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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) | 6 Months Ended
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Jun. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Options Issued | The following table summarizes the assumptions used in the valuation of the 2023 and 2022 option grants.
|  | Directors |  |  | Officers
Grant date |  | May 12, 2023 | May 13, 2022 |  |  | May 12, 2023 | May 13, 2022
Exercise price per share |  | $ | 33.79 | $ | 47.90 |  |  | $ | 33.79 | $ | 47.90
Fair value per option |  | $ | 6.53 | $ | 8.34 |  |  | $ | 6.06 | $ | 7.66
Volatility |  | 0.319 | 0.300 |  |  | 0.288 | 0.271
Expected life (years) |  | 5.0 | 5.0 |  |  | 7.0 | 7.0
Assumed yield |  | 4.94% | 4.90% |  |  | 4.96% | 4.93%
Risk-free rate |  | 3.45% | 2.89% |  |  | 3.45% | 2.95%
Summary of Option Activity | The table below summarizes the option activity for the six months ended June 30, 2023:
|  | Number of Shares |  | Weighted Average Exercise Price per share |  | Aggregate Intrinsic Value
Outstanding at January 1 |  | 1,768,375 |  |  | $ | 51.28 |  |  | $ | — |
Granted |  | 253,500 |  |  | 33.79 |  |  | 770,640 |
Exercised |  | — |  |  | — |  |  | — |
Expired/Forfeited |  | (96,875) |  |  | 49.24 |  |  | — |
Outstanding at June 30 |  | 1,925,000 |  |  | 49.08 |  |  | 770,640 |
Exercisable at June 30 |  | 1,247,375 |  |  | 52.28 |  |  | 91,200 |

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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