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Incentive Plan (Tables)
12 Months Ended
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:
20202019
Risk-free interest rate1.03 %2.63 %
Expected option life7 years7 years
Expected volatility23 %21 %
Expected dividend yield3.33 %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:
 202120202019
 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 year2,838,867 $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 year2,458,255 $21.02 2,838,867 $20.67 2,424,032 $19.80 
Options exercisable1,583,521 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 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
$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 3.317.45 490,055 3.317.45 
19.93 to 24.46
733,895 7.920.55 184,413 7.220.87 
24.47 to 29.01
839,216 6.226.87 513,964 5.927.38 
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:
 202120202019
 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 
Granted388,392 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 year778,971 $22.30 575,996 $23.42 451,443 $25.61