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Stock-based Compensation and Benefits (Tables) | 12 Months Ended
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Dec. 31, 2024
Stock-based Compensation and Benefits |
Schedule of weighted average assumptions using Black-Scholes option-pricing model | The Company issued no stock options during 2024. 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 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​
​ | 2023 | ​ | 2022
Weighted average fair value | $ | 9.01 | ​ | $ | 11.14
Weighted average risk-free interest rate(1) | ​ | 3.57% | ​ | ​ | 2.69%
Expected volatility(2) | ​ | 32.48% | ​ | ​ | 31.16%
Expected term (years)(3) | ​ | 6.05 | ​ | ​ | 6.04
Dividend yield(4) | ​ | 2.99% | ​ | ​ | 2.24%
(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 following table summarizes stock option activity for 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | average | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | remaining | ​ | ​ | ​
​ | ​ | ​ | ​ | average | ​ | contractual | ​ | Aggregate
​ | ​ | ​ | ​ | exercise | ​ | term in | ​ | intrinsic
​ | ​ | Options | ​ | price | ​ | years | ​ | value
Outstanding at December 31, 2023 | ​ | 755,546 | ​ | $ | 30.95 | ​ | 5.79 | ​ | $ | 5,270
Granted | ​ | — | ​ | ​ | — | ​ | ​ | ​ | ​ | ​
Exercised | ​ | (177,379) | ​ | ​ | 24.48 | ​ | ​ | ​ | ​ | ​
Forfeited | ​ | (14,175) | ​ | ​ | 34.24 | ​ | ​ | ​ | ​ | ​
Outstanding at December 31, 2024 | ​ | 563,992 | ​ | ​ | 32.90 | ​ | 5.37 | ​ | ​ | 5,759
Options exercisable at December 31, 2024 | ​ | 472,290 | ​ | ​ | 32.36 | ​ | 4.86 | ​ | ​ | 5,072
Options vested and expected to vest | ​ | 558,813 | ​ | ​ | 32.88 | ​ | 5.34 | ​ | ​ | 5,716
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 | ​ | 11,184 | ​ | 0.94 | ​ | $ | 19.43 | ​ | 11,184 | ​ | $ | 19.43
​ | 23.00 | - | 27.99 | ​ | 116,194 | ​ | 5.24 | ​ | ​ | 23.15 | ​ | 116,194 | ​ | ​ | 23.15
​ | 28.00 | - | 32.99 | ​ | 69,818 | ​ | 3.18 | ​ | ​ | 32.63 | ​ | 69,818 | ​ | ​ | 32.63
​ | 33.00 | - | 37.99 | ​ | 230,144 | ​ | 5.45 | ​ | ​ | 33.84 | ​ | 163,814 | ​ | ​ | 33.99
​ | 38.00 | and above | ​ | ​ | 136,652 | ​ | 6.81 | ​ | ​ | 40.84 | ​ | 111,280 | ​ | ​ | 40.72
​
Summary of Restricted Stock Activity | The following table summarizes restricted stock and performance stock unit activity during 2024 and 2023: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Weighted | ​ | ​ | ​ | Weighted
​ | ​ | Restricted | ​ | average grant- | ​ | Performance | ​ | average grant-
​ | ​ | stock shares | ​ | date fair value | ​ | stock units | ​ | date fair value
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
Granted | ​ | 186,050 | ​ | ​ | 35.43 | ​ | 79,254 | ​ | ​ | 35.24
Adjustment due to performance | ​ | — | ​ | ​ | — | ​ | (530) | ​ | ​ | 35.75
Vested | ​ | (108,762) | ​ | ​ | 35.85 | ​ | (46,490) | ​ | ​ | 37.82
Forfeited | ​ | (25,858) | ​ | ​ | 35.97 | ​ | (5,752) | ​ | ​ | 32.66
Unvested at December 31, 2024 | ​ | 292,014 | ​ | $ | 34.43 | ​ | 198,264 | ​ | $ | 34.31

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