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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Stock Options Issued

The following table summarizes the assumptions used in the valuation of the 2022 and 2021 option grants. During the six months ended June 30, 2022, stock option expense totaling $0.8 million was included in general and administrative expense in the Consolidated Statements of Operations. As of June 30, 2022, the estimated future expense related to unvested stock options was $2.7 million.

						Directors												Officers
Grant date						May 13, 2022			May 7, 2021									May 13, 2022			May 7, 2021
Exercise price per share						$	47.90		$	43.89								$	47.90		$	43.89
Fair value per option						$	8.34		$	6.32								$	7.66		$	5.96
Volatility						0.300			0.297									0.271			0.275
Expected life (years)						5.0			5.0									7.0			7.0
Assumed yield						4.90%			4.96%									4.93%			4.97%
Risk-free rate						2.89%			0.77%									2.95%			1.24%

Summary of Option Activity

The table below summarizes the option activity for the six months ended June 30, 2022:

						Number of Shares						Weighted Average Exercise Price per share						Aggregate Intrinsic Value
Outstanding at January 1						1,601,250						$	51.73					$	4,886,106
Granted						248,000						47.90						—
Exercised						(24,375)						44.17						237,724
Expired/Forfeited						(19,000)						51.71						—
Outstanding at June 30						1,805,875						51.31						833,048
Exercisable at June 30						1,289,750						52.73						330,728

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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Tabular disclosure of the change in stock options.

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