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Stock Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Changes in Company's Nonvested Restricted Stock Awards

A summary of changes in the Company’s nonvested Restricted Stock Awards (“RSAs”) under the Omnibus Incentive Plan for the year ended December 31, 2022 were as follows:

Nonvested RSAs						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022						363,404						$	67.56
Granted						12,471						74.42
Vested						(126,203)						61.74
Forfeited						(19,186)						76.93
Nonvested at December 31, 2022						230,486						$	70.34

Summary of Changes in Company's Nonvested Restricted Stock Units

A summary of changes in the Company’s nonvested Restricted Stock Units (“RSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2022 were as follows:

Nonvested RSUs						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022						122,470						$	52.07
Granted						91,849						69.44
Vested						—						—
Forfeited						(3,019)						64.00
Nonvested at December 31, 2022						211,300						$	59.45

Summary of Changes in Company's Nonvested Performance Stock Units

A summary of changes in the Company’s nonvested Market Based Performance Stock Units (“Market Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2022 were as follows:

Nonvested Market Based PSUs						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022						94,984						$	43.68
Granted						33,276						84.22
Incremental shares earned						8,997						N/A
Vested						(20,996)						33.91
Forfeited						(3,775)						77.75
Nonvested at December 31, 2022						112,486						$	55.57

A summary of changes in the Company’s nonvested Performance Based Performance Stock Units (“Performance Based PSUs”) under the Omnibus Incentive Plan for the year ended December 31, 2022 were as follows:

Nonvested Performance Based PSUs						Shares						Weighted Average Grant Date Fair Value
Nonvested at January 1, 2022						259,383						$	39.32
Granted						3,000						69.44
Vested						—						—
Forfeited						(6,645)						43.03
Nonvested at December 31, 2022						255,738						$	39.57

Schedule of Fair Value of Market Based Performance Stock Units, Weighted Average Assumptions

The fair value of the Market Based PSUs granted was determined using the following weighted average assumptions:

			Year Ended December 31,
			2022						2021						2020
Grant date			May 1, 2022						May 1, 2021						May 1, 2020
Performance period			3.00 years						3.00 years						3.00 years
Stock price			$	69.44					$	88.63					$	26.25
Stock price volatility			55.17		%				51.71		%				43.02		%
Risk-free rate			2.84		%				0.35		%				0.25		%

Summary of Changes in Company's Stock Options

A summary of changes in the Company’s stock options under the Omnibus Incentive Plan for the year ended December 31, 2022 were as follows:

Stock Options						Shares						Weighted Average Exercise Price						Weighted Average Remaining Contractual Term (In Years)						Aggregate Intrinsic Value (In Thousands)
Outstanding at January 1, 2022						166,755						$	33.34
Granted						35,939						69.44
Exercised						(3,797)						26.12
Forfeited						(3,499)						69.44
Expired						—						—
Outstanding at December 31, 2022						195,398						$	39.48					6.10						$	3,176
Fully vested shares and shares expected to vest at December 31, 2022						195,398						$	39.48					6.10						$	3,176
Shares exercisable at December 31, 2022						128,958						$	29.10					4.90						$	2,717

Schedule of Information Related to Stock Options

Information related to the stock options for the years ended December 31, 2022, 2021, and 2020 was as follows:

			Year Ended December 31,
(Dollars in thousands, except per share amounts)			2022						2021						2020
Aggregate intrinsic value of options exercised			$	280					$	5,304					$	940
Cash received from option exercises, net			$	(74)					$	577					$	(227)
Tax benefit realized from option exercises			$	59					$	1,114					$	197
Weighted average fair value of options granted (per share)			$	32.15					$	35.37					$	8.85
Fair value of vested awards			$	423					$	381					$	471

Fair Value of Stock Options Granted Weighted-Average Assumptions

The fair value of the stock options granted was determined using the following weighted average assumptions:

			2022						2021						2020
Risk-free interest rate			2.77		%				1.16		%				0.46		%
Expected term			6.25 years						6.25 years						6.25 years
Expected stock price volatility			43.33		%				39.26		%				33.83		%
Dividend yield			—						—						—

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Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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