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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Stock Options Issued |
| Directors |  | Officers
Grant date | May 12, 2023 | May 13, 2022 |  | May 12, 2023 | May 13, 2022
Exercise price | $ | 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 years 2024, 2023, and 2022:
| 2024 |  | 2023 |  | 2022
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1 | 1,820,000 |  |  | $ | 49.41 |  |  | 1,768,375 |  |  | $ | 51.28 |  |  | 1,601,250 |  |  | $ | 51.73 |
Granted | — |  |  | — |  |  | 253,500 |  |  | 33.79 |  |  | 248,000 |  |  | 47.90 |
Exercised | (10,625) |  |  | 33.79 |  |  | — |  |  | — |  |  | (26,875) |  |  | 44.44 |
Expired/Forfeited | (626,375) |  |  | 51.29 |  |  | (201,875) |  |  | 46.20 |  |  | (54,000) |  |  | 52.60 |
Outstanding December 31 | 1,183,000 |  |  | 48.55 |  |  | 1,820,000 |  |  | 49.41 |  |  | 1,768,375 |  |  | 51.28 |
Exercisable at December 31 | 943,250 |  |  | 50.64 |  |  | 1,370,125 |  |  | 52.02 |  |  | 1,237,250 |  |  | 52.76 |
Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table summarizes the 2024 restricted share awards:
| Directors |  | Officers
Grant date | May 20, 2024 |  | May 17, 2024 |  | December 5, 2024
Target restricted shares | 18,000 |  | 70,200 |  | 11,700
Change in awards based on performance | — |  |  | 5,850 |  |  | — |
Closing price per share | $ | 37.52 |  |  | $ | 38.10 |  |  | $ | 40.35 |
Fair value per share | 34.63 |  | 38.08 |  | 36.44
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The table below summarizes the restricted stock activity for the year ended December 31, 2024:
| Number of Shares |  | Weighted Average Estimated Fair Value Per Share |  | Estimated Aggregate Fair Value
Outstanding at January 1 | — |  |  | $ | — |  |  | $ | — |
Granted | 99,900 |  |  | 35.29 |  |  | 3,525,351 |
Vested | — |  |  | — |  |  | — |
Change in awards based on performance | 5,850 |  |  | 33.73 |  |  | 197,309 |
Forfeited | — |  |  | — |  |  | — |
Outstanding at December 31 | 105,750 |  |  | 35.20 |  |  | 3,722,660 |
Authorized future grants | 35,100 |  |  |  |  |

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