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INCENTIVE STOCK PLANS (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs | A summary of our stock-based compensation cost is presented below:
| 2023 |  | 2022 |  | 2021
Selling and general expenses | $12,710 |  |  | $10,767 |  |  | $8,255 |
Cost of sales | 986 |  |  | 1,226 |  |  | 816 |
Timber and Timberlands, net (a) | 306 |  |  | 363 |  |  | 206 |
Total stock-based compensation | $14,002 |  |  | $12,356 |  |  | $9,277 |
Tax benefit recognized related to stock-based compensation expense (b) | $677 |  |  | $603 |  |  | $487 |
(a)Represents amounts capitalized as part of the overhead allocation of timber-related costs. (b)A valuation allowance is recorded against the tax benefit recognized as we do not expect to be able to realize the benefit in the future.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | A summary of our restricted stock units is presented below:
| 2023 |  | 2022 |  | 2021
Restricted stock units granted | 207,006 |  |  | 130,213 |  |  | 129,290 |
Weighted average price of restricted stock units granted | $32.93 |  |  | $41.81 |  |  | $33.59 |
Intrinsic value of restricted stock units outstanding (a) | $16,068 |  |  | $13,826 |  |  | $15,095 |
Grant date fair value of restricted stock units vested | 4,454 |  |  | 2,475 |  |  | 493 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted stock units vested | 1,665 |  |  | 1,063 |  |  | 189 |
(a)Intrinsic value of restricted stock units outstanding is based on the market price of the Company’s stock at December 31, 2023.
| 2023
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested Restricted Stock Units at January 1, | 419,484 |  |  | $32.12 |
Granted | 207,006 |  |  | 32.93 |
Vested | (142,949) |  |  | 31.16 |
Cancelled | (2,616) |  |  | 35.28 |
Non-vested Restricted Stock Units at December 31, | 480,925 |  |  | $32.74 |
A summary of our restricted stock is presented below:
| 2023 |  | 2022 |  | 2021
Restricted shares granted | 36,403 |  |  | 22,800 |  |  | 22,140 |
Weighted average price of restricted shares granted | $30.22 |  |  | $38.60 |  |  | $37.36 |
Intrinsic value of restricted stock outstanding (a) | $66 |  |  | $620 |  |  | $3,062 |
Grant date fair value of restricted stock vested | 1,647 |  |  | 2,478 |  |  | 3,121 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on restricted shares vested | 208 |  |  | 708 |  |  | 869 |
(a)Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2023.
| 2023
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested Restricted Shares at January 1, | 18,808 |  |  | $31.58 |
Granted | 36,403 |  |  | 30.22 |
Vested | (53,238) |  |  | 30.93 |
Non-vested Restricted Shares at December 31, | 1,973 |  |  | $24.01 |
Schedule of Nonvested Performance-based Units Activity | A summary of our performance share units is presented below:
| 2023 |  | 2022 |  | 2021
Common shares reserved for performance shares granted during year | 285,863 |  |  | 193,333 |  |  | 191,203 |
Weighted average fair value of performance share units granted | $37.77 |  |  | $45.68 |  |  | $36.10 |
Intrinsic value of outstanding performance share units (a) | $12,730 |  |  | $13,123 |  |  | $16,360 |
Fair value of performance shares vested | 5,863 |  |  | 5,549 |  |  | 1,738 |
Cash used to purchase common shares from current and former employees to pay withholding tax requirements on performance shares vested | 2,342 |  |  | 2,454 |  |  | 559 |
(a)Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2023.
| 2023
| Number of Units |  | Weighted Average Grant Date Fair Value
Outstanding Performance Share units at January 1, | 398,156 |  |  | $35.78 |
Granted | 163,350 |  |  | 37.77 |
Units Distributed | (179,942) |  |  | 29.57 |
Other Cancellations/Adjustments | (530) |  |  | 40.78 |
Outstanding Performance Share units at December 31, | 381,034 |  |  | $39.56 |
Expected volatility was estimated using daily returns on the Company’s common shares for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. Treasury rate on the date of the award. The dividend yield was not used to calculate fair value as awards granted receive dividend equivalents. Grants made to Vice Presidents and above are subject to a one-year post-vest holding period and include an additional discount for liquidity. The following table provides an overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31:
| 2023 |  | 2022 |  | 2021
Expected volatility | 29.9 | % |  | 38.1 | % |  | 35.6 | %
Risk-free rate | 3.7 | % |  | 2.6 | % |  | 0.4 | %
Liquidity discount applied to grants with a post-vesting holding restriction | 4.7 | % |  | 4.2 | % |  | 6.3 | %
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the status of our stock options as of and for the year ended December 31, 2023 is presented below:
| 2023
| Number of Shares |  | Weighted Average Exercise Price (per common share) |  | Weighted Average Remaining Contractual Term (in years) |  | Aggregate Intrinsic Value
Options outstanding at January 1, | 54,091 |  |  | $35.15 |  |  |  |  |
Exercised | (2,408) |  |  | 31.28 |  |  |  |  |
Cancelled or expired | (26,959) |  |  | 38.53 |  |  |  |  |
Options outstanding at December 31, | 24,724 |  |  | 31.83 |  |  | 0.10 |  | $44 |
Options exercisable at December 31, | 24,724 |  |  | $31.83 |  |  | 0.10 |  | $44 |
A summary of additional information pertaining to our stock options is presented below:
| 2023 |  | 2022 |  | 2021
Intrinsic value of options exercised (a) | $2 |  |  | $300 |  |  | $916 |
Cash received from exercise of options | 75 |  |  | 2,466 |  |  | 5,922 |
(a)Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.

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