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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of 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 Consolidated Statements of Income ($ in thousands):
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Shared-based compensation components: |  |  |  |  |
Restricted stock expense | $ | 310 |  |  | $ | — |  |  | $ | — |
Stock option expense | 4,295 |  |  | 8,613 |  |  | 8,415 |
Total share-based compensation expense | $ | 4,605 |  |  | $ | 8,613 |  |  | $ | 8,415 |
Schedule of Stock Option 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:
| December 31, 2023 |  | December 31, 2022 |  | December 31, 2021
Dividend yield | 6.9% |  | 7.0% |  | 6.7%
Expected volatility | 39.0% |  | 49.3% |  | 48.1%
Expected lives | 2.9 years |  | 2.9 years |  | 2.9 years
Risk-free interest rate | 4.56% |  | 1.75% |  | 0.33%
Schedule of Stock Option Activity | The following tables summarize our outstanding stock options:
|  |  |  |  | Weighted Average |
| Number |  | Weighted Average |  | Remaining |
| of Shares |  | Exercise Price |  | Contractual Life (Years) |
Outstanding December 31, 2020 | 1,033,838 |  |  | $83.54 |  |  |
Options granted under 2012 Plan | 12,500 |  |  | $69.20 |  |  |
Options granted under 2019 Plan | 639,500 |  |  | $69.20 |  |  |
Options exercised under 2012 Plan | (20,000) |  |  | $60.52 |  |  |
Options forfeited under 2019 Plan | (13,333) |  |  | $90.79 |  |  |
Outstanding December 31, 2021 | 1,652,505 |  |  | $78.10 |  |  |
Options granted under 2019 Plan | 718,000 |  |  | $53.62 |  |  |
Options exercised under 2019 Plan | (56,832) |  |  | $53.41 |  |  |
Options forfeited | (23,000) |  |  | $62.33 |  |  |
Options expired | (74,498) |  |  | $77.93 |  |  |
Outstanding December 31, 2022 | 2,216,175 |  |  | $70.97 |  |  |
Options granted under 2019 Plan | 385,500 |  |  | $54.73 |  |  |
Options exercised | (5,166) |  |  | $53.41 |  |  |
Options forfeited | (61,168) |  |  | $66.44 |  |  |
Options expired | (88,170) |  |  | $64.33 |  |  |
Options outstanding, December 31, 2023 | 2,447,171 |  |  | $68.80 |  | 2.26 |
Exercisable at December 31, 2023 | 2,078,827 |  |  | $71.40 |  | 2.00 |
|  |  |  |  |  | Remaining
Grant |  | Number |  | Exercise |  | Contractual
Date |  | of Shares |  | Price |  | Life in Years
2/21/2019 |  | 301,837 |  |  | $ | 79.96 |  |  | 0.14
2/21/2020 |  | 516,000 |  |  | $ | 90.79 |  |  | 1.15
5/1/2020 |  | 7,500 |  |  | $ | 53.76 |  |  | 1.33
2/25/2021 |  | 616,000 |  |  | $ | 69.20 |  |  | 2.16
2/25/2022 |  | 610,834 |  |  | $ | 53.41 |  |  | 3.16
6/1/2022 |  | 25,000 |  |  | $ | 59.43 |  |  | 3.42
2/24/2023 |  | 370,000 |  |  | $ | 54.73 |  |  | 4.15
Options outstanding, December 31, 2023 |  | 2,447,171 |  |  |  |  |
Schedule of Nonvested Share Activity | The following table summarizes our outstanding non-vested stock options:
| Number of Shares |  | Weighted Average Grant Date Fair Value
Non-vested December 31, 2022 | 515,020 |  |  | $12.51
Options granted under 2019 Plan | 385,500 |  |  | $11.33
Options vested under 2012 Plan | (4,168) |  |  | $14.33
Options vested under 2019 Plan | (505,007) |  |  | $12.37
Non-vested options forfeited under 2019 Plan | (23,001) |  |  | $11.80
Non-vested December 31, 2023 | 368,344 |  |  | $11.48

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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