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Share-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] |
Summary of Award Activity for Stock Options Granted and Weighted Average Exercise Price Per Share | Award activity for stock options granted under the Plan and the weighted average exercise price per share are summarized as follows:
|  | Time-Based Options |  |  | Performance- Based Options |  |  | Total Options |  |  | Weighted Average Exercise Price Per Share |
Options outstanding at January 1, 2020 |  |  | 600,000 |  |  |  | 200,000 |  |  |  | 800,000 |  |  | $ | 35.06 |
Options issued |  |  | 300,000 |  |  |  | — |  |  |  | 300,000 |  |  |  | 52.79 |
Options forfeited |  |  | — |  |  |  | (100,000 | ) |  |  | (100,000 | ) |  |  | 38.43 |
Options exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options purchased by the Company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding at December 31, 2020 |  |  | 900,000 |  |  |  | 100,000 |  |  |  | 1,000,000 |  |  |  | 40.04 |
Options issued |  |  | — |  |  |  | 140,000 |  |  |  | 140,000 |  |  |  | 28.70 |
Options forfeited |  |  | (300,000 | ) |  |  | (146,667 | ) |  |  | (446,667 | ) |  |  | 47.06 |
Options exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options purchased by the Company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding at December 31, 2021 |  |  | 600,000 |  |  |  | 93,333 |  |  |  | 693,333 |  |  |  | 33.23 |
Options issued |  |  | 200,000 |  |  |  | — |  |  |  | 200,000 |  |  |  | 20.77 |
Options forfeited |  |  | — |  |  |  | (46,666 | ) |  |  | (46,666 | ) |  |  | 28.70 |
Options exercised |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options expired |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options purchased by the Company |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Options outstanding at December 31, 2022 |  |  | 800,000 |  |  |  | 46,667 |  |  |  | 846,667 |  |  | $ | 30.54 |
Options exercisable at December 31, 2022 |  |  | 50,000 |  |  |  | — |  |  |  | 50,000 |  |  | $ | 20.77 |
Option Intrinsic values | Option intrinsic values, which are the differences between the fair value of $23.31 at December 31, 2022 and the weighted average strike price of the option, are as follows:
|  | Number of Shares |  |  | Weighted Average Strike Price |  |  | Intrinsic Value |
Outstanding |  |  | 846,667 |  |  |  | 30.54 |  |  | $2.1 Million |
Exercisable |  |  | 50,000 |  |  |  | 20.77 |  |  | $0.1 Million |
Exercised (1) |  |  | — |  |  |  | — |  |  |  | — |
(1) The intrinsic value of the exercised options is the difference between the fair market value at time of exercise and the strike price of the option.
Significant Assumptions Used to Estimate Fair Value of Stock Options Granted Using Black Scholes Option Pricing Model | The weighted average fair value of options granted under the Plan was $2.98 in 2022, $6.95 in 2021 and $1.92 in 2020 using a Black-Scholes option-pricing model and the following weighted average assumptions.
|  | 2022 |  | 2021 |  | 2020
Dividend yield |  | 2.0% |  | 2.0% |  | 2.0%
Expected volatility |  | 22.56% |  | 38.64% |  | 38.32%
Risk-free interest rate |  | 4.49% |  | 0.2% |  | 0.4%
Expected option life |  | 2.0 years |  | 3.5 years |  | 3.5 years
Summary of Range of Exercise Prices of Options Outstanding | The following tables summarize the range of exercise prices of options outstanding at December 31, 2022, 2021, and 2020:
Ranges of Exercise Prices |  | Outstanding at December 31, 2022 |  |  |  | Weighted Average Per Share Exercise Price |  |  | Weighted Average Remaining Life
$15.00 - $19.99 |  |  | 300,000 |  |  |  | $ | 17.87 |  |  | 0.0 years
$20.00 - $24.99 |  |  | 200,000 |  |  |  | $ | 20.77 |  |  | 6.8 years
$25.00 - $39.99 |  |  | 46,667 |  |  |  | $ | 28.70 |  |  | 8.1 years
$50.00 - $59.99 |  |  | 300,000 |  |  |  | $ | 50.00 |  |  | 5.0 years
Total |  |  | 846,667 |  |  |  |  |  |  |
Ranges of Exercise Prices |  | Outstanding at December 31, 2021 |  |  |  | Weighted Average Per Share Exercise Price |  |  | Weighted Average Remaining Life
$15.00 - $19.99 |  |  | 300,000 |  |  |  | $ | 17.87 |  |  | 0.0 years
$25.00 - $39.99 |  |  | 93,333 |  |  |  | $ | 28.70 |  |  | 9.0 years
$50.00 - $59.99 |  |  | 300,000 |  |  |  | $ | 50.00 |  |  | 6.0 years
Total |  |  | 693,333 |  |  |  |  |  |  |
Ranges of Exercise Prices |  | Outstanding at December 31, 2020 |  |  |  | Weighted Average Per Share Exercise Price |  |  | Weighted Average Remaining Life
$15.00 — $19.99 |  |  | 300,000 |  |  |  | $ | 17.87 |  |  | 0.7 years
$25.00 — $39.99 |  |  | 100,000 |  |  |  | $ | 38.43 |  |  | 4.0 years
$50.00 — $59.99 |  |  | 600,000 |  |  |  | $ | 51.40 |  |  | 8.5 years
Total |  |  | 1,000,000 |  |  |  |  |  |  |
Summary of Restricted Stock Awards Since Inception | The following table summarizes the restricted stock grants since the 2003 inception of the original share incentive plan:
|  | Restricted Stock Awards |
Year |  | Employees |  |  | Directors |  |  | Total |
Inception through 2019 |  |  | 1,171,576 |  |  |  | 639,080 |  |  |  | 1,810,656 |
2020 |  |  | — |  |  |  | 108,521 |  |  |  | 108,521 |
2021 |  |  | — |  |  |  | 83,199 |  |  |  | 83,199 |
2022 |  |  | — |  |  |  | 97,260 |  |  |  | 97,260 |
|  |  | 1,171,576 |  |  |  | 928,060 |  |  |  | 2,099,636 |
Summary of Non-Vested Restricted Shares/Units Activity | The following table summarizes the non-vested restricted shares activity for the years ended December 31, 2022, 2021, and 2020:
|  | Number of Shares |  |  | Weighted Average Price Per Share |
Non-vested Restricted Shares at January 1, 2020 |  |  | 62,240 |  |  |  | 37.00 |
Shares issued |  |  | 108,521 |  |  |  | 24.86 |
Shares vested |  |  | (128,623 | ) |  |  | 26.84 |
Shares forfeited |  |  | (6,735 | ) |  |  | 27.74 |
Non-vested Restricted Shares at December 31, 2020 |  |  | 35,403 |  |  |  | 38.45 |
Shares issued |  |  | 83,199 |  |  |  | 27.24 |
Shares vested |  |  | (101,048 | ) |  |  | 29.59 |
Shares forfeited |  |  | (2,915 | ) |  |  | 36.58 |
Non-vested Restricted Shares at December 31, 2021 |  |  | 14,639 |  |  |  | 36.23 |
Shares issued |  |  | 97,260 |  |  |  | 25.08 |
Shares vested |  |  | (100,975 | ) |  |  | 25.49 |
Shares forfeited |  |  | (10,924 | ) |  |  | 36.23 |
Non-vested Restricted Shares at December 31, 2022 |  |  | — |  |  | $ | — |
Summary of Non-Vested Book Value Rights | The following table summarizes the non-vested book value rights activity for the years ended December 31, 2022, 2021, and 2020:
|  | Number of Shares |
Non-vested Book Value Rights at January 1, 2020 and 2021 |  |  | — |
BVR issued |  |  | 131,438 |
BVR vested |  |  | — |
BVR forfeited |  |  | (5,000 | )
Non-vested Book Value Rights at December 31, 2021 |  |  | 126,438 |
BVR issued |  |  | 179,096 |
BVR vested |  |  | (17,006 | )
BVR forfeited |  |  | (59,505 | )
Non-vested Book Value Rights at December 31, 2022 |  |  | 229,023 |
Restricted Stock Units |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] |
Summary of Restricted Stock Awards Since Inception | The following table summarizes the restricted stock unit grants since the 2003 inception of the original share incentive plan:
|  | Restricted Stock Unit Awards |
Year |  | Employees |  |  | Directors |  |  | Total |
Inception through 2019 |  |  | 175,498 |  |  |  | — |  |  |  | 175,498 |
2020 |  |  | 161,238 |  |  |  | 41,667 |  |  |  | 202,905 |
2021 |  |  | — |  |  |  | — |  |  |  | — |
2022 |  |  | — |  |  |  | — |  |  |  | — |
|  |  | 336,736 |  |  |  | 41,667 |  |  |  | 378,403 |
Summary of Non-Vested Restricted Shares/Units Activity | The following table summarizes the non-vested restricted stock units activity for the years ended December 31, 2022, 2021, and 2020:
|  | Number of Restricted Stock Units |  |  | Weighted Average Price Per Restricted Stock Unit |
Non-vested Restricted Stock Units at January 1, 2020 |  |  | 175,498 |  |  | $ | 30.18 |
Restricted Stock Units issued |  |  | 202,905 |  |  |  | 29.02 |
Restricted Stock Units vested |  |  | (41,667 | ) |  |  | 24.00 |
Restricted Stock Units forfeited |  |  | (21,710 | ) |  |  | 30.06 |
Non-vested Restricted Stock Units at December 31, 2020 |  |  | 315,026 |  |  | $ | 30.26 |
Restricted Stock Units issued |  |  | — |  |  |  | — |
Restricted Stock Units vested |  |  | (44,245 | ) |  |  | 30.08 |
Restricted Stock Units forfeited |  |  | (43,425 | ) |  |  | 30.06 |
Non-vested Restricted Stock Units at December 31, 2021 |  |  | 227,356 |  |  | $ | 30.33 |
Restricted Stock Units issued |  |  | — |  |  |  | — |
Restricted Stock Units vested |  |  | (47,633 | ) |  |  | 30.35 |
Restricted Stock Units forfeited |  |  | (51,885 | ) |  |  | 29.82 |
Non-vested Restricted Stock Units at December 31, 2022 |  |  | 127,838 |  |  | $ | 30.53 |

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