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Share-Based Payments (Tables) | 3 Months Ended
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Mar. 31, 2022
Share-based Payment Arrangement [Abstract] |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following is a summary of stock award activity for the three months ended March 31, 2022:
| Shares |  | Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2022 | 138,093 |  |  | $ | 44.48 |
Granted | 15,842 |  |  | 61.39 |
Vested | (18,969) |  |  | 46.49 |
Forfeited | — |  |  | — |
Nonvested, March 31, 2022 | 134,966 |  |  | $ | 46.18 |
The grant date fair value of stock performance awards granted during the three months ended March 31, 2022 and 2021 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:
| 2022 |  | 2021
Risk-free interest rate | 1.52 | % |  | 0.18 | %
Expected term (in years) | 3.00 |  | 3.00
Expected volatility | 32.00 | % |  | 32.00 | %
Dividend yield | 2.90 | % |  | 3.60 | %
The following is a summary of stock performance award activity for the three months ended March 31, 2022 (share amounts reflect awards at target):
| Shares |  | Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2022 | 189,600 |  |  | $ | 42.54 |
Granted | 55,800 |  |  | 54.91 |
Vested | (55,600) |  |  | 43.30 |
Forfeited | — |  |  | — |
Nonvested, March 31, 2022 | 189,800 |  |  | $ | 45.95 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5047-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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