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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of information with respect to stock options granted | Information with respect to stock options granted under the Plan is as follows:
| Options |  | Weighted average exercise price per option
Options Outstanding, December 31, 2021 | 299,149 |  |  | $ | 178.71 |
Granted (1) | 9,793 |  |  | 236.14 |
Exercised | (8,670) |  |  | 135.78 |
Forfeited | (6,459) |  |  | 180.32 |
Options Outstanding, December 31, 2022 | 293,813 |  |  | $ | 181.85 |
Granted (1) | 15,744 |  |  | 177.83 |
Exercised | (5,773) |  |  | 163.56 |
Forfeited | — |  |  | — |
Options Outstanding, December 31, 2023 | 303,784 |  |  | $ | 181.99 |
Granted (1) | 13,759 |  |  | 172.11 |
Exercised | (41,619) |  |  | 179.89 |
Forfeited | — |  |  | — |
Expired | (5,062) |  |  | 180.32 |
Options Outstanding, December 31, 2024 | 270,862 |  |  | $ | 181.84 |
Options Exercisable: |  |  |
December 31, 2022 | 6,533 |  |  | $ | 165.51 |
December 31, 2023 | 279,894 |  |  | $ | 180.97 |
December 31, 2024 | 246,877 |  |  | $ | 181.82 |
__________________________________ (1)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Summary of valuation options | The assumptions used are as follows:
|  | 2024
Dividend yield |  | 4.5 | %
Estimated volatility |  | 29.7 | %
Risk free rate |  | 4.31 | %
Expected life of options |  | 5 years
Estimated fair value |  | $35.32
The assumptions used are as follows:
|  | 2024 |  | 2023 |  | 2022
Dividend yield |  | 3.9% |  | 3.7% |  | 2.7%
Estimated volatility over the life of the plan (1) |  | 20.5% - 22.8% |  | 22.9% - 26.1% |  | 16.1% - 36.8%
Risk free rate |  | 3.92% - 4.59% |  | 4.35% - 4.61% |  | 0.72% - 1.68%
Estimated performance award value based on total shareholder return measure |  | $189.47 |  | $206.97 |  | $271.98
_________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Summary of exercise prices and contractual lives of options outstanding | The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2024:
The Plan Number of Options |  | Range—Exercise Price | Weighted Average Remaining Contractual Term (in years)
261,069 |  | $172.00 | - | $181.99 |  | 6.4
9,793 |  | $236.00 | - | $245.99 |  | 7.1
270,862 |  |  |  |  |  |
Schedule of nonvested performance awards granted | Information with respect to performance awards granted is as follows:
|  | Performance awards |  | Weighted average grant date fair value per award
Outstanding at December 31, 2021 |  | 284,522 |  |  | $ | 214.73 |
Granted (1) |  | 72,783 |  |  | 254.75 |
Change in awards based on performance (2) |  | (20,356) |  |  | 200.92 |
Converted to shares of common stock |  | (54,053) |  |  | 217.33 |
Forfeited |  | (3,829) |  |  | 230.36 |
Outstanding at December 31, 2022 |  | 279,067 |  |  | $ | 225.46 |
Granted (3) |  | 90,215 |  |  | 193.85 |
Change in awards based on performance (2) |  | (31,345) |  |  | 241.49 |
Converted to shares of common stock |  | (60,016) |  |  | 238.71 |
Forfeited |  | (2,719) |  |  | 212.05 |
Outstanding at December 31, 2023 |  | 275,202 |  |  | $ | 210.52 |
Granted (4) |  | 95,782 |  |  | 185.97 |
Change in awards based on performance (2) |  | 30,375 |  |  | 216.50 |
Converted to shares of common stock |  | (146,725) |  |  | 201.07 |
Forfeited |  | (4,511) |  |  | 201.41 |
Outstanding at December 31, 2024 |  | 250,123 |  |  | $ | 207.55 |
_________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 32,811 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 52,683 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 43,099 performance awards.
Schedule of restricted stock granted | Information with respect to restricted stock granted is as follows:
|  | 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 |  | 86,475 |  |  | 231.93 |  |  | — |
Vested |  | (78,212) |  |  | 197.51 |  |  | (48,171) |
Forfeited |  | (3,615) |  |  | 218.19 |  |  | (86) |
Outstanding at December 31, 2022 |  | 161,714 |  |  | $ | 210.97 |  |  | 26,370 |
Granted |  | 93,146 |  |  | 177.70 |  |  | — |
Vested |  | (79,450) |  |  | 207.93 |  |  | (26,370) |
Forfeited |  | (2,119) |  |  | 194.78 |  |  | — |
Outstanding at December 31, 2023 |  | 173,291 |  |  | $ | 194.68 |  |  | — |
Granted |  | 104,081 |  |  | 173.14 |  |  | — |
Vested |  | (90,582) |  |  | 194.89 |  |  | — |
Forfeited |  | (4,408) |  |  | 181.73 |  |  | — |
Outstanding at December 31, 2024 |  | 182,382 |  |  | $ | 182.59 |  |  | — |

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