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Stock Award Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Compensation Cost Breakdown in Statement of Earnings | The Company has share-based compensation plans which are described below. The compensation cost that has been charged against earnings for the Company’s stock award plans and the income tax benefit recognized in the statement of earnings for stock awards were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Compensation cost |  | $ | 14,941 |  |  | $ | 13,865 |  |  | $ | 15,713 |
Income tax benefit |  | $ | 3,616 |  |  | $ | 3,533 |  |  | $ | 4,410 |
Stock Option Valuation Assumptions | The key input variables used in valuing the stock options granted were as follows:
|  | Year Ended December 31, |
|  | 2023 |
Dividend yield |  | None |
Average risk-free interest rate |  |  | 3.7 | %
Stock price volatility |  |  | 35 | %
Estimated option term |  | 7 years |
Employee Plan [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Option Activity | The following is a summary of the stock option activity under the employee plan described above:
|  | Outstanding Non-Qualified or Nonincentive Stock Option Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 396,165 |  |  | $ | 70.06 |
Exercised |  |  | (117,896 | ) |  | $ | 60.84 |
Expired |  |  | (23,024 | ) |  | $ | 73.66 |
Outstanding at December 31, 2023 |  |  | 255,245 |  |  | $ | 74.00 |
Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the employee plan at December 31, 2023:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |  |  | Aggregated Intrinsic Value (in thousands) |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |  |  | Aggregated Intrinsic Value (in thousands) |
$64.89 |  |  | 15,500 |  |  |  | 1.3 |  |  | $ | 64.89 |  |  |  |  |  |  | 15,500 |  |  | $ | 64.89 |  |  |  |
$73.29 – $75.50 |  |  | 233,040 |  |  |  | 2.1 |  |  | $ | 74.29 |  |  |  |  |  |  | 233,040 |  |  | $ | 74.29 |  |  |  |
$84.90 |  |  | 6,705 |  |  |  | 2.3 |  |  | $ | 84.90 |  |  |  |  |  |  | 6,705 |  |  | $ | 84.90 |  |  |  |
$64.89 – $84.90 |  |  | 255,245 |  |  |  | 2.0 |  |  | $ | 74.00 |  |  | $ | 1,187 |  |  |  | 255,245 |  |  | $ | 74.00 |  |  | $ | 1,187 |
RSU Activity | The following is a summary of RSU activity under the employee plan described above:
|  | Unvested RSUs |  |  | Weighted Average Grant Date Fair Value Per Unit |
Nonvested balance at December 31, 2022 |  |  | 558,819 |  |  | $ | 62.13 |
Granted |  |  | 184,440 |  |  | $ | 72.23 |
Vested |  |  | (161,550 | ) |  | $ | 64.85 |
Forfeited |  |  | (27,105 | ) |  | $ | 63.68 |
Nonvested balance at December 31, 2023 |  |  | 554,604 |  |  | $ | 64.61 |
Director Plan [Member] |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
Stock Option Activity | The following is a summary of the stock option activity under the director plan described above:
|  | Outstanding Non-Qualified or Nonincentive Stock Option Awards |  |  | Weighted Average Exercise Price |
Outstanding at December 31, 2022 |  |  | 56,480 |  |  | $ | 86.19 |
Granted |  |  | 3,865 |  |  | $ | 72.83 |
Exercised |  |  | — |  |  | $ | — |
Expired |  |  | (30,000 | ) |  | $ | 80.04 |
Outstanding at December 31, 2023 |  |  | 30,345 |  |  | $ | 90.57 |
Outstanding and Exercisable Stock Options | The following table summarizes information about the Company’s outstanding and exercisable stock options under the director plan at December 31, 2023:
|  | Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted Average Remaining Contractual Life in Years |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value (in thousands) |  |  | Number Exercisable |  |  | Weighted Average Exercise Price |  |  | Aggregate Intrinsic Value (in thousands) |
$70.65 – $73.57 |  |  | 7,053 |  |  |  | 6.6 |  |  | $ | 71.85 |  |  |  |  |  |  | 6,278 |  |  | $ | 71.75 |  |  |  |
$84.90 – $85.30 |  |  | 5,292 |  |  |  | 4.8 |  |  | $ | 85.10 |  |  |  |  |  |  | 5,292 |  |  | $ | 85.10 |  |  |  |
$99.52 |  |  | 18,000 |  |  |  | 0.3 |  |  | $ | 99.52 |  |  |  |  |  |  | 18,000 |  |  | $ | 99.52 |  |  |  |
$70.65 – $99.52 |  |  | 30,345 |  |  |  | 2.6 |  |  | $ | 90.57 |  |  | $ | 47 |  |  |  | 29,570 |  |  | $ | 91.04 |  |  | $ | 42 |
Restricted Stock Award Activity | The following is a summary of the restricted stock award activity under the director plan described above:
|  | Unvested Restricted Stock Award Shares |  |  | Weighted Average Grant Date Fair Value Per Share |
Nonvested balance at December 31, 2022 |  |  | 1,698 |  |  | $ | 65.36 |
Granted |  |  | 31,526 |  |  | $ | 72.67 |
Vested |  |  | (32,604 | ) |  | $ | 72.29 |
Nonvested balance at December 31, 2023 |  |  | 620 |  |  | $ | 72.65 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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