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Stock Options and Other Equity-Based Incentive Instruments (Tables)
12 Months Ended
Dec. 31, 2024
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, 2023
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, 2023
7,500 
$23.21
$23.21 
Options granted— — — 
Options exercised(7,500)23.21 $23.21 
Options forfeited— — — 
Outstanding at December 31, 2024— $— $— 
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,
 (in thousands)202420232022
Intrinsic value of options exercised$153 $134 $1,190 
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 options42 40 — 
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, 2024
144,487 123,102 
RSUs granted86,036 $38.23 56,516 $20.86 
Additional market plus service condition RSUs vested— 1,536 
RSUs added through dividend credits5,817 — 
RSUs released through vesting(78,403)(32,248)
RSUs forfeited/expired(5,365)(4,191)
Outstanding at December 31, 2024152,572 144,715 
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,
20242023
Performance share fair value$20.86 $27.73 
Risk-free interest rate4.32 %4.16 %
Expected volatility32.06 %33.86 %
Expected life (years)33
Expected dividend yield3.99 %3.22 %
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,
(in thousands)202420232022
Total compensation costs recognized in income
Service condition vesting RSUs$3,224 $2,807 $2,883 
Market plus service condition vesting RSUs1,442 1,319 986 
Excess tax benefit recognized in income
Service condition vesting RSUs$964 $924 $1,079 
Market plus service condition vesting RSUs427 594 355