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Share-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Share-Based Compensation | Share-Based CompensationIn February 2015, the Company adopted the 2015 Incentive Award Plan (the "2015 Plan"), replacing the 2005 Equity Incentive Plan (the "2005 Plan") which expired in January 2015. The 2015 Plan was approved at the Company's Annual Meeting of Shareholders in May 2015. A maximum of 4,900,000 shares of common stock under the 2015 Plan are authorized for issuance upon exercise of stock options, stock appreciation rights and other awards, or upon vesting of RSU or deferred stock awards. The Company had granted 80,000 stock options under the 2015 Plan, 10,000 of which were forfeited, with 4,830,000 shares of common stock available for future grant as of December 31, 2022. No share-based compensation awards have been granted since March 2018 under the 2015 Plan. The following table presents a summary of cash received, compensation costs recognized and excess tax benefit, related to the Company's share-based awards:
|  | Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
|  | (Amounts in thousands)
Cash received from stock option exercises |  | $ | — |  |  | $ | 215 |  |  | $ | — |
Compensation cost, all share-based awards |  | 15 |  |  | 141 |  |  | 142 |
Excess tax benefit, all share-based awards |  | (1) |  |  | (117) |  |  | — |
Stock Option Awards Stock option awards become exercisable at a rate of 25% per year beginning one year from the date granted, are granted at the closing price of the Company's stock on the date of grant, and expire after 10 years. In February 2018, the Compensation Committee of the Company's Board of Directors awarded a total of 80,000 stock options to four senior executives under the 2015 Plan which will vest over the four-year requisite service period. 10,000 of these stock options were forfeited in February 2019 following the departure of a senior executive. The fair values of these stock options were estimated on the date of grant using a closed-form option valuation model (Black-Scholes). The following table provides the assumptions used in the calculation of grant-date fair values of these stock options based on the Black-Scholes option pricing model:
Weighted-average grant-date fair value | $ | 8.09 |
Expected volatility | 33.18 | %
Risk-free interest rate | 2.62 | %
Expected dividend yield | 5.40 | %
Expected term in months | 72
Expected volatility is based on historical volatility of the Company’s stock over the term of the stock options. The Company estimated the expected term of stock options, which represents the period of time that stock options granted are expected to be outstanding, by using historical exercise patterns and post-vesting termination behavior. The risk free interest rate is determined based on U.S. Treasury yields with equivalent remaining terms in effect at the time of the grant. The following table presents a summary of the stock option activity for the year ended December 31, 2022:
| Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in 000’s)
Outstanding at January 1, 2022 | 20,000 |  | $ | 43.01 |  |  |  |  |
Exercised | (2,500) |  |  | $ | 43.01 |  |  |  |  |
Canceled or expired | — |  |  | $ | — |  |  |  |  |
Outstanding at December 31, 2022 | 17,500 |  | $ | 43.01 |  |  | 5.1 |  | $ | — |
Exercisable at December 31, 2022 | 17,500 |  | $ | 43.01 |  |  | 5.1 |  | $ | — |
The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value (the difference between the Company’s closing stock price and the stock option exercise price, multiplied by the number of in-the-money stock options) that would have been received by the stock option holders had all stock options been exercised on December 31, 2022. The aggregate intrinsic value of stock options exercised was $29,975 and $1,007,175 for 2022 and 2021, respectively. There were no stock options exercised in 2020. The total fair value of stock options vested in each of 2022, 2021, and 2020 was $141,584. The following table presents information regarding stock options outstanding at December 31, 2022:
| Options Outstanding |  | Options Exercisable
Exercise Price | Number of Options |  | Weighted-Average Remaining Contractual Life (Years) |  | Weighted- Average Exercise Price |  | Number of Options |  | Weighted- Average Exercise Price
$43.01 | 17,500 |  | 5.1 |  | $ | 43.01 |  |  | 17,500 |  | $ | 43.01 |
As of December 31, 2022, the Company had no unrecognized share-based compensation expense.

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