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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2024
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:
| 2024 |  | 2023
Dividend yield | 6.4% |  | 6.9%
Expected volatility | 26.1% |  | 39.0%
Expected lives | 2.9 years |  | 2.9 years
Risk-free interest rate | 4.49% |  | 4.56%
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, 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 |  |  |  |
Exercisable at September 30, 2023 | 2,078,827 |  |  | $71.40 |  |  |  |
Options outstanding, January 1, 2024 | 2,447,171 |  |  | $68.80 |  |  |  |
Options granted | 431,000 |  |  | $57.76 |  |  |  |
Options exercised | (1,065,119) |  |  | $58.24 |  |  |  |
Options expired | (301,837) |  |  | $79.96 |  |  |  |
Options outstanding, September 30, 2024 | 1,511,215 |  |  | $70.87 |  | 2.02 |  |
Exercisable at September 30, 2024 | 1,170,521 |  |  | $74.94 |  | 1.42 |  |
Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following is a summary of share-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Condensed Consolidated Statements of Income ($ in thousands):
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Share-based compensation components: |  |  |  |  |  |  |
Restricted stock expense | $ | 166 |  |  | $ | 119 |  |  | $ | 510 |  |  | $ | 191 |
Stock option expense | 504 |  |  | 747 |  |  | 3,002 |  |  | 3,549 |
Total share-based compensation expense | $ | 670 |  |  | $ | 866 |  |  | $ | 3,512 |  |  | $ | 3,740 |

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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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