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Employee Benefit Plans | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS Retirement Plans The Company offers a qualified 401(k) Plan in which the Company makes matching contributions to encourage employees to save money for their retirement. The 401(k) Plan covers substantially all employees. Under the terms of the 401(k) Plan, employees may defer a portion of their eligible pay, up to the maximum allowed by I.R.S. regulation, and the Company matches 100% of the first 3% of compensation and 50% of the next 2% of compensation for a total match of 4% of eligible pay for each participant who defers 5% or more of his or her eligible pay. Additionally, the Company may make profit-sharing contributions to the 401(k) Plan which are allocated among participants based upon 401(k) Plan compensation without regard to participant contributions. Contribution expense to the plan totaled $11.9 million, $13.0 million and $13.9 million in 2023, 2022 and 2021, respectively. The Company also provides deferred compensation agreements with certain active and retired officers. The agreements provide monthly payments of retirement compensation for either stated periods or for the life of the participant. There was a $316,000 benefit to income related to the plans for 2023. This benefit was primarily due to a reduction in the present value of the liability resulting from a significant increase in the discount factor used, as compared to previous years. The Company also reversed the accrued unvested liability during 2023 related to a former participant. The charges to income for the plans were $2.2 million for 2022 and $2.7 million for 2021. Such charges reflect the straight-line accrual over the employment period of the present value of benefits due each participant, as of their full eligibility date, using an appropriate discount factor. Employee Stock Purchase Plan The Company established an Employee Stock Purchase Plan in 2015 which generally allows participants to make contributions of up to $25,000 per year, for the purpose of acquiring the Company’s common stock. At the end of each plan year, full shares of the Company’s stock are purchased for each employee based on that employee’s contributions. The Company has issued both general and special stock offerings under the plan. Substantially all employees are eligible for the general stock offering, under which full shares of the Company’s stock are purchased for an amount equal to 95% of their fair market value at the end of the plan year, or, if lower, 95% of their fair market value at the beginning of the plan year. The special stock offering is available to substantially all non-highly compensated employees with at least six months of service, and these employees may allocate up to $10,000 to this offering. Under the special stock offering, full shares of the Company’s stock are purchased for an amount equal to 85% of their fair market value at the end of the plan year, or, if lower, 85% of their fair market value at the beginning of the plan year. Stock-Based Compensation Plans The Company’s Board of Directors has adopted various stock-based compensation plans. The plans provide for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock units and performance stock units. Pursuant to the plans, shares are reserved for future issuance by the Company upon exercise of stock options or awards of restricted stock, restricted stock units, or performance stock units granted to directors, officers and other key employees. Stock-based compensation expense for all stock-based compensation awards is based on the grant date fair value. For all awards except stock option awards, the grant date fair value is the market value per share as of the grant date. For stock option awards, the fair value is estimated at the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. Additionally, there may be other factors that would otherwise have a significant effect on the value of employee stock options granted but are not considered by the model. Accordingly, while management believes that the Black-Scholes option-pricing model provides a reasonable estimate of fair value, the model does not necessarily provide the best single measure of fair value for the Company’s employee stock options. The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model that uses various assumptions. Expected volatility is based on historical volatility of the Company’s stock and other factors. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. Forfeitures are estimated at the time of grant, and are based partially on historical experience. The table below summarizes the transactions under the Company’s active stock compensation plans at December 31, 2023, 2022 and 2021, and changes during the years then ended:
|  | Stock Options Outstanding |  | Non-vested Stock Awards Outstanding |  | Non-vested Stock Units Outstanding (1)
(Shares in thousands) |  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Grant-Date Fair Value |  | Number of Shares |  | Weighted Average Grant-Date Fair Value
Balance, December 31, 2020 |  | 658 |  |  | $ | 22.48 |  |  | 5 |  |  | $ | 22.35 |  |  | 1,032 |  |  | $ | 24.53 |
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | 674 |  |  | 28.94 |
Stock options exercised |  | (185) |  |  | 22.42 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock awards/units vested (earned) |  | — |  |  | — |  |  | (3) |  |  | 22.48 |  |  | (434) |  |  | 25.61 |
Forfeited/expired |  | — |  |  | — |  |  | — |  |  | — |  |  | (87) |  |  | 25.86 |
Balance, December 31, 2021 |  | 473 |  |  | 22.50 |  |  | 2 |  |  | 22.20 |  |  | 1,185 |  |  | 26.51 |
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | 719 |  |  | 26.42 |
Stock options exercised |  | (3) |  |  | 13.30 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock awards/units vested (earned) |  | — |  |  | — |  |  | (2) |  |  | 22.20 |  |  | (609) |  |  | 26.30 |
Forfeited/expired |  | — |  |  | — |  |  | — |  |  | — |  |  | (98) |  |  | 25.68 |
Balance, December 31, 2022 |  | 470 |  |  | 22.56 |  |  | — |  |  | — |  |  | 1,197 |  |  | 26.63 |
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | 798 |  |  | 21.15 |
Stock options exercised |  | (1) |  |  | 10.65 |  |  | — |  |  | — |  |  | — |  |  | — |
Stock awards/units vested (earned) |  | — |  |  | — |  |  | — |  |  | — |  |  | (490) |  |  | 24.73 |
Forfeited/expired |  | (22) |  |  | 22.87 |  |  | — |  |  | — |  |  | (232) |  |  | 24.81 |
Balance, December 31, 2023 |  | 447 |  |  | $ | 22.56 |  |  | — |  |  | $ | — |  |  | 1,273 |  |  | $ | 24.23 |
Exercisable, December 31, 2023 |  | 447 |  |  | $ | 22.56 |  |  |  |  |  |  |  |  |
_________________________ (1) All stock units (including performance stock units). The following table summarizes information about stock options under the plans outstanding at December 31, 2023:
|  |  |  |  |  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices |  | Number of Shares (In thousands) |  | Weighted Average Remaining Contractual Life (Years) |  | Weighted Average Exercise Price |  | Number of Shares (In thousands) |  | Weighted Average Exercise Price
$ | 20.29 |  |  | — |  | $ | 20.29 |  |  | 47 |  | 0.90 |  | $20.29 |  | 47 |  | $20.29
22.20 |  |  | — |  | 22.20 |  |  | 51 |  | 1.24 |  | 22.20 |  | 51 |  | 22.20
22.75 |  |  | — |  | 22.75 |  |  | 274 |  | 1.46 |  | 22.75 |  | 274 |  | 22.75
23.51 |  |  | — |  | 23.51 |  |  | 68 |  | 1.89 |  | 23.51 |  | 68 |  | 23.51
24.07 |  |  | — |  | 24.07 |  |  | 7 |  | 1.71 |  | 24.07 |  | 7 |  | 24.07
$ | 20.29 |  |  | — |  | $ | 24.07 |  |  | 447 |  | 1.45 |  | $22.56 |  | 447 |  | $22.56
The table below summarizes the Company’s performance stock unit activity for the years ended December 31, 2023, 2022 and 2021:
(In thousands) |  | Performance Stock Units
Non-vested, December 31, 2020 |  | 222 |
Granted |  | 171 |
Vested (earned) |  | (57) |
Forfeited |  | (5) |
Non-vested, December 31, 2021 |  | 331 |
Granted |  | 184 |
Vested (earned) |  | (149) |
Forfeited |  | (14) |
Non-vested, December 31, 2022 |  | 352 |
Granted |  | 302 |
Vested (earned) |  | (72) |
Forfeited |  | (90) |
Non-vested, December 31, 2023 |  | 492 |
Stock-based compensation expense was $12.2 million in 2023, $15.3 million in 2022 and $15.9 million in 2021. Stock-based compensation expense is recognized ratably over the requisite service period for all stock-based awards. There was no unrecognized stock-based compensation expense related to stock options at December 31, 2023. Unrecognized stock-based compensation expense related to non-vested stock awards and stock units was $14.5 million at December 31, 2023. At such date, the weighted-average period over which this unrecognized expense is expected to be recognized was 1.4 years. There was no intrinsic value of stock options outstanding and stock options exercisable at December 31, 2023. Aggregate intrinsic value represents the difference between the Company’s closing stock price on the last trading day of the period, which was $19.84 at December 31, 2023, and the exercise price multiplied by the number of options outstanding. There were 900 stock options exercised in 2023 with an intrinsic value of $8,000. There were 2,750 stock options exercised in 2022 with no intrinsic value. There were 184,888 stock options exercised in 2021 with an intrinsic value of $1.3 million. The fair value of the Company’s employee stock options granted is estimated on the date of grant using the Black-Scholes option-pricing model. This model requires the input of highly subjective assumptions, changes to which can materially affect the fair value estimate. There were no stock options granted during the years ended December 31, 2023, 2022 and 2021.

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