XML 66 R52.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stock Options and Other Equity-Based Incentive Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Stock Option Activity
Stock option activity is summarized in the following table for the dates indicated:
Number of
Shares
Option Price
per Share
Weighted
Average
Exercise
Price
Outstanding at January 1, 2022
78,825 
$15.34 to $23.21
$19.28 
Options granted— — — 
Options exercised(63,325)
$15.34 to $19.46
$18.79 
Options forfeited— — — 
Outstanding at December 31, 2022
15,500 
$19.46 to $23.21
$21.27 
Options granted— — — 
Options exercised(8,000)
$19.46
$19.46 
Options forfeited— — — 
Outstanding at December 31, 20237,500 
$23.21
$23.21 
Summary of Options Outstanding
The following table shows the number, weighted-average exercise price, intrinsic value, and weighted average remaining contractual life of options exercisable, options not yet exercisable and total options outstanding as of December 31, 2023:
Currently
Exercisable
Currently Not
Exercisable
Total
Outstanding
Number of options7,500 — 7,500 
Weighted average exercise price$23.21 $— $23.21 
Intrinsic value (in thousands)$148 $— $148 
Weighted average remaining contractual term (yrs.)0.8n/a0.8
Information about Options
The following table shows the total intrinsic value of options exercised, the total fair value of options vested, total compensation costs for options recognized in income, total tax benefit and excess tax benefits recognized in income related to compensation costs for options during the periods indicated:
 Year Ended December 31,
 202320222021
Intrinsic value of options exercised$134,000 $1,190,000 $1,476,000 
Fair value of options that vested— — — 
Total compensation costs for options recognized in expense— — — 
Total tax benefit recognized in income related to compensation costs for options40,000 — — 
Excess tax benefit recognized in income— — — 
Restricted Stock Unit (RSU) Activity
Restricted stock unit activity is summarized in the following table for the dates indicated:
 Service Condition Vesting RSUsMarket Plus Service Condition
Vesting RSUs
 Number
of RSUs
Weighted Average
Fair Value on
Date of Grant
Number of
RSUs
Weighted Average
Fair Value on
Date of Grant
Outstanding at January 1, 2023
139,194 114,481 
RSUs granted84,066 $34.52 55,908 $27.72 
Additional market plus service condition RSUs vested— 10,301 
RSUs added through dividend credits4,706 — 
RSUs released through vesting(81,902)(55,928)
RSUs forfeited/expired(1,577)(1,660)
Outstanding at December 31, 2023144,487 123,102 
Schedule of Weighted Average Fair Value and Assumptions
The Company uses a Monte Carlo simulation model to determine the grant-date fair value of awards with market plus service conditions (PSU). The weighted average fair value and assumptions used to value the PSU awards granted with market-based performance conditions are as follows:
December 31,
20232022
Performance share fair value$27.73 $40.89 
Risk-free interest rate4.16 %4.10 %
Expected volatility33.86 %39.01 %
Expected life (years)33
Expected dividend yield3.22 %2.32 %
Summary of Compensation Costs and Excess Tax Benefits for RSUs
The following table shows the compensation costs and excess tax benefits for RSUs recognized in income for the periods indicated:
 Year Ended December 31,
 202320222021
Total compensation costs recognized in income
Service condition vesting RSUs$2,807,000 $2,883,000 $1,728,000 
Market plus service condition vesting RSUs1,319,000 986,000 910,000 
Excess tax benefit recognized in income
Service condition vesting RSUs$924,000 $1,079,000 $626,000 
Market plus service condition vesting RSUs594,000 355,000 226,000