COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

The following table summarizes the Company’s option activity during the years ended December 31, 2022, 2021 and 2020:


Years ended December 31	2022			2021			2020
(shares in thousands)	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price

Outstanding beginning of year	368	$	43.72	1,015	$	43.88	536	$	45.11
Granted during the year	—	—		—	—		495	42.87
Forfeited during the year	(1)	41.33		(32)	41.33		(4)	53.83
Exercised during the year	(5)	41.33		(615)	44.11		(12)	53.83
Outstanding end of year	362	$	43.76	368	$	43.72	1,015	$	43.88

Vested Options:
Vested during the year	161	$	42.98	248	$	46.70	115	$	50.46
Eligible end of year for exercise	223	$	44.25	67	$	47.05	439	$	43.19

Aggregate intrinsic value ($ in thousands):
Total options outstanding		$	6,204		$	13,593		$	24,838
Options exercisable		$	3,716		$	2,268		$	11,047
Options exercised		$	91		$	26,348		$	97

Weighted average fair value of options granted during the year		N/A			N/A			$	15.17

The following table summarizes the Company’s SARS activity during the years ended December 31, 2022, 2021 and 2020:


Years ended December 31	2022			2021			2020
(shares in thousands)	Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price		Shares	Weighted Average Exercise Price
Total SARS:
Outstanding beginning of year	224	$	64.33	485	$	56.96	535	$	54.53

Forfeited during the year	—	—		—	—		(10)	68.01
Exercised during the year	—	—		(261)	50.63		(40)	22.39
Outstanding end of year	224	$	64.33	224	$	64.33	485	$	56.96

Vested SARS:
Vested during the year	—	$	—	85	$	63.86	115	$	60.71
Eligible end of year for exercise	224	$	64.33	224	$	64.33	404	$	55.58

Aggregate intrinsic value ($ in thousands):
Total SARS outstanding		$	383		$	3,669		$	6,032
SARS exercisable		$	383		$	3,669		$	5,540
SARS exercised		$	—		$	9,045		$	1,918

Weighted average fair value of SARS granted during the year		N/A			N/A			N/A

Schedule of Black-scholes Model for Awards Granted

The following table presents assumptions used in the Black-Scholes model for the stock options granted in 2020. There were no stock options granted in 2022 and 2021.


	2020
Dividend rate	2.37	%
Risk-free interest rate	0.65	%
Expected option life (years)	5.0
Price volatility	42.42	%

Schedule of Award Activity

The following table summarizes the activity for restricted stock for the years ended December 31, 2022, 2021 and 2020:


	2022			2021			2020
(shares in thousands)	Shares	Weighted-Average Grant Date Stock Price		Shares	Weighted-Average Grant Date Stock Price		Shares	Weighted-Average Grant Date Stock Price
Unvested beginning of year	929	$	55.06	790	$	50.39	738	$	49.65
Granted during the year	254	64.62		371	67.27		309	55.03
Vested during the year	(408)	43.23		(198)	60.05		(178)	52.80
Forfeited during the year	(17)	66.30		(34)	50.37		(79)	55.87
Unvested end of year	758	$	64.38	929	$	55.06	790	$	50.39