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STOCK PLANS AND STOCK BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2024
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of weighted average assumptions used to determine the fair value of stock options granted

Years Ended December 31,

2024

    

2023

    

2022

 

Risk-free interest rate

4.02

%  

3.86

%  

1.35

%  

Expected dividend yield

3.04

3.19

2.50

Expected stock price volatility

27.62

33.14

32.12

Expected life of options (in years)

3.5

4

4

Estimated fair value per share

$

9.64

$

9.65

$

10.41

Summary of stock option activity

    

    

    

    

    

Weighted

    

    

Weighted

Average

Options

Average

Remaining

Aggregate

Class A

Exercise

Contractual

Intrinsic

    

Shares

    

Price

    

Term (years)

    

Value

Outstanding, January 1, 2023

465,033

$

38.81

Granted

 

69,617

 

42.74

Exercised

 

(10,000)

 

46.08

Forfeited or expired

 

(64,000)

 

45.09

Outstanding, December 31, 2023

460,650

$

38.37

1.87

$

7,734,879

Outstanding, January 1, 2024

460,650

$

38.37

Granted

 

59,413

 

49.25

Exercised

 

(223,252)

 

36.24

Forfeited or expired

 

(20,930)

 

42.03

Outstanding, December 31, 2024

275,881

$

42.15

2.21

$

7,646,215

Unvested

 

199,670

$

41.15

 

2.59

$

5,735,017

Exercisable (vested) at December 31, 2024

 

76,211

$

44.79

 

1.20

$

1,911,198

Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted

Years Ended December 31, (in thousands, except per share data)

    

2024

    

2023

    

2022

Total intrinsic value of options exercised

$

4,453

$

58

$

57

Total cash received from options exercised, net of shares redeemed

 

(638)

 

(2)

 

52

Total tax benefit of options exercised

53

1

6

Schedule of loan balances of employees that were originated to fund stock option exercises

December 31, (in thousands)

    

2024

    

2023

Outstanding loans

$

72

$

129

Summary of activity for non-vested restricted stock awards

    

Restricted

    

Weighted-Average

 

Weighted-Average

Stock Awards

Grant Date 

 

Remaining Contractual

Class A Shares

Fair Value

 

Term (years)

Outstanding, January 1, 2023

64,733

$

40.49

Granted

 

55,157

 

43.60

Forfeited

 

(1,470)

 

49.08

Earned and issued

 

(31,354)

 

37.56

Outstanding, December 31, 2023

 

87,066

$

43.37

1.98

Outstanding, January 1, 2024

87,066

$

43.37

Granted

 

13,590

 

58.88

Forfeited

 

(3,400)

 

43.67

Earned and issued

 

(29,454)

 

45.25

Outstanding, December 31, 2024

 

67,802

$

45.65

1.75

Unvested

 

67,802

$

45.65

 

1.75

Summary of PSU activity

Performance

Stock Units

Weighted-Average

Class A Shares

Grant Date Fair Value

Outstanding, January 1, 2023

 

$

Granted

 

10,999

 

42.74

Forfeited

 

(10,999)

 

42.74

Earned and issued

 

 

Outstanding, December 31, 2023

 

$

Outstanding, January 1, 2024

$

Granted

 

8,854

 

49.25

Forfeited

 

 

Earned and issued

 

 

Outstanding, December 31, 2024

 

8,854

$

49.25

Schedule of expenses recorded related to stock options and restricted stock awards

Years Ended December 31, (in thousands)

    

2024

    

2023

    

2022

Stock option expense

$

758

$

774

$

560

Restricted stock award expense

291

829

937

Performance stock unit expense

145

(281)

152

Total expense

$

1,194

$

1,322

$

1,649

Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards

    

Stock

    

Restricted

    

 

Year (in thousands)

Options

Stock Awards

Total

 

2025

$

423

$

1,272

$

1,695

2026

 

197

 

937

 

1,134

2027

 

5

 

77

 

82

2028

 

 

 

2029

 

 

 

Total

$

625

$

2,286

$

2,911

Schedule of employee stock purchase plan

Years Ended December 31, (in thousands)

2024

    

2023

    

2022

ESPP expense

$

117

$

111

$

104

Director  
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of information on deferred compensation

Outstanding

Weighted-Average

Stock

Market Price

    

Units

    

at Date of Deferral

Outstanding, January 1, 2023

99,227

$

31.43

Deferred fees and dividend equivalents converted to stock units

 

17,811

 

43.14

Stock units converted to Class A Common Shares

 

(3,635)

 

33.29

Outstanding, December 31, 2023

 

113,403

$

35.65

Outstanding, January 1, 2024

113,403

$

35.65

Deferred fees and dividend equivalents converted to stock units

 

12,726

 

55.68

Stock units converted to Class A Common Shares

 

(6,371)

 

36.77

Outstanding, December 31, 2024

 

119,758

$

37.72

Vested

 

119,758

$

37.72

Schedule of deferred compensation expenses

Years Ended December 31, (in thousands)

2024

    

2023

    

2022

Director deferred compensation expense

$

719

$

777

$

503

Key Employees  
STOCK PLANS AND STOCK BASED COMPENSATION  
Schedule of information on deferred compensation

Outstanding

Weighted-Average

Weighted-Average

Stock

Market Price

Remaining Contractual

Units

at Date of Deferral

Term (years)

Outstanding, January 1, 2023

 

82,871

$

41.03

Deferred base salaries and dividend equivalents converted to stock units

 

10,646

 

45.03

Matching stock units credited

10,578

44.90

Matching stock units forfeited

(2,753)

41.09

Stock units converted to Class A Common Shares

 

(5,084)

 

43.01

Outstanding, December 31, 2023

 

96,258

$

42.17

2.84

Outstanding, January 1, 2024

96,258

$

42.17

Deferred base salaries and dividend equivalents converted to stock units

 

8,412

 

56.88

Matching stock units credited

8,215

57.87

Matching stock units forfeited

(2,087)

43.70

Stock units converted to Class A Common Shares

 

(5,734)

 

46.34

Outstanding, December 31, 2024

 

105,064

$

44.32

3.16

Vested

 

73,829

$

42.63

3.14

Unvested

 

31,235

$

48.31

3.21

Schedule of deferred compensation expenses

Years Ended December 31, (in thousands)

2024

    

2023

    

2022

Key-employee - base salary

$

493

$

484

$

408

Key-employee - employer match

385

250

317

Total

$

878

$

734

$

725