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Incentive Plan (Tables) | 12 Months Ended
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Dec. 31, 2021
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
Risk-free interest rate |  |  |  | 1.03 | % |  | 2.63 | %
Expected option life |  |  |  | 7 years |  | 7 years
Expected volatility |  |  |  | 23 | % |  | 21 | %
Expected dividend yield |  |  |  | 3.33 | % |  | 2.70 | %
Weighted average fair value of an option share granted during the year |  |  |  | $ | 2.93 |  |  | $ | 4.47 |
Intrinsic value of options exercised during the year (in thousands) |  |  |  | 2,499 |  |  | 2,994 |
Summary of Option Activity | A summary of option activity for the years ended December 31, 2021, 2020 and 2019 is as follows:
|  | 2021 |  | 2020 |  | 2019
|  | 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 |  | 2,838,867 |  |  | $ | 20.67 |  |  | 2,424,032 |  |  | $ | 19.80 |  |  | 2,340,842 |  |  | $ | 18.25 |
Granted |  | — |  |  | — |  |  | 699,651 |  |  | 20.44 |  |  | 461,407 |  |  | 25.20 |
Exercised |  | (264,717) |  |  | 14.80 |  |  | (213,506) |  |  | 9.50 |  |  | (227,189) |  |  | 11.24 |
Forfeited |  | (1,828) |  |  | 23.78 |  |  | (6,357) |  |  | 21.26 |  |  | (149,158) |  |  | 24.71 |
Expired |  | (114,067) |  |  | 26.62 |  |  | (64,953) |  |  | 22.51 |  |  | (1,870) |  |  | 29.59 |
Outstanding at end of year |  | 2,458,255 |  |  | $ | 21.02 |  |  | 2,838,867 |  |  | $ | 20.67 |  |  | 2,424,032 |  |  | $ | 19.80 |
Options exercisable |  | 1,583,521 |  |  |  |  | 1,596,927 |  |  |  |  | 1,612,946 |  |  |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2021:
|  | 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
$10.84 to $15.38 |  | 395,089 |  |  | 0.8 years |  | $ | 13.92 |  |  | 395,089 |  |  | 0.8 years |  | $ | 13.92 |
15.39 to 19.92 |  | 490,055 |  |  | 3.3 |  | 17.45 |  |  | 490,055 |  |  | 3.3 |  | 17.45 |
19.93 to 24.46 |  | 733,895 |  |  | 7.9 |  | 20.55 |  |  | 184,413 |  |  | 7.2 |  | 20.87 |
24.47 to 29.01 |  | 839,216 |  |  | 6.2 |  | 26.87 |  |  | 513,964 |  |  | 5.9 |  | 27.38 |
|  | 2,458,255 |  |  | 5.3 years |  | $ | 21.02 |  |  | 1,583,521 |  |  | 4.0 years |  | $ | 20.19 |
Summary of Granted but Unvested Stock Award Activity | A summary of the granted but unvested stock award activity for the years ended December 31, 2021, 2020 and 2019 is as follows:
|  | 2021 |  | 2020 |  | 2019
|  | 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: |  | 575,996 |  |  | $ | 23.42 |  |  | 451,443 |  |  | $ | 25.61 |  |  | 330,598 |  |  | $ | 25.92 |
Granted |  | 388,392 |  |  | 21.53 |  |  | 256,649 |  |  | 20.38 |  |  | 249,651 |  |  | 24.80 |
Vested |  | (126,292) |  |  | 24.04 |  |  | (96,564) |  |  | 24.41 |  |  | (105,307) |  |  | 24.49 |
Forfeited |  | (59,125) |  |  | 24.39 |  |  | (35,532) |  |  | 26.56 |  |  | (23,499) |  |  | 26.38 |
Outstanding at end of year |  | 778,971 |  |  | $ | 22.30 |  |  | 575,996 |  |  | $ | 23.42 |  |  | 451,443 |  |  | $ | 25.61 |

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