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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

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, 2022			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 issued			—				—				—				—
Options forfeited			(600,000	)			(46,667	)			(646,667	)			33.56
Options exercised			—				—				—				—
Options expired			—				—				—				—
Options purchased by the Company			—				—				—				—
Options outstanding at December 31, 2023			200,000				—				200,000				20.77
Options issued			550,000				—				550,000				30.73
Options forfeited			—				—				—				—
Options exercised			—				—				—				—
Options expired			—				—				—				—
Options purchased by the Company			—				—				—				—
Options outstanding at December 31, 2024 (1)			750,000				—				750,000			$	28.07
Options exercisable at December 31, 2024			400,000				—				400,000			$	26.39

(1)Of the options outstanding, 350,000 time-based stock options were granted with a weighted average exercise price per share of $30.00. These options will vest one-third on each of March 6, 2025, March 6, 2026, and March 6, 2027. The remaining 400,000 time-based options represent stock options granted to the Company's Chief Executive Officer. See note below under Chief Executive Officer for additional information.

Option Intrinsic values

Option intrinsic values, which are the differences between the fair value of $36.00 at December 31, 2024 and the weighted average strike price of the option, are as follows:

		Number of Shares				Weighted Average Strike Price				Intrinsic Value
Outstanding			750,000				28.07			$5.9 Million
Exercisable			400,000				26.39			$3.8 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 $5.72 in 2024 and $2.98 in 2022 using a Black-Scholes option-pricing model and the following weighted average assumptions.

		2024		2022
Dividend yield		2.9%		2.0%
Expected volatility		28.88%		22.56%
Risk-free interest rate		4.32%		4.49%
Expected option life		3.0 years		2.0 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, 2024, 2023, and 2022:

Ranges of Exercise Prices		Outstanding at December 31, 2024					Weighted Average Per Share Exercise Price				Weighted Average Remaining Life
$20.00 - $24.99			200,000				$	20.77			4.8 years
$30.00 - $34.99			550,000				$	30.73			4.8 years
Total			750,000

Ranges of Exercise Prices		Outstanding at December 31, 2023					Weighted Average Per Share Exercise Price				Weighted Average Remaining Life
$20.00 - $24.99			200,000				$	20.77			5.8 years
Total			200,000

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

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 2021			1,171,576				830,800				2,002,376
2022			—				97,260				97,260
2023			—				91,088				91,088
2024			—				94,503				94,503
			1,171,576				1,113,651				2,285,227

Summary of Non-Vested Restricted Shares/Units Activity

The following table summarizes the non-vested restricted shares activity for the years ended December 31, 2024, 2023, and 2022:

		Number of Shares				Weighted Average Price Per Share
Non-vested Restricted Shares at January 1, 2022			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			—				—
Shares issued			91,088				29.83
Shares vested			(91,088	)			29.83
Shares forfeited			—				—
Non-vested Restricted Shares at December 31, 2023			—				—
Shares issued			94,503				31.64
Shares vested			(94,503	)			31.64
Shares forfeited			—				—
Non-vested Restricted Shares at December 31, 2024			—			$	—

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 through 2020:

		Restricted Stock Unit Awards
Employees			336,736
Directors			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, 2024, 2023, and 2022:

		Number of Restricted Stock Units				Weighted Average Price Per Restricted Stock Unit
Non-vested Restricted Stock Units at January 1, 2022			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
Restricted Stock Units issued			—				—
Restricted Stock Units vested			(61,652	)			30.43
Restricted Stock Units forfeited			(14,893	)			30.18
Non-vested Restricted Stock Units at December 31, 2023			51,293			$	30.75
Restricted Stock Units issued			—				—
Restricted Stock Units vested			(51,293	)			30.75
Restricted Stock Units forfeited			—				—
Non-vested Restricted Stock Units at December 31, 2024			—			$	—

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