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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of changes in the Company's stock option awards

The Company has outstanding stock options assumed from acquisitions. A summary of the status of, and changes in, the Company's stock option awards for the three months ended March 31, 2023, follows:

			Shares						Weighted- Average Exercise Price						Weighted- Average Remaining Contractual Life
Options outstanding at December 31, 2022			26,106						$	23.53					3.88
Forfeited			(3,300)						23.53
Options outstanding at March 31, 2023			22,806						23.53						3.63
Options exercisable at March 31, 2023			22,806						23.53						3.63

Summary of changes in the Company's RSU, PSU, and DSU awards

A summary of changes in the Company’s RSU awards for the three months ended March 31, 2023, is as follows:

			RSU Awards
			Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			1,096,931						$	23.61
Granted			224,316						20.44
Dividend equivalents earned			11,509						22.85
Vested			(4,308)						25.79
Forfeited			(6,863)						20.88
Nonvested at March 31, 2023			1,321,585						23.07

A summary of changes in the Company’s PSU awards for the three months ended March 31, 2023, is as follows:

			PSU Awards
			Shares1						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			285,351						$	25.40
Granted			224,331						20.44
Dividend equivalents earned			92						22.85
Vested			(92)						22.85
Forfeited			(36,345)						25.24
Nonvested at March 31, 2023			473,337						23.06

___________________________________________

1.Shares for PSU awards represent target shares at grant date.

A summary of changes in the Company’s DSU awards for the three months ended March 31, 2023, is as follows:

			DSU Awards
			Shares						Weighted- Average Grant Date Fair Value
Nonvested at December 31, 2022			31,085						$	25.75
Granted			41,548						20.44
Dividend equivalents earned			1,507						22.86
Vested			(32,592)						25.61
Nonvested at March 31, 2023			41,548						20.44
Vested and outstanding at March 31, 2023			145,026						23.66

Schedule of Stock-based compensation expense

The Company recognized compensation expense related to nonvested RSU, PSU, and DSU awards, as well as the 2021 ESPP, as summarized in the table below (dollars in thousands):

									Three Months Ended March 31,
															2023						2022
Stock-based compensation expense
RSU awards															$	1,020					$	1,176
PSU awards1															360						412
DSU awards															196						226
2021 ESPP															93						95
Total stock-based compensation expense															$	1,669					$	1,909

___________________________________________

1.Expense for market-based PSU awards represents amounts based on target shares at grant date. Expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

Schedule of Unamortized stock-based compensation expense

Unamortized compensation expense related to nonvested RSU, PSU, and DSU awards is summarized in the table below (dollars in thousands):

			As of
			March 31, 2023						December 31, 2022
Unamortized stock-based compensation
RSU awards			$	12,005					$	8,570
PSU awards1			8,632						4,279
DSU awards			829						175
Total unamortized stock-based compensation			$	21,466					$	13,024
Weighted average period over which expense is to be recognized			2.8 years						2.5 years

___________________________________________

1.Unamortized expense for market-based PSU awards represents amounts based on target shares at grant date. Unamortized expense for performance-based PSU awards represents amounts based on target shares at grant date, adjusted for performance expectations as of the date indicated.

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure of the changes in outstanding nonvested shares.

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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 cost not yet recognized and weighted-average period over which cost is expected to be recognized for nonvested award under share-based payment arrangement.

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