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Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed Amount

Stock-based compensation expense, which is included in Operations and maintenance on the accompanying Consolidated Statements of Income, was as follows for the years ended December 31 (in thousands):

		2022				2021				2020
Stock-based compensation expense		$	8,551			$	9,655			$	5,373

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

A summary of the status of the restricted stock and restricted stock units at December 31, 2022, was as follows:

		Restricted Stock				Weighted-Average Grant Date Fair Value
		(in thousands)
Balance at January 1, 2022			219			$	67.64
Granted			70				69.03
Vested			(94	)			69.64
Forfeited			(16	)			66.03
Balance at December 31, 2022			179			$	67.23

The weighted-average grant-date fair value of restricted stock granted, and the total fair value of shares vested during the years ended December 31, were as follows:

		Weighted-Average Grant Date Fair Value				Total Fair Value of Shares Vested
						(in thousands)
2022		$	69.03			$	6,436
2021		$	65.64			$	5,400
2020		$	69.49			$	6,722

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

The outstanding performance periods at December 31, 2022 were as follows (shares in thousands):

								Possible Payout Range of Target
Grant Date		Performance Period		Target Grant of Shares				Minimum		Maximum
January 1, 2020		January 1, 2020 - December 31, 2022			36			0%		200%

A summary of the status of the Performance Share Plan at December 31, 2022 was as follows:

		Equity Portion								Liability Portion
						Weighted-Average Grant Date								Weighted-Average Fair Value at
		Shares				Fair Value (a)				Shares				December 31, 2022
		(in thousands)								(in thousands)
Performance Shares balance at beginning of period			36			$	68.14				36
Granted			—				—				—
Forfeited			—				—				—
Vested			(18	)			68.72				(18	)
Performance Shares balance at end of period			18			$	81.42				18			$	32.74

(a)The grant date fair values for the performance shares granted in 2020 were determined by Monte Carlo simulation using a blended volatility of 18%, comprised of 50% historical volatility and 50% implied volatility and the average risk-free interest rate of the three-year United States Treasury security rate in effect as of the grant date.

The weighted-average grant-date fair value of performance share awards granted was as follows in the years ended:

		Weighted Average Grant Date Fair Value
December 31, 2020		$	81.42

Performance Plan Payouts

Performance plan payouts have been as follows (in thousands):

Performance Period		Year Paid		Stock Issued				Cash Paid				Total Intrinsic Value
January 1, 2019 to December 31, 2021		2022			8			$	519			$	1,038
January 1, 2018 to December 31, 2020		2021			28			$	1,647			$	3,294
January 1, 2017 to December 31, 2019		2020			14			$	1,100			$	2,199

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The Monte Carlo simulation is used to estimate expected share payout based on the Company’s TSR for a three-year performance period relative to the designated peer group beginning January 1 of the award year.

		2022	2021
Fair value of share units award		74.48	64.97
Three-year risk-free rate		0.97%	0.17%
Black Hills Corporation’s common stock volatility		30%	33%
Volatility range for the peer group		22-67%	25-76%

Schedule of Nonvested Share Activity

The following table summarizes the performance share unit activity for the year ended December 31, 2022:

		Performance Share Units - Market Condition								Performance Share Units - Performance Condition
		Share Units				Weighted-Average Fair Value per Share Unit				Share Units				Weighted-Average Fair Value per Share Unit
Nonvested at January 1, 2022			32,903			$	64.97				21,948			$	61.45
Granted			35,571				74.48				23,718				70.57
Nonvested at December 31, 2022			68,474			$	69.91				45,666			$	66.19

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