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SHARE-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

SHARE-BASED COMPENSATION PLANS

Schedule of assumptions used for estimating the fair value of share options using the Black-Scholes option-pricing model

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​	​	​	​	​	​	​	​	​	​	​
Assumptions:		2022			2021			2020
Risk-free interest rate		​	1.5	%	​	0.6	%	​	1.9	%
Expected dividend yield		​	3.7	%	​	3.8	%	​	3.9	%
Volatility (1)		​	25.00	%	​	25.00	%	​	20.00	%
Weighted average expected life of the options (2)		​	6.0	years	​	6.0	years	​	6.0	years
Weighted average grant date fair value of options granted per share	​	$	8.83	​	$	4.62	​	$	3.66	​
Term	​	​	10.0	years	​	10.0	years	​	10.0	years

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(1) Expected volatility is based upon the Company’s historical daily share prices.

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(2) The expected life is based on the contractual term of the options as well as the vesting period.

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Summary of option activity

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​	​	​	​	​	​	​	​	​
​	​	Options	​	Weighted Average Strike Price		​	Weighted Average Remaining Contractual Term (Years)
Balance at December 31, 2021		2,263,804	​	$	29.63	​	6.82	​
Options granted		324,840	​	​	56.91	​	9.01	​
Options exercised		(51,606)	​	​	30.80	​	7.29	​
Balance at December 31, 2022		2,537,038	​	$	33.10	​	6.21	​
​	​	​	​	​	​	​	​	​
Vested or expected to vest at December 31, 2022		2,537,038	​	$	33.10		6.21	​
Exercisable at December 31, 2022		1,636,544	​	$	28.42		5.14	​

​

Schedule of non-vested restricted share activity

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​	​	​	​
​		Number of Non-
​	​	Vested Restricted
​	​	Shares and Performance Units
Non-Vested at January 1, 2022		387,701	​
Granted		126,304	​
Vested		(164,228)	​
Forfeited		(8,825)	​
Non-Vested at December 31, 2022		340,952	​

​

Schedule of estimation of the fair value of the awards, the key assumptions

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​	​	​	​	​	​	​	​	​	​	​
Assumptions:		2022			2021			2020
Risk-free interest rate		​	1.0	%	​	0.2	%	​	1.7	%
Volatility (1)		​	28.00	%	​	28.00	%	​	19.00	%

​

(1) Expected volatility is based upon the Company’s historical daily share prices.

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Tabular disclosure of the changes in outstanding nonvested shares.

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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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