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Share-Based Compensation | 3 Months Ended
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Mar. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Share-Based Compensation The Company’s outstanding stock incentive awards have been granted under two incentive plans – the 2012 Stock Incentive Plan and the 2019 Stock Incentive Plan, as amended and restated (the “2019 Plan”). During the three months ended March 31, 2025, we granted options to purchase 557,000 shares of common stock under the 2019 Plan. In February 2025, 29,500 shares of restricted stock were issued to executive officers with a grant date fair value of $73.34 per share based on the market value of our common stock on the date of grant. The restricted stock vests over five years, with 20% vesting on each anniversary of the date of grant and beginning with 2025, are subject to a one-year post-vesting hold. The restricted stock awards contain non-forfeitable rights to dividends or dividend equivalents during the vesting periods. During the first quarter of 2025, 3,000 shares of restricted stock vested. As of March 31, 2025, there were 58,300 non-vested shares of restricted stock outstanding. The weighted average fair value of options granted during the three months ended March 31, 2025 and 2024 was $9.35 and $7.36 per option, respectively. 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:
| 2025 |  | 2024
Dividend yield | 5.2% |  | 6.4%
Expected volatility | 24.1% |  | 26.1%
Expected lives | 2.95 years |  | 2.9 years
Risk-free interest rate | 3.94% |  | 4.49%
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, 2024 | 2,447,171 |  |  | $68.80 |  |  |  |
Options granted | 431,000 |  |  | $57.76 |  |  |  |
Options expired | (301,837) |  |  | $79.96 |  |  |  |
Options outstanding, March 31, 2024 | 2,576,334 |  |  | $65.89 |  |  |  |
Exercisable at March 31, 2024 | 2,235,640 |  |  | $66.99 |  |  |  |
Options outstanding, January 1, 2025 | 1,416,215 |  |  | $71.06 |  |  |  |
Options granted | 557,000 |  |  | $73.34 |  |  |  |
Options exercised | (73,984) |  |  | $56.10 |  |  |  |
Options forfeited | (23,501) |  |  | $56.75 |  |  |  |
Options expired | (491,000) |  |  | $90.79 |  |  |  |
Options outstanding, March 31, 2025 | 1,384,730 |  |  | $66.03 |  | 3.35 |  |
Exercisable at March 31, 2025 | 940,874 |  |  | $64.44 |  | 2.73 |  |
At March 31, 2025, the intrinsic value of stock options outstanding and exercisable was $10.9 million and $8.9 million, respectively. The following is a summary of share-based compensation expense, net of any forfeitures, included in “General and administrative expenses” in the Condensed Consolidated Statements of Income ($ in thousands):
| Three Months Ended |  |
| March 31, |  |
| 2025 |  | 2024 |  |  |  |
Share-based compensation components: |  |  |  |  |  |  |
Restricted stock expense | $ | 224 |  |  | $ | 158 |  |  |  |  |
Stock option expense | 2,334 |  |  | 1,997 |  |  |  |  |
Total share-based compensation expense | $ | 2,558 |  |  | $ | 2,155 |  |  |  |  |
As of March 31, 2025, unrecognized compensation expense totaling $6.3 million associated with stock-based awards was expected to be recognized over the following periods: remainder of 2025 - $3.2 million, 2026 - $2.0 million, 2027 - $0.7 million, 2028 - $0.3 million, and thereafter - less than $0.1 million.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/505/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent + Details
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