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Stock-Based Compensation Plans | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans As part of its long-term compensation plans, the Company has granted stock options, performance awards and restricted stock under the 2009 Plan. Details of the outstanding awards and activity under the 2009 Plan for the nine months ended September 30, 2023 are presented below. Stock Options:
|  | Options |  | Weighted average exercise price per option
Options Outstanding at December 31, 2022 |  | 293,813 |  |  | $ | 181.85 |
Granted (1) |  | 15,744 |  |  | 177.83 |
Exercised |  | (5,773) |  |  | 163.56 |
Forfeited |  | — |  |  | — |
Options Outstanding at September 30, 2023 |  | 303,784 |  |  | $ | 181.99 |
Options Exercisable at September 30, 2023 |  | 279,894 |  |  | $ | 180.97 |
__________________________________ (1)Grants are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. Performance Awards:
|  | Performance awards |  | Weighted average grant date fair value per award (1)
Outstanding at December 31, 2022 |  | 279,067 |  |  | $ | 225.46 |
Granted (2) |  | 89,977 |  |  | 193.88 |
Change in awards based on performance (3) |  | (31,345) |  |  | 241.49 |
Converted to shares of common stock |  | (60,016) |  |  | 238.71 |
Forfeited |  | (2,719) |  |  | 212.05 |
Outstanding at September 30, 2023 |  | 274,964 |  |  | $ | 210.54 |
__________________________________ (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 49,480 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,497 performance awards. (3)Represents the change in the number of performance awards earned based on performance achievement. 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 2023, the assumptions used are as follows:
|  | 2023
Dividend yield |  | 3.7%
Estimated volatility over the life of the plan (1) |  | 22.9% - 26.1%
Risk free rate |  | 4.35% - 4.61%
Estimated performance award value based on total shareholder return measure |  | $206.97
__________________________________ (1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility. For the portion of the performance awards granted in 2023 for which achievement will be determined by using financial metrics, the compensation cost was based on an average grant date value of $177.85, and the Company's estimate of corporate achievement for the financial metrics. Restricted Stock:
|  | Restricted stock shares |  | Weighted average grant date fair value per share |  | Restricted stock shares converted from performance awards
Outstanding at December 31, 2022 |  | 161,714 |  |  | $ | 210.97 |  |  | 26,370 |
Granted |  | 92,878 |  |  | 177.72 |  |  | — |
Vested |  | (77,674) |  |  | 208.48 |  |  | (26,370) |
Forfeited |  | (2,119) |  |  | 194.78 |  |  | — |
Outstanding at September 30, 2023 |  | 174,799 |  |  | $ | 194.61 |  |  | — |
Total employee stock-based compensation cost recognized in income was $22,112,000 and $26,958,000 for the nine months ended September 30, 2023 and 2022, respectively, and total capitalized stock-based compensation cost was $9,269,000 and $8,434,000 for the nine months ended September 30, 2023 and 2022, respectively. At September 30, 2023, there was a total unrecognized compensation cost of $34,689,000 for unvested restricted stock, stock options and performance awards, which is expected to be recognized over a weighted average period of 1.9 years. Forfeitures are included in compensation cost as they occur.

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