Stock Incentive Plan (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Disclosure of Share-based Compensation Arrangements |
The Company recorded share-based compensation expense as follows for the years ended December 31, 2023, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31,
2023 |
|
December 31,
2022 |
|
December 31,
2021 |
| Salaries, wages and employee benefits - continuing operations |
$ |
10,090 |
|
|
$ |
9,196 |
|
|
$ |
8,720 |
|
| Salaries, wages and employee benefits - discontinued operation |
504 |
|
|
706 |
|
|
404 |
|
| Total share-based compensation expense |
$ |
10,594 |
|
|
$ |
9,902 |
|
|
$ |
9,124 |
|
|
| Schedule of Weighted Average Assumptions |
The weighted average grant-date fair value of the stock option awards granted under the Omnibus Plan and the weighted average assumptions under the Black-Scholes option-pricing model were as follows for the years ended December 31, 2023, 2022 and 2021.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
|
|
| Weighted average grant-date fair value |
$ |
39.75 |
|
|
$ |
28.91 |
|
|
$ |
18.36 |
|
|
|
| Weighted average assumptions under Black-Scholes option model: |
|
|
|
|
|
|
|
| Expected dividend yield |
0.8 |
% |
|
0.9 |
% |
|
1.1 |
% |
|
|
| Expected stock price volatility |
32.5 |
% |
|
28.7 |
% |
|
28.9 |
% |
|
|
| Risk-free interest rate |
3.8 |
% |
|
1.9 |
% |
|
0.6 |
% |
|
|
| Expected life of awards (years) |
5.6 |
|
5.6 |
|
5.8 |
|
|
|
| Schedule of Stock Option Activity |
Stock option transactions during the year ended December 31, 2023 on a continuing operations basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Exercise Price |
| Outstanding as of January 1 |
376 |
|
|
$ |
66.13 |
|
| Granted |
54 |
|
|
115.42 |
|
| Exercised |
— |
|
|
— |
|
| Forfeited or Canceled |
(60) |
|
|
44.97 |
|
| Outstanding as of December 31 |
370 |
|
|
$ |
76.83 |
|
|
|
|
|
The following table sets forth the exercise price range, number of shares, weighted average exercise price and remaining contractual lives by groups of similar price on a continuing operations basis as of December 31, 2023:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Options Outstanding |
|
Stock Options Exercisable |
| Range of Exercise Prices |
|
Number of Shares |
|
Weighted Average Remaining Contractual Life (in years) |
|
Weighted Average Exercise Price |
|
Exercisable as of December 31, 2023 |
|
Weighted Average Exercise Price |
| $ |
47.82 |
|
- |
$ |
59.89 |
|
|
83 |
|
|
0.5 |
|
$ |
52.01 |
|
|
83 |
|
|
$ |
52.01 |
|
| $ |
64.26 |
|
- |
$ |
75.05 |
|
|
175 |
|
|
2.5 |
|
67.02 |
|
|
162 |
|
|
66.37 |
|
| 100.93 |
|
- |
115.42 |
|
|
112 |
|
|
5.6 |
|
110.64 |
|
|
19 |
|
|
106.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
370 |
|
|
|
|
$ |
76.83 |
|
|
264 |
|
|
$ |
64.74 |
|
Stock option transactions during the year ended December 31, 2023 on a discontinued operation basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Exercise Price |
| Outstanding as of January 1 |
— |
|
|
$ |
— |
|
| Granted |
1 |
|
|
115.42 |
|
| Exercised |
— |
|
|
— |
|
| Forfeited or Canceled |
(1) |
|
|
115.42 |
|
| Outstanding as of December 31 |
— |
|
|
$ |
— |
|
|
|
|
|
|
| Schedule of Restricted Share Activity |
Restricted share transactions on a continuing operations basis for the year ended December 31, 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding as of January 1 |
138 |
|
|
$ |
87.81 |
|
| Granted |
74 |
|
|
114.46 |
|
| Vested |
(70) |
|
|
81.32 |
|
| Forfeited |
(9) |
|
|
104.68 |
|
| Outstanding as of December 31 |
133 |
|
|
$ |
104.87 |
|
Restricted share transactions on a discontinued operation basis for the year ended December 31, 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding as of January 1 |
13 |
|
|
$ |
87.96 |
|
| Granted |
5 |
|
|
115.42 |
|
| Vested |
(6) |
|
|
82.07 |
|
| Forfeited |
(12) |
|
|
103.38 |
|
| Outstanding as of December 31 |
— |
|
|
$ |
— |
|
Director restricted share transactions for the year ended December 31, 2023 were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding as of January 1 |
15 |
|
|
$ |
93.70 |
|
| Granted |
15 |
|
|
96.10 |
|
| Vested |
(15) |
|
|
93.70 |
|
| Forfeited |
(1) |
|
|
96.10 |
|
| Outstanding as of December 31 |
14 |
|
|
$ |
96.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Share-based compensation expense for restricted shares |
$ |
1,329 |
|
|
$ |
1,387 |
|
|
$ |
1,436 |
|
| Excess tax benefit for the vesting of restricted shares |
$ |
40 |
|
|
$ |
12 |
|
|
$ |
342 |
|
|
| Schedule of Nonvested Performance-based Units Activity |
The weighted average grant-date fair value of performance awards granted under the Omnibus Plan and the weighted average assumptions under the Monte Carlo simulation model were as follows for the years ended December 31, 2023, 2022 and 2021:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Weighted average grant-date fair value |
$ |
120.27 |
|
|
$ |
127.29 |
|
|
$ |
87.33 |
|
| Weighted average assumptions under the Monte Carlo simulation model: |
|
|
|
|
|
| Expected stock price volatility |
37.8 |
% |
|
35.5 |
% |
|
34.5 |
% |
| Weighted average risk-free interest rate |
4.2 |
% |
|
1.6 |
% |
|
0.2 |
% |
|
| Schedule of Performance Award Transactions |
Performance award transactions for the year ended December 31, 2023 on a continuing operations basis were as follows assuming target levels of performance:
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares |
|
Weighted Average Grant Date Fair Value |
| Outstanding as of January 1 |
70 |
|
|
$ |
87.74 |
|
| Granted |
18 |
|
|
120.27 |
|
| Additional shares awarded based on actual performance level achieved |
4 |
|
|
68.75 |
|
| Earned |
(31) |
|
|
69.10 |
|
| Forfeited or unearned |
— |
|
|
— |
|
| Outstanding as of December 31 |
61 |
|
|
$ |
105.88 |
|
|
| Schedule of Employee Stock Purchase Plan |
Employee stock purchase plan activity and related information was as follows on a continuing operations basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Shares purchased by participants under the ESPP |
10 |
|
|
8 |
|
|
11 |
|
| Average purchase price |
$ |
69.81 |
|
|
$ |
82.48 |
|
|
$ |
75.71 |
|
Weighted average fair value of each purchase under the ESPP granted1
|
$ |
7.76 |
|
|
$ |
9.17 |
|
|
$ |
30.68 |
|
| Share-based compensation expense for ESPP |
$ |
76 |
|
|
$ |
78 |
|
|
$ |
344 |
|
|
|
|
|
|
|
1 Equal to the discount from the market value of the common stock at the end of each six month purchase period
|
Employee stock purchase plan activity and related information was as follows on a discontinued operation basis:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended |
|
December 31, 2023 |
|
December 31, 2022 |
|
December 31, 2021 |
| Shares purchased by participants under the ESPP |
1 |
|
|
1 |
|
|
1 |
|
| Average purchase price |
$ |
69.81 |
|
|
$ |
82.48 |
|
|
$ |
75.71 |
|
Weighted average fair value of each purchase under the ESPP granted1
|
$ |
7.76 |
|
|
$ |
9.17 |
|
|
$ |
30.68 |
|
| Share-based compensation expense for ESPP |
$ |
13 |
|
|
$ |
9 |
|
|
$ |
25 |
|
|
|
|
|
|
|
1 Equal to the discount from the market value of the common stock at the end of each six month purchase period
|
|