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Stock-based Compensation and Benefits (Tables)

12 Months Ended

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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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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Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

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Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur.

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