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Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of stock options

Stock Options:

						2009 Plan shares						Weighted average exercise price per share
Options Outstanding at December 31, 2021						299,149						$	178.71
Granted (1)						9,793						236.14
Exercised						(4,304)						141.41
Forfeited						(4,015)						180.32
Options Outstanding at June 30, 2022						300,623						$	181.09
Options Exercisable at June 30, 2022						7,058						$	135.62

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(1)Grants are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.

Schedule of nonvested performance awards granted

Performance Awards:

						Performance awards						Weighted average grant date fair value per award (1)
Outstanding at December 31, 2021						284,522						$	214.73
Granted (2)						72,369						255.01
Change in awards based on performance (3)						(20,356)						200.92
Converted to shares of common stock						(54,053)						217.33
Forfeited						(1,295)						226.73
Outstanding at June 30, 2022						281,187						$	225.54

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(1)Weighted average grant date fair value per award includes the impact of post grant modifications.

(2)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 39,744 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,625 performance awards.

(3)Represents the change in the number of performance awards earned based on performance achievement.

Summary of valuation options

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. For the awards granted in 2022, the assumptions used are as follows:

						2022
Dividend yield						2.7%
Estimated volatility over the life of the plan (1)						16.1% - 36.8%
Risk free rate						0.72% - 1.68%
Estimated performance award value based on total shareholder return measure						$271.98

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

Schedule of restricted stock granted

Restricted Stock:

						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, 2021						157,066						$	192.90					74,627
Granted - restricted stock shares						81,807						235.14						—
Vested - restricted stock shares						(71,291)						195.96						(47,335)
Forfeited						(2,792)						217.62						(86)
Outstanding at June 30, 2022						164,790						$	212.12					27,206

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

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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.

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