XML 56 R38.htm IDEA: XBRL DOCUMENT v3.22.4

Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Stock-Based Compensation [Abstract]

Stock Option Valuation Assumptions

The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair values as follows:

		December 31,
Stock Options:		2021				2020
Weighted-average grant date fair value of grants		$	16.10			$	8.59
Risk-free interest rate(1)			0.5	%			1.4	%
Dividend yield(2)			2.9	%			2.9	%
Expected volatility(3)			49.5	%			40.7	%
Expected life in months(4)		56 months				59 months

(1) The risk-free interest rate is based upon the rate on a zero-coupon U.S. Treasury bill, for periods within the contractual life of the option, in effect at the time of the grant.

(2) The dividend yield is based on the average of historical stock prices and actual dividends paid.

(3) Expected volatility is based on the historical volatility of the Company’s stock price, over a period similar to the expected life of the option.

(4) The expected term of the option is based on the historical employee exercise behavior, the vesting terms of the respective option, and a contractual life of either seven or ten years.

Stock Options

Options under the plans as of December 31, 2022 and changes during the year ended December 31, 2022 were as follows:

		Shares (in thousands)				Weighted- average Exercise Price				Weighted- average Remaining Contractual Term (in years)				Aggregate Intrinsic Value (in thousands)
Options activity – service based
Outstanding at December 31, 2021			538.2			$	35.89
Granted			—				—
Exercised			(340.0	)			33.15
Forfeited/cancelled/expired			(34.3	)			54.45
Outstanding at December 31, 2022			163.9				37.69				0.35			$	834
Exercisable at December 31, 2022			163.9				37.69				0.35				834
Options activity – performance based
Outstanding at December 31, 2021			2,220.1			$	40.87
Granted			—				—
Exercised			(340.5	)			31.14
Forfeited/cancelled/expired			(418.0	)			50.66
Outstanding at December 31, 2022			1,461.6				40.30				3.89			$	9,515
Exercisable at December 31, 2022			958.6				39.46				3.41				7,193
Options activity – all options
Outstanding at December 31, 2021			2,758.3			$	39.90
Granted			—				—
Exercised			(680.5	)			31.65
Forfeited/cancelled/expired			(452.3	)			50.95
Outstanding at December 31, 2022			1,625.5				40.04				3.53			$	10,349
Exercisable at December 31, 2022			1,122.5				39.20				2.96				8,027

Stock Options Exercised

Cash proceeds, tax benefits and intrinsic value related to total stock options exercised during 2022, 2021 and 2020, were as follows (U.S. dollars in thousands):

		December 31,
		2022				2021				2020
Cash proceeds from stock options exercised		$	31,600			$	14,435			$	7,419
Tax benefit / (expense) realized for stock options exercised			229				807				(459	)
Intrinsic value of stock options exercised			15,505				8,402				5,232

Nonvested Restricted Stock Awards

Nonvested restricted stock awards as of December 31, 2022 and changes during the year ended December 31, 2022 were as follows:

		Number of Shares (in thousands)				Weighted- average Grant Date Fair Value
Nonvested at December 31, 2021			884.9			$	44.11
Granted			587.1				46.04
Vested			(326.6	)			47.03
Forfeited			(192.4	)			44.01
Nonvested at December 31, 2022			953.0			$	44.28

Nonvested Performance Share Units

Nonvested performance share units as of December 31, 2022 and changes during the year ended December 31, 2022 were as follows:

		Number of Shares (in thousands)				Weighted- average Grant Date Fair Value
Nonvested at December 31, 2021			—			$	—
Granted			192.7				44.39
Vested			—				—
Forfeited			(12.5	)			44.39
Nonvested at December 31, 2022			180.2			$	44.39

X

- Definition

Tabular disclosure of cash received from exercise of stock options and similar instruments granted under share-based payment arrangements and tax benefit from exercise of stock options.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2A
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=SL79508275-113901

+ Details

Name:	us-gaap_CashProceedsReceivedAndTaxBenefitFromShareBasedPaymentAwardsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of number and weighted-average grant date fair value for nonvested performance shares.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

+ Details

Name:	us-gaap_ShareBasedCompensationPerformanceSharesAwardUnvestedActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration