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Incentive Plan (Tables)
12 Months Ended
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:
202020192018
Risk-free interest rate1.03 %2.63 %2.65 %
Expected option life7 years7 years7 years
Expected volatility23 %21 %21 %
Expected dividend yield3.33 %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:
 202020192018
 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 year2,424,032 $19.80 2,340,842 $18.25 2,489,314 $16.91 
Granted699,651 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 year2,838,867 $20.67 2,424,032 $19.80 2,340,842 $18.25 
Options exercisable1,596,927 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 OutstandingOptions Exercisable
Exercise PricesNumber
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 3.716.72 696,051 3.616.68 
19.29 to 24.15
753,703 8.820.56 48,771 4.522.07 
24.16 to 29.01
943,911 6.526.93 454,371 5.427.62 
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:
 202020192018
 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 
Granted256,649 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 year575,996 $23.42 451,443 $25.61 330,598 $25.92