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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Stock-Based Compensation Expense | The amount that we recognized in stock-based compensation expense related to the issuance of stock options and RSUs is presented in the following table:
(Dollars in thousands) |  | 2024 |  | 2023 |  | 2022
Stock Options |  | $ | 370 |  |  | $ | 435 |  |  | $ | 501 |
RSUs |  | 2,544 |  |  | 2,223 |  |  | 2,299 |
Total stock-based compensation expense |  | $ | 2,913 |  |  | $ | 2,658 |  |  | $ | 2,800 |
Schedule of Stock Option Activity | The following summarizes stock options as of and for the year ended December 31, 2024:
|  | 2024 |  |
|  | Number of Shares |  | Weighted-Average Exercise Price |  |  |  |
Outstanding at beginning of year |  | 890,745 |  |  | $ | 16.80 |  |  |  |  |
Granted |  | 35,250 |  |  | 18.63 |  |  |  |  |
Exercised |  | (101,483) |  |  | 14.68 |  |  |  |  |
Forfeited |  | (19,082) |  |  | 25.18 |  |  |  |  |
Expired |  | (9,018) |  |  | 28.50 |  |  |  |  |
Outstanding at end of year |  | 796,412 |  |  | $ | 16.82 |  |  |  |  |
Exercisable at end of year |  | 696,163 |  |  | $ | 16.20 |  |  |  |  |
Weighted-average fair value of options granted during 2024 |  |  |  | $ | 5.59 |  |  |  |  |
Weighted-average fair value of options granted during 2023 |  |  |  | $ | 7.17 |  |  |  |  |
Weighted-average fair value of options granted during 2022 |  |  |  | $ | 14.94 |  |  |  |  |
Schedule of Stock Option Valuation Assumptions | The fair value for the options was estimated at the grant date using a Black-Scholes option-pricing model with the following inputs:
|  | 2024 |  | 2023 |  | 2022
Average risk-free interest rates |  | 4.21 | % |  | 4.06 | % |  | 2.23 | %
Weighted-average life (years) |  | 7 |  | 7 |  | 7
Expected volatility |  | 36.9 | % |  | 42.4 | % |  | 41.2 | %
Expected dividend yield |  | 3.54 | % |  | 3.07 | % |  | 1.58 | %
Schedule of Outstanding and Exercisable Options Information | The following summarizes information related to the total outstanding and exercisable stock options at December 31, 2024:
Options Outstanding |  | Options Exercisable
Total Options |  | Weighted-Average Exercise Price |  | Intrinsic Value (in millions) |  | Weighted-Average Remaining Life |  | Total Options |  | Weighted-Average Exercise Price |  | Intrinsic Value (in millions) |  | Weighted-Average Remaining Life
796,412 |  | $16.82 |  | $3.5 |  | 3.44 |  | 696,163 |  | $16.20 |  | $3.4 |  | 2.79
Schedule of RSUs | A summary of the activity for our RSUs for the period indicated is presented in the following table:
|  | 2024 |  |
|  | Shares |  | Weighted-Average Grant Date Fair Value |  |  |  |
Balance at beginning of year |  | 283,655 |  |  | $ | 23.44 |  |  |  |  |
Granted |  | 207,012 |  |  | 18.12 |  |  |  |  |
Vested |  | (111,500) |  |  | 18.96 |  |  |  |  |
Forfeited |  | (46,012) |  |  | 30.92 |  |  |  |  |
Balance at end of year |  | 333,155 |  |  | $ | 20.60 |  |  |  |  |
Weighted-average fair value of RSUs granted during 2024 |  |  |  | $ | 18.12 |  |  |  |  |
Weighted-average fair value of RSUs granted during 2023 |  |  |  | $ | 17.42 |  |  |  |  |
Weighted-average fair value of RSUs granted during 2022 |  |  |  | $ | 38.04 |  |  |  |  |
A summary of the activity for Victor's RSUs for the period indicated is presented in the following table:
|  | 2024
|  | Shares |  | Weighted-Average Grant Date Fair Value
Balance at beginning of year |  | 636,698 |  |  | $ | 0.29 |
Granted |  | 1,952,212 |  |  | 0.37 |
Vested |  | (436,339) |  |  | 0.29 |
Balance at end of year |  | 2,152,571 |  |  | $ | 0.36 |
Weighted-average fair value of RSUs granted during 2024 |  |  |  | $ | 0.37 |
Weighted-average fair value of RSUs granted during 2023 |  |  |  | $ | 0.29 |
Weighted-average fair value of RSUs granted during 2022 |  |  |  | $ | 0.29 |

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