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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of stock options | 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.
Schedule of nonvested performance awards granted | 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.
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 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.
Schedule of restricted stock granted | 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 |  |  | — |

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- 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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- 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 -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
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