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Share-Based Payments (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Stock Shares Activity

The following is a summary of restricted stock award activity for the year ended December 31, 2022:

			Shares						Weighted-Average Grant-Date Fair Value
Nonvested, Beginning of Year			138,093						$	44.48
Granted			51,600						59.95
Vested			(48,142)						45.35
Forfeited			—						—
Nonvested, End of Year			141,551						$	49.83

Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The grant-date fair value of the TSR component of the stock performance awards granted during the years ended December 31, 2022, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:

			2022						2021						2020
Risk-free interest rate			1.52		%				0.18		%				1.42		%
Expected term (in years)			3.00						3.00						3.00
Expected volatility			32.00		%				32.00		%				19.00		%
Dividend yield			2.90		%				3.60		%				2.80		%

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following is a summary of stock performance award activity for the year ended December 31, 2022 (share amounts reflect awards at target):

			Shares						Weighted-Average Grant-Date Fair Value
Nonvested, Beginning of Year			189,600						$	42.54
Granted			55,800						54.91
Vested			(55,600)						43.30
Forfeited			—						—
Nonvested, End of Year			189,800						$	45.95

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Tabular disclosure of share-based payment arrangement.

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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 https://asc.fasb.org/extlink&oid=128089324&loc=d3e5047-113901

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Tabular disclosure of the changes in outstanding nonvested restricted stock shares.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (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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-Publisher FASB
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