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Share-Based Payments (Tables) | 9 Months Ended
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Sep. 30, 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 nine months ended September 30, 2022:
| Shares |  | Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2022 | 138,093 |  |  | $ | 44.48 |
Granted | 51,439 |  |  | 59.96 |
Vested | (47,981) |  |  | 45.30 |
Forfeited | — |  |  | — |
Nonvested, September 30, 2022 | 141,551 |  |  | $ | 49.83 |
The grant date fair value of stock performance awards granted during the nine months ended September 30, 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 nine months ended September 30, 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, September 30, 2022 | 189,800 |  |  | $ | 45.95 |

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