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Stock-Based Compensation | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock-based compensation | Stock-Based CompensationThe Company has stock-based compensation plans under which it is currently authorized to grant restricted stock and other stock awards. As of December 31, 2022, there were 3.4 million remaining shares available to grant under these plans. The Company either purchases shares on the open market or issues new shares of common stock to satisfy the vesting of stock-based awards. Total stock-based compensation expense (after tax) was $8.7 million, $12.0 million and $10.8 million in 2022, 2021 and 2020, respectively. The Company uses the straight-line amortization method to recognize compensation expense related to restricted stock, which only has a service condition. The Company recognizes compensation expense related to performance awards with market-based performance metrics on a straight-line basis over the requisite service period. As of December 31, 2022, total remaining unrecognized compensation expense related to stock-based compensation was approximately $12.5 million (before income taxes) which will be amortized over a weighted average period of 1.6 years. Stock awards Non-employee directors receive shares of common stock in addition to and in lieu of cash payment for directors' fees. There were 40,800 shares with a fair value of $1.2 million, 41,925 shares with a fair value of $1.2 million and 45,273 shares with a fair value of $1.1 million issued to non-employee directors during the years ended December 31, 2022, 2021 and 2020, respectively. Restricted stock awards In February 2022 and 2021, key employees were granted restricted stock awards under the long-term performance-based incentive plan. The shares vest over three years, contingent on continued employment. Compensation expense is recognized over the vesting period. At December 31, 2022, the number of outstanding shares granted was 188,499 with a weighted average grant-date fair value of $27.54 per share. Performance share awards Since 2003, key employees of the Company have been granted performance share awards each year under the long-term performance-based incentive plan authorized by the Company's compensation committee. The compensation committee has the authority to select the recipients of awards, determine the type and size of awards, and establish certain terms and conditions of award grants. Share awards are generally earned over a three-year vesting period and tied to financial metrics. Upon vesting, participants receive dividends that accumulate during the vesting period. Target grants of performance shares outstanding at December 31, 2022, were as follows:
Grant Date | Performance Period | Target Grant of Shares
February 2021 | 2021-2023 | 281,129 |
February 2022 | 2022-2024 | 284,416 |
Under the market condition for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares based on the Company's total stockholder return relative to that of the selected peer group. Compensation expense is based on the grant-date fair value as determined by Monte Carlo simulation. The blended volatility term structure ranges are comprised of 50 percent historical volatility and 50 percent implied volatility. Risk-free interest rates were based on U.S. Treasury security rates in effect as of the grant date. Assumptions used for grants applicable to the market condition for certain performance shares issued in 2022, 2021 and 2020 were:
|  | 2022 |  |  |  | 2021 |  |  |  | 2020 |
Weighted average grant-date fair value |  | $36.25 |  |  |  | $37.96 |  |  |  | $40.75 |
Blended volatility range |  | 24.07% - 31.41% |  |  | 35.37% - 46.35% |  |  | 15.30% - 15.97%
Risk-free interest rate range |  | .71% - 1.68% |  |  | .02% - .20% |  |  | 1.45% - 1.62%
Weighted average discounted dividends per share |  | $2.93 |  |  |  | $3.16 |  |  |  | $2.91 |
Under the performance conditions for these performance share awards, participants may earn from zero to 200 percent of the apportioned target grant of shares. The performance conditions are based on the Company's compound annual growth rate in earnings from continuing operations before interest, taxes, depreciation, depletion and amortization and the Company's compound annual growth rate in earnings from continuing operations. The weighted average grant-date fair value per share for the performance shares applicable to these performance conditions issued in 2022, 2021 and 2020 was $27.73, $27.35 and $31.63, respectively. The fair value of the performance shares that vested during the years ended December 31, 2022, 2021 and 2020, was $7.6 million, $13.7 million and $9.7 million, respectively. A summary of the status of the performance share awards for the year ended December 31, 2022, was as follows:
| Number of Shares | Weighted Average Grant-Date Fair Value
Nonvested at beginning of period | 555,047 |  | $ | 34.40 |
Granted | 284,416 |  | 31.99 |
Performance shares earned/unearned | (22,750) |  | 31.63 |
Less: |  |
Vested | 251,168 |  | 36.60 |
Nonvested at end of period | 565,545 |  | $ | 32.32 |

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