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Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2020
Share-based Payment Arrangement [Abstract] |
Summary of Fair Value of Stock Options Granted | The fair value of stock options granted by the Company was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:
|  | 2020 |  | 2019 |  | 2018
Risk-free interest rate |  | 1.03 | % |  | 2.63 | % |  | 2.65 | %
Expected option life |  | 7 years |  | 7 years |  | 7 years
Expected volatility |  | 23 | % |  | 21 | % |  | 21 | %
Expected dividend yield |  | 3.33 | % |  | 2.70 | % |  | 2.19 | %
Weighted average fair value of an option share granted during the year |  | $ | 2.93 |  |  | $ | 4.47 |  |  | $ | 5.44 |
Intrinsic value of options exercised during the year (in thousands) |  | 2,499 |  |  | 2,994 |  |  | 8,513 |
Summary of Option Activity | A summary of option activity for the years ended December 31, 2020, 2019 and 2018 is as follows:
|  | 2020 |  | 2019 |  | 2018
|  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price |  | Number of Shares |  | Weighted Average Exercise Price
Outstanding at beginning of year |  | 2,424,032 |  |  | $ | 19.80 |  |  | 2,340,842 |  |  | $ | 18.25 |  |  | 2,489,314 |  |  | $ | 16.91 |
Granted |  | 699,651 |  |  | 20.44 |  |  | 461,407 |  |  | 25.20 |  |  | 135,107 |  |  | 27.39 |
Assumed in acquisition |  | — |  |  | — |  |  | — |  |  | — |  |  | 491,248 |  |  | 21.92 |
Exercised |  | (213,506) |  |  | 9.50 |  |  | (227,189) |  |  | 11.24 |  |  | (765,624) |  |  | 17.69 |
Forfeited |  | (6,357) |  |  | 21.26 |  |  | (149,158) |  |  | 24.71 |  |  | (9,203) |  |  | 28.42 |
Expired |  | (64,953) |  |  | 22.51 |  |  | (1,870) |  |  | 29.59 |  |  | — |  |  | — |
Outstanding at end of year |  | 2,838,867 |  |  | $ | 20.67 |  |  | 2,424,032 |  |  | $ | 19.80 |  |  | 2,340,842 |  |  | $ | 18.25 |
Options exercisable |  | 1,596,927 |  |  |  |  | 1,612,946 |  |  |  |  | 1,604,576 |  |  |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2020:
|  | Options Outstanding |  | Options Exercisable
Exercise Prices |  | Number of Options |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Number of Options |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price
9.54 to 14.41 |  | 397,734 |  |  | 1.0 years |  | $ | 13.41 |  |  | 397,734 |  |  | 1.0 years |  | $ | 13.41 |
14.42 to 19.28 |  | 743,519 |  |  | 3.7 |  | 16.72 |  |  | 696,051 |  |  | 3.6 |  | 16.68 |
19.29 to 24.15 |  | 753,703 |  |  | 8.8 |  | 20.56 |  |  | 48,771 |  |  | 4.5 |  | 22.07 |
24.16 to 29.01 |  | 943,911 |  |  | 6.5 |  | 26.93 |  |  | 454,371 |  |  | 5.4 |  | 27.62 |
|  | 2,838,867 |  |  | 5.6 years |  | $ | 20.67 |  |  | 1,596,927 |  |  | 3.5 years |  | $ | 19.14 |
Summary of Granted but Unvested Stock Award Activity | A summary of the granted but unvested stock award activity for the years ended December 31, 2020, 2019 and 2018 is as follows:
|  | 2020 |  | 2019 |  | 2018
|  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value |  | Number of Shares |  | Weighted Average Grant Date Fair Value
Outstanding at beginning of year: |  | 451,443 |  |  | $ | 25.61 |  |  | 330,598 |  |  | $ | 25.92 |  |  | 169,703 |  |  | $ | 21.79 |
Granted |  | 256,649 |  |  | 20.38 |  |  | 249,651 |  |  | 24.80 |  |  | 272,668 |  |  | 27.52 |
Vested |  | (96,564) |  |  | 24.41 |  |  | (105,307) |  |  | 24.49 |  |  | (58,754) |  |  | 20.81 |
Forfeited |  | (35,532) |  |  | 26.56 |  |  | (23,499) |  |  | 26.38 |  |  | (53,019) |  |  | 26.60 |
Outstanding at end of year |  | 575,996 |  |  | $ | 23.42 |  |  | 451,443 |  |  | $ | 25.61 |  |  | 330,598 |  |  | $ | 25.92 |

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