XML 37 R25.htm IDEA: XBRL DOCUMENT v3.21.1

Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Share-based Payment Arrangement, Option, Activity

						2009 Plan shares						Weighted average exercise price per share
Outstanding at December 31, 2020						12,506						$	129.35
Exercised						(2,126)						121.78
Granted (1)						294,115						180.32
Forfeited						—						—
Options Outstanding, March 31, 2021						304,495						$	178.64
Options Exercisable, March 31, 2021						10,380						$	130.90

Schedule of nonvested performance awards granted

Information with respect to performance awards granted is as follows:

						Performance awards						Weighted average grant date fair value per award
Outstanding at December 31, 2020						241,921						$	195.13
Granted (1)						137,929						191.10
Change in awards based on performance (2)						(37,469)						156.00
Converted to common shares						(56,545)						156.00
Forfeited						—						—
Outstanding at March 31, 2021						285,836						$	206.05

__________________________________

(1)The amount of common shares that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 69,012 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,917 performance awards.

(2)Represents the change in the number of performance awards earned based on performance achievement for the performance period.

Summary of valuation options

The assumptions used are as follows:

						2021
Dividend yield						3.5%
Estimated volatility						27.1%
Risk free rate						0.81%
Expected life of options						5 years
Estimated fair value						$28.64

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2021 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

						2021
Dividend yield						3.5%
Estimated volatility over the life of the plan (1)						22.0% - 49.0%
Risk free rate						0.06% - 0.38%
Estimated performance award value based on total shareholder return measure						$213.16

__________________________________

(1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Schedule of restricted stock granted

Information with respect to restricted stock granted is as follows:

						Restricted stock shares						Restricted stock shares weighted average grant date fair value per share						Restricted stock shares converted from performance awards
Outstanding at December 31, 2020						131,724						$	203.28					146,319
Granted - restricted stock shares						92,975						175.83						—
Vested - restricted stock shares						(65,213)						192.64						(71,535)
Forfeited						(343)						202.25						—
Outstanding at March 31, 2021						159,143						$	191.60					74,784

X

- References

No definition available.

+ Details

Name:	us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the changes in outstanding nonvested performance-based units.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfNonvestedPerformanceBasedUnitsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901

+ Details

Name:	us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in restricted stock units (RSUs).

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration