XML 40 R29.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Stock-Based Compensation Plans (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of information with respect to stock options granted | Information with respect to stock options granted under the 2009 Plan is as follows:
| 2009 Plan shares |  | Weighted average exercise price per share
Options Outstanding, December 31, 2018 | 124,212 |  |  | $ | 128.84 |
Exercised | (109,804) |  |  | 129.47 |
Granted | — |  |  | — |
Forfeited | — |  |  | — |
Options Outstanding, December 31, 2019 | 14,408 |  |  | $ | 124.05 |
Exercised | (1,902) |  |  | 89.17 |
Granted | — |  |  | — |
Forfeited | — |  |  | — |
Options Outstanding, December 31, 2020 | 12,506 |  |  | $ | 129.35 |
Exercised | (2,759) |  |  | 124.34 |
Granted (1) | 294,115 |  |  | 180.32 |
Forfeited | (4,713) |  |  | 180.32 |
Options Outstanding, December 31, 2021 | 299,149 |  |  | $ | 178.71 |
Options Exercisable: |  |  |
December 31, 2019 | 14,408 |  |  | $ | 124.05 |
December 31, 2020 | 12,506 |  |  | $ | 129.35 |
December 31, 2021 | 9,747 |  |  | $ | 130.77 |
__________________________________ (1)Includes 4,847 options resulting from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
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 assumptions used are as follows:
|  | 2021 |  | 2020 |  | 2019
Dividend yield |  | 3.5% |  | 2.8% |  | 3.1%
Estimated volatility over the life of the plan (1) |  | 22.0% - 49.0% |  | 11.1% - 15.5% |  | 13.9% - 18.8%
Risk free rate |  | 0.06% - 0.38% |  | 1.45% - 1.62% |  | 2.46% - 2.57%
Estimated performance award value based on total shareholder return measure |  | $213.16 |  | $254.72 |  | $204.15
_________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Summary of exercise prices and contractual lives of options outstanding | The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2021:
2009 Plan Number of Options |  | Range—Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
9,747 |  | $130.00 | - |  | $139.99 |  | 0.9
289,402 |  | $180.00 | - |  | $189.99 |  | 9.2
299,149 |  |  |  |  |  |  |
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, 2018 |  | 267,129 |  |  | $ | 157.21 |
Granted (1) |  | 80,512 |  |  | 200.75 |
Change in awards based on performance (2) |  | (16,760) |  |  | 142.03 |
Converted to restricted stock |  | (73,072) |  |  | 142.03 |
Forfeited |  | (4,377) |  |  | 166.44 |
Outstanding at December 31, 2019 |  | 253,432 |  |  | $ | 176.27 |
Granted (3) |  | 77,182 |  |  | 238.03 |
Change in awards based on performance (2) |  | 18,112 |  |  | 177.26 |
Converted to restricted stock |  | (96,317) |  |  | 177.26 |
Forfeited |  | (10,488) |  |  | 188.52 |
Outstanding at December 31, 2020 |  | 241,921 |  |  | $ | 195.13 |
Granted (4) |  | 138,033 |  |  | 191.12 |
Change in awards based on performance (2) |  | (37,469) |  |  | 156.00 |
Converted to shares of common stock |  | (56,545) |  |  | 156.00 |
Forfeited |  | (1,418) |  |  | 207.65 |
Outstanding at December 31, 2021 |  | 284,522 |  |  | $ | 206.05 |
_________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 47,502 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 33,010 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,359 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 performance awards.
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, 2018 |  | 160,411 |  |  | $ | 166.33 |  |  | 209,238 |
Granted - restricted stock shares |  | 79,430 |  |  | 196.43 |  |  | 73,072 |
Vested - restricted stock shares |  | (89,289) |  |  | 168.06 |  |  | (119,064) |
Forfeited |  | (2,226) |  |  | 174.45 |  |  | (135) |
Outstanding at December 31, 2019 |  | 148,326 |  |  | $ | 181.29 |  |  | 163,111 |
Granted - restricted stock shares |  | 69,228 |  |  | 221.08 |  |  | 96,317 |
Vested - restricted stock shares |  | (79,931) |  |  | 178.41 |  |  | (111,325) |
Forfeited |  | (5,899) |  |  | 196.22 |  |  | (1,784) |
Outstanding at December 31, 2020 |  | 131,724 |  |  | $ | 203.28 |  |  | 146,319 |
Granted - restricted stock shares |  | 99,291 |  |  | 178.84 |  |  | — |
Vested - restricted stock shares |  | (69,840) |  |  | 192.32 |  |  | (71,692) |
Forfeited |  | (4,109) |  |  | 195.77 |  |  | — |
Outstanding at December 31, 2021 |  | 157,066 |  |  | $ | 192.90 |  |  | 74,627 |

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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + 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 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
Name: | us-gaap_ScheduleOfShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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: | dtr-types: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: | dtr-types: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: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration