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Stock-Based Compensation Plans | 3 Months Ended
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Mar. 31, 2024
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 Plan. Details of the outstanding awards and activity under the Plan for the three months ended March 31, 2024 are presented below. Stock Options:
|  | Options |  | Weighted average exercise price per option
Options Outstanding at December 31, 2023 |  | 303,784 |  |  | $ | 181.99 |
Granted (1) |  | 13,759 |  |  | 172.11 |
Exercised |  | (3,142) |  |  | 180.32 |
Forfeited |  | — |  |  | — |
Expired |  | (5,062) |  |  | 180.32 |
Options Outstanding at March 31, 2024 |  | 309,339 |  |  | $ | 181.60 |
Options Exercisable at March 31, 2024 |  | 281,817 |  |  | $ | 181.57 |
__________________________________ (1)All options 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
Outstanding at December 31, 2023 |  | 275,202 |  |  | $ | 210.52 |
Granted (1) |  | 87,748 |  |  | 178.68 |
Change in awards based on performance (2) |  | 30,375 |  |  | 216.50 |
Converted to shares of common stock |  | (146,725) |  |  | 201.07 |
Forfeited |  | (1,663) |  |  | 213.27 |
Outstanding at March 31, 2024 |  | 244,937 |  |  | $ | 205.49 |
__________________________________ (1)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 48,264 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 39,484 performance awards. (2)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 2024, the assumptions used are as follows:
|  | 2024
Dividend yield |  | 4.0%
Estimated volatility over the life of the plan (1) |  | 20.5% - 22.8%
Risk free rate |  | 4.39% - 4.59%
Estimated performance award value based on total shareholder return measure |  | $183.72
__________________________________ (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 2024 for which achievement will be determined by using financial metrics, the compensation cost was based on an average grant date value of $172.11. Restricted Stock:
|  | Restricted stock shares |  | Weighted average grant date fair value per share
Outstanding at December 31, 2023 |  | 173,291 |  |  | $ | 194.68 |
Granted |  | 101,695 |  |  | 172.13 |
Vested |  | (80,632) |  |  | 193.98 |
Forfeited |  | (1,753) |  |  | 191.88 |
Outstanding at March 31, 2024 |  | 192,601 |  |  | $ | 183.09 |
Total employee stock-based compensation cost recognized in income was $5,910,000 and $8,018,000 for the three months ended March 31, 2024 and 2023, respectively, and total capitalized stock-based compensation cost was $2,570,000 and $3,284,000 for the three months ended March 31, 2024 and 2023, respectively. At March 31, 2024, there was a total unrecognized compensation cost of $52,764,000 for unvested restricted stock, stock options and performance awards, which is expected to be recognized over a weighted average period of 2.3 years. Forfeitures are included in compensation cost as they occur.

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