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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 30, 2022, stock option expense totaling $1.0 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2022, the estimated future expense related to unvested stock options was $2.4 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 |  | 30.00% | 29.70% |  |  | 27.10% | 27.50%
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 nine months ended September 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 |  | (26,875) |  |  | 44.44 |  |  | 179,217 |
Expired/Forfeited |  | (19,000) |  |  | 51.71 |  |  | — |
Outstanding at September 30 |  | 1,803,375 |  |  | 51.31 |  |  | — |
Exercisable at September 30 |  | 1,287,250 |  |  | 52.74 |  |  | — |

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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 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -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 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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