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Share-Based Payments (Tables)

6 Months Ended

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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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

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-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

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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
-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

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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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-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

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