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Stock-Based Compensation | 3 Months Ended
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Mar. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation | Stock-Based CompensationThe following table summarizes the stock-based compensation expense recognized under all of the Company’s stock plans for the three months ended March 31, 2023 and 2022, and associated with the issuance of restricted shares of common stock and vesting of stock options that are included in general and administrative expenses in the accompanying consolidated statements of income (in thousands):
| Three Months Ended March 31, |  |
| 2023 |  | 2022 |  |  |  |
Stock options | $ | 566 |  |  | $ | 780 |  |  |  |  |
Restricted stock | 2,879 |  |  | 2,275 |  |  |  |  |
Total stock-based compensation expense | $ | 3,445 |  |  | $ | 3,055 |  |  |  |  |
Unrecognized compensation expense related to total share-based payments outstanding as of March 31, 2023 was $21.4 million. Options The Company’s outstanding stock options consisted of the following:
| Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value (in millions)
Options outstanding at January 1, 2023 | 859,850 |  |  | $ | 25.88 |  |  | 2.19 |  | $ | 10.3 |
Options granted | — |  |  | — |  |  | — |  |  | — |
Options exercised | (125,000) |  |  | 10.00 |  |  | — |  |  | 3.3 |
Options outstanding at March 31, 2023 | 734,850 |  |  | $ | 28.58 |  |  | 2.26 |  | $ | 11.5 |
Options exercisable at March 31, 2023 | 637,906 |  |  | $ | 20.21 |  |  | 1.82 |  | $ | 11.2 |
During the three months ended March 31, 2023, options were exercised for 125,000 shares of the Company’s common stock, resulting in proceeds of $1.3 million. During the three months ended March 31, 2022, options were exercised for 38,500 shares of the Company’s common stock, resulting in proceeds of $0.7 million. Restricted Stock The Company grants restricted stock to officers and employees, which are earned based on service conditions. The grant date fair value of the restricted stock is that day’s closing market price of the Company’s common stock. During the three months ended March 31, 2023, no restricted stocks were granted. Warrants All warrants issued by the Company have expired as of December 31, 2022. As a result, there are no outstanding warrants as of March 31, 2023 and December 31, 2022. During the three months ended March 31, 2022, common stock warrants were exercised for 86,235 shares of the Company’s common stock, which resulted in proceeds of approximately $0.9 million. The exercise price ranged from $10.00 to $11.00 per share for the exercises during the three months ended March 31, 2022.

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