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Stock-Based Compensation (Tables)

12 Months Ended

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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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the changes in outstanding nonvested restricted stock units.

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Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms.

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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.

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