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Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Assumptions Used to Determine Grant-Date Fair Value of Options

The fair value of each stock option or SEU granted in the year was calculated with the following weighted average assumptions to determine the grant-date fair values of the share-based compensation:

		2024				2023				2022
Dividend yield			1.13	%			1.16	%			1.27	%
Expected life		3 years				4 years				5 years
Volatility			25.5	%			39.7	%			39.8	%
Risk free interest rate			4.38	%			4.47	%			2.90	%

Employee Stock Option

Summary of Transactions of Company's Stock Option Plans

The following tables summarizes the transactions of the Company’s share-based compensation plans for the year ended December 31, 2024.

		Number of shares				Weighted Average Grant-Date Fair Value
Nonvested at December 31, 2023			652,891			$	75.2
Granted			139,867			$	130.3
Vested			(200,296	)		$	82.0
Forfeited			(17,791	)		$	75.4
Nonvested at December 31, 2024			574,671			$	86.2

		Number of shares				Weighted Average Exercise price				Weighted-Average Remaining Contractual Term (years)
Outstanding at December 31, 2023			701,776			$	24.8
Granted			139,867			$	—
Exercised			(203,772	)		$	11.3
Forfeited			(18,166	)		$	26.0
Outstanding at December 31, 2024			619,705			$	23.5				2.5
Exercisable at December 31, 2024			45,034			$	37.1				3.6

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (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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