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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Estimated Fair Value of Stock Options

The fair value of each stock option granted in 2022, 2021 and 2020, was estimated on the date of grant using the following weighted-average assumptions.

		Year Ended December 31,
		2022				2021				2020
Dividend yield			3.0	%			3.6	%			4.0	%
Volatility			27.9	%			29.6	%			27.1	%
Risk-free interest rate			1.2	%			0.4	%			0.4	%
Expected life		10.0 years				5.5 years				5.3 years
Weighted average grant date fair value		$	8.60			$	3.45			$	2.56

Option Activity under Company's Stock Option Plans

The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2022.

		Number of Stock Options Outstanding				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term				Aggregate Intrinsic Value
		(In thousands)								(In years)				(In thousands)
Outstanding at January 1, 2022			414			$	17.98
Granted			66				22.47
Exercised			(116	)			16.61
Forfeited or expired			(46	)			19.11
Outstanding at December 31, 2022			318			$	19.25				6.78			$	2,067
Vested or expected to vest at December 31, 2022			318			$	19.25				6.78			$	2,067
Exercisable at December 31, 2022			152			$	18.24				5.37			$	1,147

Summary of Status of Company's Non-Vested Restricted Shares

The table below summarizes activity related to the Company’s non-vested RSAs and PRSUs for the year ended December 31, 2022.

		Shares				Weighted Average Fair         Value
		(In thousands)
Nonvested at January 1, 2022			663			$	19.83
Granted			675				22.82
Vested			(198	)			20.59
Forfeited			(71	)			22.22
Nonvested at December 31, 2022			1,069		(1)	$	21.37

(1) Includes 172,313 PRSUs. There are no restricted stock units outstanding.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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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.

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