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Share-Based Payments (Tables) | 9 Months Ended
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Sep. 30, 2023
Share-Based Payment Arrangement [Abstract] |
Summary of Nonvested Restricted Stock Shares Activity | The following is a summary of stock award activity for the nine months ended September 30, 2023:
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested, January 1, 2023 | 141,551 |  |  | $ | 49.83 |
Granted | 55,205 |  |  | 68.03 |
Vested | (45,493) |  |  | 50.02 |
Forfeited | (2,350) |  |  | 52.02 |
Nonvested, September 30, 2023 | 148,913 |  |  | $ | 56.48 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The grant date fair value of stock performance awards granted during the nine months ended September 30, 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 |  | 3
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 nine months ended September 30, 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, September 30, 2023 | 194,200 |  |  | $ | 50.33 |

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- Definition Tabular disclosure of share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-1 Reference 2: 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 changes in outstanding nonvested restricted stock shares. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Subparagraph (c) -Paragraph 2 -SubTopic 10 -Topic 718 -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 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. + 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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