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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Compensation Expense Connection with Awards | The Company recognized the following compensation expense in connection with awards that vested under the 2018 Plan, the 2015 Plan, the Prior Plan, and the Non-Employee Directors Plan along with the related tax benefits recognized during the years ended December 31 (in thousands):
| 2022 |  | 2021 |  | 2020
Expense recognized under the Prior Plan | $ | 19 |  |  | $ | 29 |  |  | $ | 40 |
Expense recognized under the 2015 Plan | 1,617 |  |  | 1,186 |  |  | 1,932 |
Expense recognized under the 2018 Plan | 5,928 |  |  | 6,597 |  |  | 5,441 |
Expense recognized under the Non-Employee Directors Plan | 770 |  |  | 840 |  |  | 760 |
Total stock compensation expense | $ | 8,334 |  |  | $ | 8,652 |  |  | $ | 8,173 |
Tax benefits recognized related to stock compensation expense | $ | 2,175 |  |  | $ | 2,189 |  |  | $ | 2,272 |
Schedule of Number of Awards and Weighted Average Grant Date Fair Value | The following table provides the number of stock units and common stock granted during the years ended December 31, along with the weighted-average grant-date fair value of each award:
|  | 2022 |  | 2021 |  | 2020
Awards |  | Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value |  | Number of Awards |  | Weighted Average Grant Date Fair Value
Deferred stock units |  | 2,460 |  |  | $ | 42.69 |  |  | 7,536 |  |  | $ | 83.58 |  |  | 12,402 |  |  | $ | 45.98 |
Common stock |  | 15,652 |  |  | $ | 42.49 |  |  | 2,512 |  |  | $ | 83.58 |  |  | 4,134 |  |  | $ | 45.98 |
Restricted stock units |  | 132,430 |  |  | $ | 43.92 |  |  | 72,243 |  |  | $ | 79.28 |  |  | 81,397 |  |  | $ | 56.81 |
Performance stock units (1) |  | 108,464 |  |  | $ | 47.00 |  |  | 62,778 |  |  | $ | 87.84 |  |  | 160,426 |  |  | $ | 55.98 |
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance or market conditions. The number of shares to be issued may vary between 0% and 200% of the number of PSUs granted depending on the relative achievement to targeted thresholds. The Company's PSUs with a financial performance condition are based on either the Company’s return on invested capital (“ROIC”) over a one-year period performance period or other criteria such as revenue, gross profit, and operating profit thresholds over a three-year performance period. The Company's PSUs with a market condition are based on the ranking of the Company’s total shareholder return (“TSR”) performance, on a percentile basis, over a three-year performance period compared to the S&P Small Cap Industrial sector, over the same three-year performance period.
Summary of Ranges of Outstanding and Exercisable Options | The following table summarizes the Company's outstanding and exercisable options at December 31, 2022:
Exercise Price |  | Options Outstanding |  | Weighted Average Remaining Contractual Life (in years) |  | Weighted Average Exercise Price |  | Options Exercisable |  | Weighted Average Exercise Price
$39.55 |  | 5,000 |  |  | 4.26 |  | $ | 39.55 |  |  | 5,000 |  |  | $ | 39.55 |
Summary of Stock Options Transactions | The following table summarizes information about stock option transactions:
| Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value
Balance at January 1, 2020 | 117,409 |  |  | $ | 19.91 |  |  |  |  |
Exercised | (75,909) |  |  | 14.73 |  |  |  |  |
Balance at December 31, 2020 | 41,500 |  |  | $ | 29.38 |  |  |  |  |
Exercised | (36,500) |  |  | 27.99 |  |  |  |  |
Balance at December 31, 2021 | 5,000 |  |  | $ | 39.55 |  |  |  |  |
Exercised | — |  |  | — |  |  |  |  |
Balance at December 31, 2022 | 5,000 |  |  | $ | 39.55 |  |  | 4.26 |  | $ | 31,650 |
Summary of Information About Restricted Stock Units and Weighted Average Grant Date Fair Value | The following table summarizes information about non-vested restricted stock units and performance stock units (that will convert to shares upon vesting) and common stock:
| Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Common Stock |  | Weighted Average Grant Date Fair Value |  | Performance Stock Units |  | Weighted Average Grant Date Fair Value |  | Deferred Stock Units (2) |  | Weighted Average Grant Date Fair Value
Balance at December 31, 2021 | 204,584 |  |  | $ | 52.90 |  |  | — |  |  | $ | — |  |  | 363,474 |  |  | $ | 55.44 |  |  | 52,472 |  |  | $ | 43.99 |
Granted | 132,430 |  |  | $ | 43.92 |  |  | 15,652 |  |  | $ | 42.49 |  |  | 108,464 |  |  | $ | 47.00 |  |  | 2,460 |  |  | $ | 42.69 |
Adjustments (1) | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | (65,209) |  |  | $ | 82.75 |  |  | — |  |  | $ | — |
Vested | (83,714) |  |  | $ | 45.77 |  |  | (15,652) |  |  | $ | 42.49 |  |  | (145,153) |  |  | $ | 41.28 |  |  | (14,582) |  |  | $ | 40.53 |
Forfeited | (17,930) |  |  | $ | 59.62 |  |  | — |  |  | $ | — |  |  | (50,208) |  |  | $ | 61.51 |  |  | — |  |  | $ | — |
Balance at December 31, 2022 | 235,370 |  |  | $ | 49.87 |  |  | — |  |  | $ | — |  |  | 211,368 |  |  | $ | 50.96 |  |  | 40,350 |  |  | $ | 45.16 |
(1) The Company's PSU adjustments during 2022 represents (i) 55,959 shares for which the performance condition was not achieved and the PSUs were adjusted in the first quarter of 2022 to reflect zero PSU earned as the threshold level of achievement was not met based on the Company's actual ROIC achievement level for the performance period ended December 31, 2021 and (ii) 9,250 shares not earned that related to two separate PSU awards granted in 2019 and 2020 that the threshold level of achievement based on other performance criteria as defined in the respective awards over a two-year or three-year performance periods were not met for the performance periods ended December 31, 2021. (2) Vested and issuable upon termination from service as a member of the Company's Board of Directors.
Aggregate Intrinsic Value of Options Exercised and Aggregate Fair Value of Restricted Stock Units and Restricted Shares that Vested | The following table sets forth the aggregate intrinsic value of options exercised and aggregate fair value of restricted stock units and restricted shares that vested during the years ended December 31 (in thousands):
| 2022 |  | 2021 |  | 2020
Aggregate intrinsic value of options exercised | $ | — |  |  | $ | 2,103 |  |  | $ | 3,812 |
Aggregate fair value of vested restricted stock units | $ | 3,920 |  |  | $ | 6,320 |  |  | $ | 11,851 |
Aggregate fair value of vested common stock | $ | 665 |  |  | $ | 370 |  |  | $ | 190 |
Aggregate fair value of vested performance stock units | $ | 6,729 |  |  | $ | 9,080 |  |  | $ | 4,197 |
Aggregate fair value of vested deferred stock units | $ | 105 |  |  | $ | 630 |  |  | $ | 570 |
Cash Paid to Settle Liability Awards | The following table provides the number of restricted stock units credited to active participant accounts, balance of vested and unvested restricted stock units within active participant accounts, payments made with respect to restricted stock units issued under the MSPP, and MSPP expense during years ended December 31:
| 2022 |  | 2021 |  | 2020
Restricted stock units credited | 12,365 |  |  | 30,475 |  |  | 57,046 |
Restricted stock units balance, vested and unvested | 158,644 |  |  | 223,892 |  |  | 231,343 |
Share-based liabilities paid (in thousands) | $ | 3,689 |  |  | $ | 4,915 |  |  | $ | 15,401 |
MSPP (recovery) expense (in thousands) | $ | (4,459) |  |  | $ | 6,034 |  |  | $ | 4,518 |

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