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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Cost by Plan | The Company recognized the following share-based compensation expense in its Consolidated Statements of Operations for the years ended December 31, 2022, 2021 and 2020:
| 2022 |  | 2021 |  | 2020
Stock options | $ | 1,774 |  |  | $ | 1,235 |  |  | $ | 1,491 |
Non-vested stock awards and restricted stock units | 6,679 |  |  | 5,438 |  |  | 5,012 |
Non-elective and elective 401(k) matching contribution in stock | — |  |  | 1,553 |  |  | 3,112 |
Director stock ownership plan | 63 |  |  | 901 |  |  | 541 |
Performance stock units | 3,150 |  |  | 1,911 |  |  | 840 |
Total share-based compensation expense | $ | 11,666 |  |  | $ | 11,038 |  |  | $ | 10,996 |
Share-based Payment Arrangement, Option, Activity | Stock option activity under all plans is as follows:
| Number of Options |  | Weighted Average Exercise Price (per option) |  | Weighted Average Remaining Contractual Term (years) |  | Aggregate Intrinsic Value
Options outstanding as of January 1, 2022 | 109,684 |  | $ | 165.47 |  |  |  |  |
Options granted | 31,914 |  | 222.82 |  |  |  |  |
Options exercised | (11,801) |  | 133.10 |  |  |  |  |
Options forfeited | (10,315) |  | 172.41 |  |  |  |  |
Options outstanding as of December 31, 2022 | 119,482 |  | $ | 183.39 |  |  | 4.7 |  | $ | (373) |
Options expected to vest after December 31, 2022 | 54,245 |  | $ | 182.20 |  |  | 5.5 |  | $ | (830) |
Options exercisable as of December 31, 2022 | 65,237 |  | $ | 159.93 |  |  | 3.9 |  | $ | 455 |
Share-based Payment Arrangement, Option, Exercise Price Range | A summary of the Company’s outstanding stock options as of December 31, 2022 is as follows:
Range of Exercise Prices |  | Number of Options Outstanding |  | Weighted Average Remaining Contractual Term (years) |  | Weighted Average Exercise Price (per option) |  | Number of Options Exercisable |  | Weighted Average Exercise Price (per option)
$ | 120.01 |  | - | $ | 150.00 |  |  | 40,781 |  | 4.5 |  | 137.28 |  |  | 23,262 |  | 136.64 |
$ | 150.01 |  | - | $ | 180.00 |  |  | 56,834 |  | 4.6 |  | 164.63 |  |  | 33,833 |  | 155.35 |
$ | 220.01 |  | - | $ | 250.00 |  |  | 21,867 |  | 5.2 |  | 245.10 |  |  | 8,142 |  | 245.49 |
|  |  |  | 119,482 |  | 4.7 |  | 183.39 |  |  | 65,237 |  | 159.93 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | For the purposes of determining the fair value of stock option awards, the Company used a Black-Scholes option pricing model and primarily used the assumptions set forth in the table below:
| July 2022 Grant |  | March 2022 Grant |  | 2021 |  | 2020 |  | 2019
Number of stock options granted | 4,837 |  | 27,077 |  | 25,250 |  | 49,115 |  | 51,610
Dividend yield | 0.79 | % |  | 0.80 | % |  | 0.85 | % |  | 0.99 | % |  | 1.12 | %
Expected volatility | 40.47 | % |  | 38.60 | % |  | 37.33 | % |  | 31.57 | % |  | 26.29 | %
Risk-free interest rate | 2.87 | % |  | 2.07 | % |  | 0.60 | % |  | 0.36 | % |  | 1.52 | %
Expected term (years) | 4.0 |  | 4.0 |  | 4.0 |  | 4.0 |  | 4.0
The grant-date fair value of the PSUs was estimated using a Monte Carlo simulation on the grant date and using the following assumptions set forth in the table below:
| 2022 |  | CEO Grant 2021 (1) |  | 2021 |  | 2020
Number of PSUs granted | 18,462 |  | 3,775 |  | 12,103 |  | 18,485
Risk-free interest rate | 2.11 | % |  | 0.65 | % |  | 0.29 | % |  | 0.28 | %
Dividend yield | 0.93 | % |  | 0.72 | % |  | 0.64 | % |  | 1.13 | %
Expected term (years) | 3.0 |  | 3.0 |  | 3.0 |  | 3.0
(1)On September 2, 2021, the Board appointed Andrew Tometich to serve as CEO and entered into an Employment Agreement, and granted an equity award consisting of a mix of time-based restricted stock and PSUs.
Share-based Payment Arrangement, Expensed and Capitalized, Amount | The fair value of these options is being amortized on a straight-line basis over the respective vesting period of each award. The compensation expense recorded on each award during the years ended December 31, 2022, 2021 and 2020, respectively, is as follows:
| 2022 |  | 2021 |  | 2020
2022 Stock option awards | $ | 783 |  |  | $ | — |  |  | $ | — |
2021 Stock option awards | 521 |  |  | 429 |  |  | — |
2020 Stock option awards | 443 |  |  | 516 |  |  | 385 |
2019 Stock option awards | 27 |  |  | 234 |  |  | 698 |
2018 Stock option awards | — |  |  | 56 |  |  | 357 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | Activity of non-vested restricted stock awards granted under the Company’s LTIP plan is shown below:
| Number of Shares |  | Weighted Average Grant Date Fair Value (per share)
Nonvested awards, December 31, 2021 | 68,693 |  | $ | 179.26 |
Granted | 54,433 |  | 166.07 |
Vested | (38,583) |  | 175.80 |
Forfeited | (5,088) |  | 184.64 |
Nonvested awards, December 31, 2022 | 79,455 |  | $ | 171.61 |
Share-based Payment Arrangement, Restricted Stock Unit, Activity | Activity of non-vested restricted stock units granted under the Company’s LTIP plan is shown below:
| Number of Units |  | Weighted Average Grant Date Fair Value (per unit)
Nonvested awards, December 31, 2021 | 10,977 |  | $ | 170.82 |
Granted | 10,703 |  | 169.29 |
Vested | (3,009) |  | 158.09 |
Forfeited | (171) |  | 190.37 |
Nonvested awards, December 31, 2022 | 18,500 |  | $ | 171.83 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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