OPTIONS AND AWARDS (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Share-Based Payment Arrangement [Abstract] |
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions |
: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Grant Year | | Options Granted | | Weighted Average Risk-Free Rate | | Expected Life | | Weighted Average Volatility | | Weighted Average Dividend Yield | 2022 | | 581 | | 2.8% | | 6.2 years | | 42.1% | | 0.3% | 2021 | | 621 | | 1.0% | | 6.2 years | | 42.4% | | 0.3% | 2020 | | 669 | | 0.6% | | 6.2 years | | 39.4% | | 0.4% |
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Schedule of Weighted Average Grant Date Fair Value and Exercise Price of Options |
| | | | | | | | | | | | | | | | | | | | | Grant Year | | Granted | | Weighted Average Exercise Price | | Weighted Average Fair Value of Options | 2022 | | 581 | | $ | 85.74 | | | $ | 37.83 | | 2021 | | 621 | | $ | 80.19 | | | $ | 32.82 | | 2020 | | 669 | | $ | 52.20 | | | $ | 19.52 | |
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Schedule of Employee Stock Option Roll Forward |
The following table represents the employee stock option activity during the year ended December 31, 2022, 2021 and 2020: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options Outstanding | | Weighted Average Exercise Price | | Number of Options Vested | | Weighted Average Exercise Price of Options Vested | January 1, 2020 | 4,428 | | | $ | 20.85 | | | 2,557 | | | $ | 12.82 | | Granted | 669 | | | 52.20 | | | | | | Forfeited | (80) | | | 33.68 | | | | | | Exercised | (979) | | | 12.93 | | | | | | December 31, 2020 | 4,038 | | | $ | 27.71 | | | 2,148 | | | $ | 16.66 | | Granted | 621 | | | 80.19 | | | | | | Forfeited | (105) | | | 44.76 | | | | | | Exercised | (516) | | | 17.80 | | | | | | December 31, 2021 | 4,038 | | | $ | 36.60 | | | 2,183 | | | $ | 21.02 | | | | | | | | | | Granted | 581 | | | 85.74 | | | — | | | — | | Forfeited | (98) | | | 59.52 | | | — | | | — | | Exercised | (688) | | | 18.43 | | | — | | | — | | December 31, 2022 | 3,833 | | | $ | 46.72 | | | 2,069 | | | $ | 28.87 | |
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Share-based Payment Arrangement, Option, Exercise Price Range |
The following summary information reflects stock options outstanding, vested and related details as of December 31, 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Options Outstanding | | Stock Options Vested | | | | | | | | Number Outstanding | | Black-Scholes Fair Value | | Remaining Contractual Life (Years) | | Vested and Exercisable | Year of Grant | | Exercise Price | | | | | | | | | | | | | | | | | | 2013 | | 6.76 | - | 9.74 | | 65 | | | 274 | | | 1 | | 65 | | 2014 | | 8.94 | - | 16.05 | | 399 | | | 1,930 | | | 2 | | 399 | | 2015 | | 18.20 | - | 21.39 | | 211 | | | 1,645 | | | 3 | | 211 | | 2016 | | 15.93 | - | 16.86 | | 198 | | | 1,162 | | | 4 | | 198 | | 2017 | | 15.80 | - | 19.41 | | 236 | | | 1,387 | | | 5 | | 236 | | 2018 | | 22.49 | - | 32.71 | | 449 | | | 4,341 | | | 6 | | 330 | | 2019 | | 41.07 | - | 45.76 | | 590 | | | 9,275 | | | 7 | | 324 | | 2020 | | 44.84 | - | 59.49 | | 545 | | | 10,734 | | | 8 | | 197 | | 2021 | | 73.47 | - | 83.64 | | 567 | | | 18,597 | | | 9 | | 109 | | 2022 | | $79.79 | | $94.88 | | 573 | | | 21,689 | | | 10 | | — | | TOTAL | | | | | | 3,833 | | | $ | 71,034 | | | | | 2,069 | |
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Schedule of Aggregate Intrinsic Value of Options |
The aggregate intrinsic value of options outstanding, vested and expected to vest as of December 31, 2022, 2021 and 2020 is as follows: | | | | | | | | | | | | | | | | | | | | | | | December 31, | Options | | 2022 | | 2021 | | 2020 | | | | | | | | | | | | | | | Outstanding | | $ | 183,593 | | | $ | 191,242 | | | $ | 182,552 | | Vested | | 136,000 | | | 137,382 | | | 120,867 | | Expected to vest | | 43,232 | | | 48,548 | | | 53,366 | | | | | | | | |
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Schedule of Nonvested Restricted Stock Awards |
: | | | | | | | | | | | | | Non-Vested Restricted Awards | | Weighted Average Grant Date Fair Value | Nonvested at January 1, 2020 | 610 | | | $ | 31.35 | | Granted | 281 | | | 48.73 | | Vested | (280) | | | 32.84 | | Forfeited | (20) | | | 31.71 | | Nonvested at December 31, 2020 | 591 | | | $ | 38.90 | | Granted | 222 | | | 81.65 | | Vested | (244) | | | 47.45 | | Forfeited | (20) | | | 45.64 | | Nonvested at December 31, 2021 | 549 | | | $ | 52.16 | | Granted | 233 | | | 81.57 | | Vested | (269) | | | 54.06 | | Forfeited | (26) | | | 57.29 | | Nonvested at December 31, 2022 | 487 | | | $ | 64.92 | |
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Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense recognized for the Company's equity incentive plans and long-term incentive plan for the years ended December 31, 2022, 2021, and 2020 was as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | | | | | 2022 | | 2021 | | 2020 | Stock-based compensation expense related to stock options | | | | | $ | 11,361 | | | $ | 8,459 | | | $ | 6,132 | | Stock-based compensation expense related to restricted stock awards | | | | | 9,920 | | | 8,385 | | | 7,373 | | Stock-based compensation expense related to stock options and restricted stock awards to non-employee directors | | | | | 1,439 | | | 1,834 | | | 1,019 | | TOTAL | | | | | $ | 22,720 | | | $ | 18,678 | | | $ | 14,524 | |
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