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Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Expensed and Capitalized, Amount

The following is a summary of share-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Condensed Consolidated Statements of Income ($ in thousands):

			Three Months Ended												Six Months Ended
			June 30,												June 30,
			2022						2021						2022						2021
Non-cash share-based compensation expense			$	1,428					$	992					$	6,511					$	6,438

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

The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

			2022						2021
Dividend yield			7.0%						6.7%
Expected volatility			49.3%						48.1%
Expected lives			2.9 years						2.9 years
Risk-free interest rate			1.75%						0.33%

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:

															Weighted Average
			Number						Weighted Average						Remaining
			of Shares						Exercise Price						Contractual Life (Years)
Options outstanding, January 1, 2021			1,033,838						$83.54
Options granted			652,000						$69.20
Options exercised			(20,000)						$60.52
Options outstanding, June 30, 2021			1,665,838						$78.20
Exercisable at June 30, 2021			1,183,324						$79.25
Options outstanding, January 1, 2022			1,652,505						$78.10
Options granted			718,000						$53.62
Options exercised			(10,000)						$53.41
Options forfeited			(23,000)						$62.33
Options expired			(74,498)						$77.93
Options outstanding, June 30, 2022			2,263,007						$70.63						3.57
Exercisable at June 30, 2022			1,726,987						$74.18						3.27

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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