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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Restricted Stock Activity |
Restricted Stock Activity: | Years Ended December 31,
2021 |  | 2020 |  | 2019
Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 113,125 |  |  | $ | 100.86 |  |  | 130,884 |  |  | $ | 82.78 |  |  | 143,314 |  |  | $ | 70.26 |
Granted (1) (2) | 66,623 |  |  | 115.30 |  |  | 69,446 |  |  | 101.19 |  |  | 59,943 |  |  | 94.62 |
Forfeited | — |  |  | — |  |  | (440) |  |  | 112.14 |  |  | (3,010) |  |  | 86.19 |
Vested | (73,692) |  |  | 91.59 |  |  | (86,765) |  |  | 73.80 |  |  | (69,363) |  |  | 66.99 |
Unvested at end of year | 106,056 |  |  | 116.37 |  |  | 113,125 |  |  | 100.86 |  |  | 130,884 |  |  | 82.78 |
(1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined. (2) Does not include the restricted shares that may be earned if the performance goals established in 2019 and 2020 for long-term performance and in 2021 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 118,911.
Restricted Stock Non-vested Awards By Expected Vesting Period | Following is a vesting schedule of the total unvested shares for employees as of December 31, 2021:
Unvested Shares Vesting Schedule |  | Number of Shares
2022 |  | 49,155 |
2023 |  | 33,123 |
2024 |  | 15,690 |
2025 |  | 6,248 |
2026 |  | 1,840 |
Total Unvested Shares |  | 106,056 |
Restriced Stock Activity - Directors | Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2021, 2020 and 2019. As of the vesting dates, the fair value of shares that vested during 2021, 2020 and 2019 was $21,000, $9,000 and $9,000, respectively.
Restricted Stock Activity: | Years Ended December 31,
2021 |  | 2020 |  | 2019
Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
Unvested at beginning of year | 278 |  |  | $ | 112.45 |  |  | 140 |  |  | $ | 88.86 |  |  | 211 |  |  | $ | 88.86 |
Granted | — |  |  | — |  |  | 208 |  |  | 120.39 |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Vested | (122) |  |  | 102.30 |  |  | (70) |  |  | 88.86 |  |  | (71) |  |  | 88.86 |
Unvested at end of year | 156 |  |  | 120.39 |  |  | 278 |  |  | 112.45 |  |  | 140 |  |  | 88.86 |
Fair value assumptions used in long-term compensation awards | The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2021, 2020 and 2019:
| 2021 Award |  | 2020 Award |  | 2019 Award
Valuation date | 2/25/2021 |  | 3/6/2020 |  | 3/7/2019
Risk-free interest rate | 0.39 | % |  | 0.62 | % |  | 2.52 | %
Expected share price volatility for the Company | 30.51 | % |  | 16.72 | % |  | 18.13 | %
Expected share price volatility for peer group companies - low end of range | 26.87 | % |  | 14.40 | % |  | 14.27 | %
Expected share price volatility for peer group companies - high end of range | 54.25 | % |  | 49.23 | % |  | 35.76 | %
Expected dividend yield | 2.27 | % |  | 2.28 | % |  | 2.72 | %
Number of simulation paths | 1,000,000 |  |  | 1,000,000 |  |  | 1,000,000 |
Grant date fair value (in thousands) | $ | 2,941 |  |  | 2,037 |  |  | 2,413 |
Schedule of shared based compensation, service component of award, activity | The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2021:
| 2021 Award |  | 2020 Award |  | 2019 Award |  | 2018 Award
Grant date | 2/25/2021 |  | 3/6/2020 |  | 3/7/2019 |  | 6/1/2018
Shares granted | 7,801 |  |  | 7,217 |  |  | 9,947 |  |  | 7,884 |
Grant date share price | $ | 138.93 |  |  | 131.36 |  |  | 105.97 |  |  | 95.19 |
Long-term compensation awards with a total shareholder return component | The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2021:
| 2021 Award |  | 2020 Award |  | 2019 Award |  | 2018 Award
Grant date | 2/25/2021 |  | 3/6/2020 |  | 3/7/2019 |  | 6/1/2018
Performance period | 1/1/21 - 12/31/23 |  | 1/1/20 - 12/31/22 |  | 1/1/19 - 12/31/21 |  | 1/1/18 - 12/31/20
Range of earnable shares - low end of range | — |  |  | — |  |  | — |  |  | — |
Range of earnable shares - high end of range | 36,400 |  |  | 25,261 |  |  | 33,442 |  |  | 27,086 |
Shares determined | N/A (1) |  | N/A (1) |  | N/A (1) |  | 27,086 |
(1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Annual equity compensation awards based on company performance measures | The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2021:
| 2021 Award |  | 2020 Award |  | 2019 Award (1) (2) |  | 2019 Award (2)
Grant date | 2/25/2021 |  | 3/6/2020 |  | 8/28/2019 |  | 3/7/2019
Performance period | 1/1/21 - 12/31/21 |  | 1/1/20 - 12/31/20 |  | 1/1/19 - 12/31/19 |  | 1/1/19 - 12/31/19
Range of earnable shares - low end of range | — |  |  | — |  |  | — |  |  | — |
Range of earnable shares - high end of range | 19,052 |  |  | 19,282 |  |  | 15,990 |  |  | 9,594 |
Shares determined | N/A (3) |  | 18,380 |  |  | 15,990 |  |  | 9,162 |
Grant date share price | $ | 138.93 |  |  | 131.36 |  |  | 122.61 |  |  | 105.97 |
(1) The 2019 annual award had a separate component for the Company’s FFO per share for 2019. (2) The 2019 annual award vested 20% at the end of the one-year performance period and 20% in each of the following four years. (3) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Individual performance for annual equity compensation awards | The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2021:
| 2021 Award |  | 2020 Award |  | 2019 Award (1)
Grant date | N/A (2) |  | 2/17/2021 |  | 2/13/2020
Performance period | 1/1/21 - 12/31/21 |  | 1/1/20 - 12/31/20 |  | 1/1/19 - 12/31/19
Range of earnable shares - low end of range | — |  |  | — |  |  | — |
Range of earnable shares - high end of range | 4,756 |  |  | 4,812 |  |  | 6,394 |
Shares determined | N/A (2) |  | 4,156 |  |  | 5,860 |
Grant date share price | N/A (2) |  | $ | 142.89 |  |  | 141.63 |
(1) The 2019 annual award vested 20% at the end of the one-year performance period and 20% in each of the following four years. (2) The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined.
Schedule of share based compensation, non executive officers, activity | The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2021:
| 2021 Award |  | 2020 Award |  | 2019 Award
Grant date | 7/7/2021 |  | 5/6/2020 |  | 5/14/2019
Shares granted | 9,200 |  |  | 12,300 |  |  | 10,175 |
Grant date share price | $ | 168.35 |  |  | 105.30 |  |  | 112.14 |

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