Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

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:


	2023	2022
Dividend yield	6.9%	7.0%
Expected volatility	39.0%	49.3%
Expected lives	2.9 years	2.9 years
Risk-free interest rate	4.56%	1.75%

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, 2022	1,652,505	$78.10
Options granted	718,000	$53.62
Options exercised	(56,832)	$53.41
Options forfeited	(23,000)	$62.33
Options expired	(74,498)	$77.93
Options outstanding, September 30, 2022	2,216,175	$70.97

Exercisable at September 30, 2022	1,695,155	$74.73

Options outstanding, January 1, 2023	2,216,175	$70.97
Options granted	385,500	$54.73
Options exercised	(5,166)	$53.41
Options forfeited	(61,168)	$66.44
Options expired	(88,170)	$64.33
Options outstanding, September 30, 2023	2,447,171	$68.80	2.51

Exercisable at September 30, 2023	2,078,827	$71.40	2.25

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

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				Nine Months Ended
	September 30,				September 30,
	2023		2022		2023		2022
Share-based compensation components:
Restricted stock expense	$	119	$	—	$	191	$	—
Stock option expense	747		1,065		3,549		7,576
Total share-based compensation expense	$	866	$	1,065	$	3,740	$	7,576