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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Summary of Share-Based Compensation Arrangements by Share-Based Payment Award | The following table presents the amount of the plans’ authorized shares and those that remain available for issuance as of December 31, 2022. Both plans allowed the Company to authorize shares subject to options or, in lieu of options, shares in the form of stock awards.
|  | Authorized Awards |  | Authorized but Not Issued
|  | Stock Options |  | or |  | Stock Awards |  | Stock Options |  | or |  | Stock Awards
2020 Plan |  | 6,950,000 |  |  |  |  | 2,780,000 |  |  | 4,354,574 |  |  |  |  | 1,741,830 |
2011 Plan |  | 4,000,000 |  |  |  |  | 1,600,000 |  |  | 200,003 |  |  |  |  | 80,001 |
Total |  | 10,950,000 |  |  |  |  | 4,380,000 |  |  | 4,554,577 |  |  |  |  | 1,821,831 |
Summary of Share-Based Payment Award, Stock Options, Valuation Assumptions | The fair value of these awards were estimated through the use of the Monte Carlo valuation model applying the following assumptions:
|  |  |  |  |  | 2022
Risk-free interest rate |  |  |  |  |  | 1.36 | %
Expected performance period |  |  |  |  |  | 2.9 years
Expected volatility |  |  |  |  |  | 41.10 | %
The fair value of stock options granted in 2020 was estimated through the use of the Black-Scholes option pricing model applying the following assumptions:
|  |  |  |  |  | 2020
Risk-free interest rate |  |  |  |  |  | 1.03 | %
Expected option life |  |  |  |  |  | 7 years
Expected volatility |  |  |  |  |  | 23 | %
Expected dividend yield |  |  |  |  |  | 3.33 | %
Weighted average fair value of an option share granted during the year |  |  |  |  |  | $ | 2.93 |
Intrinsic value of options exercised during the year (in thousands) |  |  |  |  |  | 2,499 |
Summary of Granted but Unvested Stock Award Activity | A summary of the granted but unvested stock award activity, which included both time- and performance-based stock awards, for the years ended December 31, 2022, 2021 and 2020 is as follows:
|  | 2022 |  | 2021 |  | 2020
|  | 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: |  | 778,971 |  |  | $ | 22.30 |  |  | 575,996 |  |  | $ | 23.42 |  |  | 451,443 |  |  | $ | 25.61 |
Granted |  | 279,750 |  |  | 21.47 |  |  | 388,392 |  |  | 21.53 |  |  | 256,649 |  |  | 20.38 |
Vested |  | (190,094) |  |  | 23.14 |  |  | (126,292) |  |  | 24.04 |  |  | (96,564) |  |  | 24.41 |
Forfeited |  | (33,287) |  |  | 22.17 |  |  | (59,125) |  |  | 24.39 |  |  | (35,532) |  |  | 26.56 |
Outstanding at end of year |  | 835,340 |  |  | $ | 21.84 |  |  | 778,971 |  |  | $ | 22.30 |  |  | 575,996 |  |  | $ | 23.42 |
Summary of Option Activity | A summary of option activity for the years ended December 31, 2022, 2021 and 2020 is as follows:
|  | 2022 |  | 2021 |  | 2020
|  | 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 |  | 2,458,255 |  |  | $ | 21.02 |  |  | 2,838,867 |  |  | $ | 20.67 |  |  | 2,424,032 |  |  | $ | 19.80 |
Granted |  | — |  |  | — |  |  | — |  |  | — |  |  | 699,651 |  |  | 20.44 |
Exercised |  | (217,038) |  |  | 14.17 |  |  | (264,717) |  |  | 14.80 |  |  | (213,506) |  |  | 9.50 |
Forfeited |  | — |  |  | — |  |  | (1,828) |  |  | 23.78 |  |  | (6,357) |  |  | 21.26 |
Expired |  | (30,533) |  |  | 23.68 |  |  | (114,067) |  |  | 26.62 |  |  | (64,953) |  |  | 22.51 |
Outstanding at end of year |  | 2,210,684 |  |  | $ | 21.66 |  |  | 2,458,255 |  |  | $ | 21.02 |  |  | 2,838,867 |  |  | $ | 20.67 |
Options exercisable |  | 1,645,901 |  |  |  |  | 1,583,521 |  |  |  |  | 1,596,927 |  |  |
Summary of Stock Options Outstanding | The following table summarizes information about stock options outstanding at December 31, 2022:
|  | 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
$11.70 to $16.03 |  | 194,374 |  |  | 0.3 years |  | $ | 14.19 |  |  | 194,374 |  |  | 0.3 years |  | $ | 14.19 |
16.04 to 20.36 |  | 464,706 |  |  | 2.2 |  | 17.45 |  |  | 464,706 |  |  | 2.2 |  | 17.45 |
20.37 to 24.69 |  | 733,485 |  |  | 6.9 |  | 20.55 |  |  | 334,172 |  |  | 6.6 |  | 20.68 |
24.70 to 29.01 |  | 818,119 |  |  | 5.2 |  | 26.82 |  |  | 652,649 |  |  | 5.0 |  | 27.16 |
|  | 2,210,684 |  |  | 4.7 years |  | $ | 21.66 |  |  | 1,645,901 |  |  | 4.0 years |  | $ | 21.57 |
Summary Of Compensation Expense | The compensation expense for stock awards, stock options and phantom stock units were as follows (in thousands):
|  | For the Year Ended December 31,
|  | 2022 |  | 2021 |  | 2020
Stock awards |  | $ | 5,698 |  |  | $ | 4,161 |  |  | $ | 2,792 |
Stock options |  | 940 |  |  | 1,244 |  |  | 1,466 |
Phantom stock units |  | 554 |  |  | — |  |  | — |
Total |  | $ | 7,192 |  |  | $ | 5,405 |  |  | $ | 4,258 |

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