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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2023
Stockholders' Equity [Abstract] |
Stockholders' Equity | Note 18. Stockholders’ Equity Capital Stock The Company’s authorized capital stock consists of 100 million shares of common stock, par value $0.10 per share, of which 32,404,721 shares and 32,495,266 shares were outstanding at December 31, 2023 and 2022, respectively, and 1,000,000 shares of preferred stock, none of which were issued and outstanding. Cash Dividends Cash dividends of $8.1 million or $0.25 per common share were paid during 2023. In January 2024, a cash dividend of approximately $3.3 million or $0.10 per share, was declared, payable in the first quarter of 2024. Stock Award and Incentive Plan The Company’s 2015 Stock Award and Incentive Plan provides for grants of incentive and non-qualified stock options, restricted stock, restricted stock units, stock appreciation rights, stock awards and performance unit awards (the 2015 Stock Award and Incentive Plan, as amended, referred to herein as the “Plan” and together with its predecessor for awards granted prior to May 2015, the 2001 Stock Award and Incentive Plan, as amended and restated, the “Plans”). The Plans are administered by the Compensation Committee of the Board of Directors. Stock options granted under the Plans generally have a ten year term. The exercise price for stock options are at prices at or above the fair market value of the common stock on the date of the grant, and each award of stock options will vest ratably over a specified period, generally three years. The following table summarizes stock option and restricted stock unit activity for the Plans:
|  |  |  |  | Stock Options |  |  | Restricted Stock Units |
|  | Shares Available for Grant |  |  | Shares |  |  | Weighted Average Exercise Price per Share ($) |  |  | Shares |  |  | Weighted Average Exercise Price per Share ($) |
Balance January 1, 2021 |  |  | 1,532,246 |  |  |  | 1,363,366 |  |  | $ | 57.29 |  |  |  | 201,985 |  |  | $ | 58.07 |
Granted |  |  | (358,078 | ) |  |  | 255,769 |  |  |  | 66.00 |  |  |  | 102,309 |  |  |  | 66.20 |
Exercised/vested |  |  | — |  |  |  | (251,195 | ) |  |  | 51.12 |  |  |  | (51,497 | ) |  |  | 60.40 |
Canceled |  |  | 94,602 |  |  |  | (37,938 | ) |  |  | 64.92 |  |  |  | (56,664 | ) |  |  | 60.98 |
Balance December 31, 2021 |  |  | 1,268,770 |  |  |  | 1,330,002 |  |  |  | 59.91 |  |  |  | 196,133 |  |  |  | 60.87 |
Granted |  |  | (341,187 | ) |  |  | 242,723 |  |  |  | 69.81 |  |  |  | 98,464 |  |  |  | 69.70 |
Exercised/vested |  |  | — |  |  |  | (121,992 | ) |  |  | 46.81 |  |  |  | (52,441 | ) |  |  | 58.92 |
Canceled |  |  | 152,877 |  |  |  | (87,315 | ) |  |  | 69.49 |  |  |  | (65,562 | ) |  |  | 61.00 |
Balance December 31, 2022 |  |  | 1,080,460 |  |  |  | 1,363,418 |  |  |  | 62.22 |  |  |  | 176,594 |  |  |  | 66.32 |
Granted |  |  | (358,463 | ) |  |  | 255,620 |  |  |  | 66.08 |  |  |  | 102,843 |  |  |  | 66.01 |
Exercised/vested |  |  | — |  |  |  | (91,604 | ) |  |  | 56.82 |  |  |  | (46,141 | ) |  |  | 64.25 |
Canceled |  |  | 58,918 |  |  |  | (12,972 | ) |  |  | 67.54 |  |  |  | (45,946 | ) |  |  | 64.33 |
Balance December 31, 2023 |  |  | 780,915 |  |  |  | 1,514,462 |  |  | $ | 63.15 |  |  |  | 187,350 |  |  | $ | 67.15 |

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