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Equity-Based Compensation, Profit Sharing and Deferred Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Equity-Based Compensation Plans with Grants Outstanding

The following table provides a summary of each of our equity-based compensation plans with grants outstanding at December 31, 2022. Each of the following plans was approved by our shareholders:


Equity-Based Compensation Plans	Shares Authorized	Options/RSUs Outstanding	Shares Available to Issue
2010 Equity Incentive Plan (1)	700,000	40,677	—
2014 Equity Incentive Plan (2)	950,000	415,281	140
2018 Equity Incentive Plan (3)	275,000	167,916	86,584

(1)The 2010 Equity Incentive Plan (the “2010 Plan”) authorizes us to issue Options and RSUs. There were 29,047 Options and 11,630 RSUs outstanding as of December 31, 2022. Shares can no longer be granted from this plan.

(2)The 2014 Equity Incentive Plan (the “2014 Plan”) authorizes us to issue Options only.

(3)The 2018 Equity Incentive Plan (the "2018 Plan") authorizes us to issue Options and RSUs. Of the 275,000 aggregate shares authorized to issue, all may be granted in the form of Options and up to 40,000 may be granted in the form of RSUs. There were 146,226 Options and 21,690 RSUs outstanding as of December 31, 2022. Of the 86,584 shares available to issue, 18,310 may be granted in the form of RSUs.

Summary of Options and RSUs granted during the year

During the second quarter of 2022, we issued 165,456 Options and 16,864 RSUs in a block grant to key management employees and Directors. Block grants are generally made once every four years. Option and RSU grants for the twelve month period ended December 31, 2022 totaled 177,486 and 18,408, respectively, and were granted under the 2014 Plan and the 2018 Plan as follows:


Options Granted	2014 Plan	2018 Plan
Options - service-only (1)	57,635	33,691
Options - performance-based (2)	57,635	28,525
Total Options Granted	115,270	62,216
RSUs Granted
RSUs - service-only (3)	—	9,227
RSUs - performance-based (4)	—	9,181
Total RSUs Granted	—	18,408

1.Of the 91,326 service-only Options granted, 69,361 Options will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; 3,100 Options will vest in 25% increments on December 31, 2025, 2026, 2027, and 2028; 2,210 Options will vest in 50% increments on December 31, 2024 and 2025; and the remaining 240 Options will vest in 50% increments on December 31, 2027 and 2028. Vesting for the Options is contingent solely upon continued employment or continued service as a Director.

2.Of the 86,160 performance-based Options granted, 64,195 will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 16,415 Options will vest in 50% increments on December 31, 2026 and 2027; 3,100 Options will vest in 25% increments on December 31, 2025, 2026, 2027, and 2028; 2,210 Options will vest in 50% increments on December 31, 2024 and 2025; and the remaining 240 Options will vest in 50% increments on December 31, 2027 and 2028. Vesting for the performance-based Options is contingent upon both continued employment and the Company's return on capital performance during the three year periods beginning either 2022 or 2023.

3.Of the 9,227 service-only RSUs granted, 5,261 will vest in 50% increments on December 31, 2024 and 2025; 3,168 will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 596 will vest in 50% increments on December 31, 2026 and 2027; 123 will vest in 25% increments on December 31, 2025, 2026, 2027 and 2028; and the remaining 79 will vest in 50% increments on December 31, 2025 and 2026. Vesting for the RSUs is contingent solely upon continued employment.

4.Of the 9,181 performance-based RSUs granted, 5,215 will vest in 50% increments on December 31, 2024 and 2025; 3,168 will vest in 25% increments on December 31, 2024, 2025, 2026, and 2027; 596 will vest in 50% increments on December 31, 2026 and 2027; 123 will vest in 25% increments on December 31, 2025, 2026, 2027 and 2028; and the remaining 79 will vest in 50% increments on December 31, 2025 and 2026. Vesting for the performance-based RSUs is contingent upon both continued employment and the Company's return on capital performance during the three year periods beginning either 2022 or 2023.

Equity-Based Compensation Plans

The following table provides additional information relative to our equity-based compensation plans for the year ended December 31, 2022:


	Shares	Weighted Avg. Per Share Exercise Price		Weighted Avg. Remaining Contract Life (years)	Aggregate Intrinsic Value
Stock Options
Outstanding at December 31, 2021	534,695	$	2,424.62
Granted	177,486	4,478.88
Exercised	(95,069)	2,068.60
Forfeited	(26,558)	3,283.34
Outstanding at December 31, 2022	590,554	$	3,060.71	5.9	$	917,424
Exercisable at December 31, 2022	317,019	$	2,201.66	3.8	$	764,250

RSUs
Outstanding at December 31, 2021	16,564
Granted	18,408
Vested	—
Forfeited	(1,652)
Outstanding at December 31, 2022	33,320				$	153,691
Vested, but not issued at December 31, 2022	5,756				$	26,550

Black-Scholes Option-Pricing Model Assumptions

The fair value of the Options granted during 2022, 2021 and 2020 was estimated on the grant date using the Pricing Model, based on the following assumptions:


	2022			2021			2020
Estimated option life (years)	5.61			5.31			5.36
Risk free interest rate (range)	1.17%-4.36%			0.30%-1.55%			0.22%-1.94%
Expected volatility (range)	24.93%-30.89%			24.46%-30.80%			18.78%-32.48%
Expected dividend rate	—		%	—		%	—		%
Weighted average grant-date fair value per share of options granted	$	1,437.93		$	1,235.91		$	737.19

Exercised Option Proceeds

Information with respect to the vested RSUs and exercised Options is as follows:


	Year Ended December 31,
	2022		2021		2020
Aggregate exercise proceeds	$	196,717	$	142,370	$	180,866
Aggregate intrinsic value on exercise dates	$	234,732	$	219,219	$	432,772