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Stock-based Compensation and Benefits (Tables) | 12 Months Ended
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Dec. 31, 2023
Stock-based Compensation and Benefits |
Schedule of weighted average assumptions using Black-Scholes option-pricing model | Below are the weighted average assumptions used in the Black-Scholes option pricing model to determine fair value of the Company’s stock options granted in 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | 2023 |  | 2022 |  | 2021
Weighted average fair value | $ | 9.01 | ​ | $ | 11.14 | ​ | $ | 9.65
Weighted average risk-free interest rate (1) | ​ | 3.57% | ​ | ​ | 2.69% | ​ | ​ | 1.14%
Expected volatility (2) |  | 32.48% | ​ | ​ | 31.16% | ​ | ​ | 30.54%
Expected term (years) (3) |  | 6.05 | ​ | ​ | 6.04 | ​ | ​ | 6.04
Dividend yield (4) |  | 2.99% | ​ | ​ | 2.24% | ​ | ​ | 2.09%
(1) |  | The risk-free rate for the expected term of the options was based on the U.S. Treasury yield curve at the date of grant and based on the expected term.
(2) |  | Expected volatility was calculated using historical volatility of the Company’s stock price for a period commensurate with the expected term of the options.
(3) |  | The expected term was estimated to be the average of the contractual vesting term and time to expiration.
(4) |  | The dividend yield was calculated in accordance with the Company’s dividend policy at the time of grant.
​
Summary of Option Activity | The Company issued stock options in accordance with the 2023 Plan during 2023. The following table summarizes stock option activity for 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | remaining | ​ | ​ | ​
​ | ​ | ​ | ​ | average | ​ | contractual | ​ | Aggregate
​ | ​ | ​ | ​ | exercise | ​ | term in | ​ | intrinsic
​ | ​ | Options | ​ | price | ​ | years | ​ | value
Outstanding at December 31, 2022 |  | 717,088 | ​ | $ | 29.79 |  | 5.98 | ​ | $ | 8,850
Granted |  | 107,530 | ​ |  | 33.46 | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (60,710) | ​ | ​ | 20.87 | ​ | ​ | ​ | ​ | ​
Forfeited |  | (8,362) | ​ |  | 36.90 | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2023 |  | 755,546 | ​ | ​ | 30.95 |  | 5.79 | ​ | ​ | 5,270
Options exercisable at December 31, 2023 |  | 574,435 | ​ | ​ | 29.15 |  | 4.87 | ​ | ​ | 4,881
Options vested and expected to vest |  | 740,013 | ​ | ​ | 30.84 |  | 5.72 | ​ | ​ | 5,229
Summary of outstanding stock options | The following table summarizes the Company’s outstanding stock options: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Options outstanding | ​ | Options exercisable
​ | ​ | ​ | ​ |  | ​ |  | Weighted average |  | ​ | ​ |  | ​ |  | ​ | ​
​ | ​ | ​ | ​ | ​ | Number | ​ | remaining contractual | ​ | Weighted average | ​ | Number | ​ | Weighted average
Range of exercise price | ​ | outstanding | ​ | life (years) | ​ | exercise price | ​ | exercisable | ​ | exercise price
$ | 18.00 | - | 22.99 |  | 99,955 |  | 1.80 | ​ | $ | 19.37 |  | 99,955 | ​ | $ | 19.37
​ | 23.00 | - | 27.99 |  | 159,313 |  | 6.24 | ​ | ​ | 23.14 |  | 159,313 | ​ | ​ | 23.14
​ | 28.00 | - | 32.99 | ​ | 82,991 | ​ | 4.21 | ​ | ​ | 32.60 | ​ | 82,991 | ​ | ​ | 32.60
​ | 33.00 | - | 37.99 | ​ | 261,106 | ​ | 6.43 | ​ | ​ | 33.86 | ​ | 156,108 | ​ | ​ | 34.12
​ | 38.00 | and above |  | 152,181 |  | 7.72 | ​ | ​ | 40.83 |  | 76,068 | ​ | ​ | 40.65
​
Summary of Restricted Stock Activity | The following table summarizes restricted stock and performance stock unit activity during 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | Weighted | ​ | ​ | ​ | ​ | Weighted
​ | ​ | Restricted | ​ | average grant- | ​ | Performance | ​ | ​ | average grant-
​ | ​ | stock shares | ​ | date fair value | ​ | stock units | ​ | ​ | date fair value
Unvested at December 31, 2021 | ​ | 144,467 | ​ | $ | 33.40 | ​ | 160,394 | ​ | $ | 31.36
Granted | ​ | 118,190 | ​ | ​ | 40.76 | ​ | 51,931 | ​ | ​ | 38.40
Adjustment due to performance | ​ | — | ​ | ​ | — | ​ | 17,741 | ​ | ​ | 32.44
Vested | ​ | (84,898) | ​ | ​ | 33.62 | ​ | (67,875) | ​ | ​ | 31.27
Forfeited | ​ | (12,622) | ​ | ​ | 37.00 | ​ | (6,334) | ​ | ​ | 32.70
Unvested at December 31, 2022 | ​ | 165,137 | ​ | $ | 38.28 | ​ | 155,857 | ​ | $ | 33.81
Granted | ​ | 186,546 | ​ | ​ | 31.16 | ​ | 79,215 | ​ | ​ | 30.57
Adjustment due to performance | ​ | — | ​ | ​ | — | ​ | 18,664 | ​ | ​ | 25.94
Vested | ​ | (101,171) | ​ | ​ | 34.42 | ​ | (74,142) | ​ | ​ | 26.55
Forfeited | ​ | (9,928) | ​ | ​ | 36.42 | ​ | (7,812) | ​ | ​ | 34.58
Unvested at December 31, 2023 | ​ | 240,584 | ​ | $ | 34.47 | ​ | 171,782 | ​ | $ | 34.56

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