvested at beginning of the year |  | 43 |  |  |  |  | 135 |  |  |  |  | 316 |  |  |
Vested |  | — |  |  |  |  | (92) |  |  |  |  | (172) |  |  |
Forfeited |  | — |  |  |  |  | — |  |  |  |  | (9) |  |  |
Shares unvested at end of year |  | 43 |  |  |  |  | 43 |  |  |  |  | 135 |  |  |
Schedule of valuation assumptions | The Monte Carlo valuation used to determine the grant date fair value of the equity-classified Market-based RSUs included the following assumptions for those RSUs granted in 2022, 2021, and 2020:
|  | 2022 |  | 2021 |  | 2020
Volatility | (1) | 37.7 | % |  | 37.5 | % |  | 18.0 | %
Risk-free rate | (2) | 1.39 | % |  | 0.17 | % |  | 1.34 | %
Stock beta | (3) | 1.02 | % |  | 1.04 | % |  | 1.04 | %
(1) Based on historical volatility over three years using daily stock price. (2) Reflects the yield on three-year Treasury bonds. (3) Betas are calculated with up to three years of daily stock price data.
Schedule of stock options activity | The following is a summary of stock option activity for the years ended December 31, 2021, and 2020 (options in thousands):
|  |  |  | 2021 |  | 2020
|  |  |  |  |  | Number of Options |  | Weighted Average Exercise Price Per Option |  | Number of Options |  | Weighted Average Exercise Price Per Option
Outstanding at beginning of year |  |  |  |  |  | 28 |  |  | $25.55 |  | 67 |  |  | $23.13
Exercised |  |  |  |  |  | (28) |  |  | $25.55 |  | (37) |  |  | $21.28
Forfeited/expired |  |  |  |  |  | — |  |  | — |  | (2) |  |  | $22.76
Outstanding at end of year |  |  |  |  |  | — |  |  | — |  | 28 |  |  | $25.55

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