v3.22.0.1
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Schedule of Total Stock-Based Compensation Expense by Type of Award Total stock-based compensation expense by type of award was as follows for the years ended December 31:
In Thousands202120202019
Stock options$435 $561 $635 
Stock appreciation rights (“SARs”)22,188 3,377 2,906 
Restricted Stock Awards1,005 1,101 907 
Restricted Stock Units1,889 — — 
Stock grants489 244 $269 
Total stock-based compensation expense$26,006 $5,283 $4,717 
Schedule of Stock Option Activity The following presents a summary of stock option activity for the year ended December 31, 2021:
Number
of
Shares
Weighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic Value
(In Thousands)
Outstanding at January 1, 2021314,500 $41.82 
Exercised(35,000)30.95 
Forfeited/Canceled— — 
Outstanding at December 31, 2021279,500 $43.18 4.5 years$27,928 
Vested and exercisable at December 31, 2021232,500 $42.06 4.3 years$23,493 
Schedule of Stock Appreciation Rights Activity The following presents a summary of SARs activity for the year ended December 31, 2021:
Cash-settled SARsWeighted
Average
Exercise
Price
Weighted
Average
Remaining
Contractual
Term
Aggregate
Intrinsic Value
(In Thousands)
Outstanding at January 1, 2021679,500 $51.99 
Exercised(205,832)48.41 
Forfeited/Canceled(6,000)53.01 
Outstanding at December 31, 2021467,668 $53.55 7.1 years$41,880 
Vested and exercisable at December 31, 202189,968 $50.85 6.5 years$8,300 
Schedule of Stock Appreciation Rights Valuation Assumptions The fair value of SARs outstanding during the years ended December 31, 2021, 2020 and 2019, are revalued each quarter using a Black-Scholes option pricing model and the following weighted average assumptions:
Year Ended December 31,
202120202019
Risk-free interest rate0.70 %0.18 %1.62 %
Expected dividend yield0.06 %0.13 %0.14 %
Expected volatility38.64 %35.51 %28.46 %
Expected lives2.1 years2.8 years3.0 years
Schedule of Restricted Stock and Restricted Stock Unit Activity The following presents a summary of restricted stock activity for the year ended December 31, 2021:
Weighted Average
Number of SharesGrant Date Fair Value
Outstanding at January 1, 202175,000 $56.77 
Granted— — 
Vested(17,000)56.61 
Unvested at December 31, 2021$58,000 $56.88 
The following presents a summary of restricted stock activity for the year ended December 31, 2021:
Weighted Average
Number of SharesGrant Date Fair Value
Outstanding at January 1, 2021— $— 
Granted98,600 61.92 
Vested— — 
Forfeited/Canceled— — 
Unvested at December 31, 202198,600 $61.92