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Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Nonvested Restricted Stock Shares Activity

The following is a summary of stock award activity for the three months ended March 31, 2023:

			Shares						Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2023			141,551						$	49.83
Granted			17,900						64.65
Vested			(18,600)						50.94
Forfeited			—						—
Nonvested, March 31, 2023			140,851						$	51.57

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

The grant date fair value of stock performance awards granted during the three months ended March 31, 2023 and 2022 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:

			2023						2022
Risk-free interest rate			4.15		%				1.52		%
Expected term (in years)			3.00						3.00
Expected volatility			34.00		%				32.00		%
Dividend yield			2.50		%				2.90		%

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

The following is a summary of stock performance award activity for the three months ended March 31, 2023 (share amounts reflect awards at target):

			Shares						Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2023			189,800						$	45.95
Granted			59,400						61.97
Vested			(55,000)						47.79
Forfeited			—						—
Nonvested, March 31, 2023			194,200						$	50.33

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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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-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=128089324&loc=d3e5070-113901

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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
-Section 50
-Paragraph 2
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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
-Name Accounting Standards Codification
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-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
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