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Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock options

Details of the outstanding awards and activity under the Plan for the six months ended June 30, 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						(14,122)						180.13
Forfeited						—						—
Expired						(5,062)						180.32
Options Outstanding at June 30, 2024						298,359						$	181.65
Options Exercisable at June 30, 2024						270,837						$	181.63

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(1)All options 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
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						(3,268)						204.47
Outstanding at June 30, 2024						243,332						$	205.56

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(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.

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 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

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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						Weighted average grant date fair value per share
Outstanding at December 31, 2023						173,291						$	194.68
Granted						101,695						172.13
Vested						(83,754)						193.87
Forfeited						(2,702)						187.39
Outstanding at June 30, 2024						188,530						$	182.98

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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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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.

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