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Equity-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement, Noncash Expense [Abstract] |
Summary of Compensation Expense Connection with Awards | along with the related tax benefits recognized during the years ended December 31 (in thousands) were as follows:
| 2023 |  | 2022 |  | 2021
Total stock compensation expense | $ | 9,750 |  |  | $ | 8,334 |  |  | $ | 8,652 |
Tax benefits recognized related to stock compensation expense | $ | 2,516 |  |  | $ | 2,175 |  |  | $ | 2,189 |
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:
|  | 2023 |  | 2022 |  | 2021
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 |  | 6,351 |  |  | $ | 54.33 |  |  | 2,460 |  |  | $ | 42.69 |  |  | 7,536 |  |  | $ | 83.58 |
Common stock |  | 8,468 |  |  | $ | 54.33 |  |  | 15,652 |  |  | $ | 42.49 |  |  | 2,512 |  |  | $ | 83.58 |
Restricted stock units |  | 99,820 |  |  | $ | 61.93 |  |  | 132,430 |  |  | $ | 43.92 |  |  | 72,243 |  |  | $ | 79.28 |
Performance stock units (1) |  | 85,323 |  |  | $ | 53.22 |  |  | 108,464 |  |  | $ | 47.00 |  |  | 62,778 |  |  | $ | 87.84 |
(1) The Company’s performance stock units (“PSUs”) represent shares granted for which the final number of shares earned depends on financial performance. 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 the Company’s return on invested capital (“ROIC”) over a one-year period performance period.
Summary of Ranges of Outstanding and Exercisable Options | The following table summarizes the Company's outstanding and exercisable options at December 31, 2023:
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 |  |  | 3.26 |  | $ | 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, 2021 | 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 |  |  |  |  |
Exercised | — |  |  | $ | — |  |  |  |  |
Balance at December 31, 2023 | 5,000 |  |  | $ | 39.55 |  |  | 3.26 |  | $ | 197,150 |
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, 2022 | 235,370 |  |  | $ | 49.87 |  |  | — |  |  | $ | — |  |  | 211,368 |  |  | $ | 50.96 |  |  | 40,350 |  |  | $ | 45.16 |
Granted | 99,820 |  |  | $ | 61.93 |  |  | 8,468 |  |  | $ | 54.33 |  |  | 85,323 |  |  | $ | 53.22 |  |  | 6,351 |  |  | $ | 54.33 |
Adjustments (1) | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | (70,610) |  |  | $ | 50.72 |  |  | — |  |  | $ | — |
Vested | (77,312) |  |  | $ | 53.37 |  |  | (8,468) |  |  | $ | 54.33 |  |  | (71,106) |  |  | $ | 51.74 |  |  | (2,222) |  |  | $ | 36.47 |
Forfeited | (24,908) |  |  | $ | 50.99 |  |  | — |  |  | $ | — |  |  | (18,729) |  |  | $ | 49.69 |  |  | — |  |  | $ | — |
Balance at December 31, 2023 | 232,970 |  |  | $ | 53.75 |  |  | — |  |  | $ | — |  |  | 136,246 |  |  | $ | 52.27 |  |  | 44,479 |  |  | $ | 46.90 |
(1) (i) 40,610 units of the Company's PSUs granted in 2022 were adjusted in the first quarter of 2023 to reflect 60.5% of the target amount granted based on the Company's actual ROIC compared to ROIC target for the performance period ended December 31, 2022; and (ii) 30,000 units of the Company's TSR PSUs granted in 2020 for which the performance condition was not achieved and the PSUs were adjusted in the first quarter of 2023 to reflect zero earned as the threshold level of achievement was not met based on performance criteria as defined in the respective awards over a three-year performance period which ended March 1, 2023. (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):
| 2023 |  | 2022 |  | 2021
Aggregate intrinsic value of options exercised | $ | — |  |  | $ | — |  |  | $ | 2,103 |
Aggregate fair value of vested restricted stock units | $ | 4,740 |  |  | $ | 3,920 |  |  | $ | 6,320 |
Aggregate fair value of vested common stock | $ | 460 |  |  | $ | 665 |  |  | $ | 370 |
Aggregate fair value of vested performance stock units | $ | 3,999 |  |  | $ | 6,729 |  |  | $ | 9,080 |
Aggregate fair value of vested deferred stock units | $ | 345 |  |  | $ | 105 |  |  | $ | 630 |
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 MSPP liabilities and MSPP expense during years ended December 31:
| 2023 |  | 2022 |  | 2021
Restricted stock units credited | 48,921 |  |  | 12,365 |  |  | 30,475 |
Restricted stock units balance, vested and unvested | 199,946 |  |  | 158,644 |  |  | 223,892 |
Share-based liabilities paid (in thousands) | $ | 2,392 |  |  | $ | 3,689 |  |  | $ | 4,915 |
MSPP expense (recovery) (in thousands) | $ | 4,710 |  |  | $ | (4,459) |  |  | $ | 6,034 |

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