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Share-Based Payments (Tables) | 6 Months Ended
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Jun. 30, 2024
Share-Based Payment Arrangement [Abstract] |
Schedule of Nonvested Restricted Stock Shares Activity | The following is a summary of stock award activity for the six months ended June 30, 2024:
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested, January 1, 2024 | 148,913 |  |  | $ | 56.48 |
Granted | 49,425 |  |  | 85.77 |
Vested | (49,921) |  |  | 52.36 |
Forfeited | (150) |  |  | 66.39 |
Nonvested, June 30, 2024 | 148,267 |  |  | $ | 67.62 |
Schedule of Share-Based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The grant date fair value of stock performance awards granted during the six months ended June 30, 2024 and 2023 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:
| 2024 |  | 2023
Risk-free interest rate | 4.16 | % |  | 4.15 | %
Expected term (in years) | 3 |  | 3
Expected volatility | 35.10 | % |  | 34.00 | %
Dividend yield | 2.40 | % |  | 2.50 | %
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | The following is a summary of stock performance award activity for the six months ended June 30, 2024 (share amounts reflect awards at target):
| Shares |  | Weighted-Average Grant-Date Fair Value
Nonvested, January 1, 2024 | 194,200 |  |  | $ | 50.33 |
Granted | 43,400 |  |  | 94.45 |
Vested | (79,000) |  |  | 38.34 |
Forfeited | — |  |  | — |
Nonvested, June 30, 2024 | 158,600 |  |  | $ | 68.37 |

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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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