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Stock-Based Compensation
 3 Months Ended
Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Stock-Based Compensation
Note J – Equity-Based Compensation

The following table summarizes the number of shares of common stock authorized for issuance under the 2019 Plan, the number of stock-based awards granted (net of expired or cancelled awards) under the 2019 Plan and the number of shares of common stock available for the grant of stock-based awards under the 2019 Plan:

Common stock authorized11,000
Stock-based awards, including restricted stock and stock options granted, net of expired or cancelled awards(7,970)
Common stock available for grant of stock-based awards as of March 31, 20243,030

In addition, vested and unvested options to purchase 204 shares of common stock and 67 shares of unvested restricted stock awarded under the 2006 Plan were outstanding as of March 31, 2024.

Total equity-based compensation for the three months ended March 31, 2024 and 2023 was as follows:

 Three Months Ended March 31,
 20242023
Restricted stock$5,192 $5,393 
Stock options546 746 
Total$5,738 $6,139 

We calculate an estimated forfeiture rate annually based on historical forfeitures and expectations about future forfeitures. Equity-based compensation is included in operating expenses in the Company’s Condensed Consolidated Statements of Income.

Stock Options
 
Cash proceeds and intrinsic values related to total stock options exercised during the three months ended March 31, 2024 and 2023 were as follows:
 Three Months Ended March 31,
 20242023
Proceeds from stock options exercised$222 $264 
Intrinsic value of stock options exercised$142 $134 

During the three months ended March 31, 2024, options to purchase 73 shares vested with a weighted average exercise price of $32.58. During the three months ended March 31, 2023, options to purchase 79 shares vested with a weighted average exercise price of $36.63. As of March 31, 2024, there were unvested options relating to 118 shares of common stock outstanding with a total of $902 of unrecognized compensation cost and an average vesting period of 2.0 years.

The Company uses the Black-Scholes-Merton option-pricing model to estimate the fair value of options granted, which requires several assumptions. The expected term of the options represents the estimated period of time until exercise and is based on the historical experience of similar awards. Expected volatility is based on the historical volatility of the Company’s common stock. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of the grant. The dividend yield is based on the Company's annualized dividend per share amount divided by the Company's stock price. New shares are issued upon option exercise. The following weighted average assumptions were used for stock options granted during the three months ended March 31, 2024 and 2023:
Three Months Ended March 31,
 20242023
Volatility
47.4%
 47.7%
Risk free interest rate
4.0%
4.0%
Expected life in years
4.0
5.0
Dividend yield2.0%2.6%
Weighted average fair value$15.69$11.86

Activity relating to stock options granted under the Company’s plans during the three months ended March 31, 2024 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20241,119$35.62   
Granted842.00   
Exercised(9)26.10   
Outstanding at March 31, 20241,118$35.73 3.0 years$7,776 
Exercisable at March 31, 20241,000$35.75 2.8 years$6,943 
Activity relating to stock options granted under the Company’s plans during the three months ended March 31, 2023 was as follows:
 Number of SharesWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
Outstanding at January 1, 20232,766 $29.82   
Granted8 31.96   
Exercised(11)24.26   
Forfeited(3)46.28   
Outstanding at March 31, 20232,760 $29.83 1.8 years$19,529 
Exercisable at March 31, 20232,612 $29.36 1.6 years$19,417 
Restricted Stock
 
The following table summarizes restricted stock activity during the three months ended March 31, 2024 and 2023:

 20242023
 Number of SharesWeighted Average Fair Value at Grant DateNumber of SharesWeighted Average Fair Value at Grant Date
Outstanding at January 1,1,278$35.44 2,111$28.45 
Granted53442.14 28433.69 
Vested(237)34.90 (229)34.58 
Forfeited(18)36.76 (5)38.15 
Outstanding at March 31,1,557$37.78 2,161$28.47 
As of March 31, 2024, the Company had $50,417 of total unrecognized compensation cost related to restricted stock awards granted under the 2019 Plan and the 2006 Plan. This cost is expected to be recognized over a weighted average period of 3.6 years. The Company determines the fair value of its restricted stock awards based on the market price of its common stock on the date of grant.
The fair values of the restricted stock that vested during the three months ended March 31, 2024 and 2023 were $8,268 and $7,928.