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Stock Option Plan (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Stock Options Issued |
|  | Directors |  |  | Officers |
Grant date |  | May 3, 2019 | April 24, 2020 | May 7, 2021 |  |  | May 3, 2019 | April 24, 2020 | May 7, 2021 |  |
Exercise price |  | $ | 55.71 |  | $ | 50.00 |  | $ | 43.89 |  |  |  | $ | 55.71 |  | $ | 50.00 |  | $ | 43.89 |  |  |
Volatility |  | 0.236 |  | 0.258 |  | 0.297 |  |  |  | 0.206 |  | 0.240 |  | 0.275 |  |  |
Expected life (years) |  | 5.0 | 5.0 | 5.0 |  |  | 7.0 | 7.0 | 7.0 |  |
Assumed yield |  | 3.75 | % | 3.80 | % | 4.96 | % |  |  | 3.80 | % | 3.85 | % | 4.97 | % |  |
Risk-free rate |  | 2.33 | % | 0.36 | % | 0.77 | % |  |  | 2.43 | % | 0.51 | % | 1.24 | % |  |
Summary of Option Activity | The table below summarizes the option activity for the years 2021, 2020, and 2019:
| 2021 |  | 2020 |  | 2019
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1 | 1,502,670 |  |  | $ | 52.86 |  |  | 1,309,614 |  |  | $ | 53.38 |  |  | 1,114,169 |  |  | $ | 52.40 |
Granted | 250,500 |  |  | 43.89 |  |  | 238,000 |  |  | 50.00 |  |  | 260,000 |  |  | 55.71 |
Exercised | (64,920) |  |  | 45.07 |  |  | (10,749) |  |  | 49.19 |  |  | (57,055) |  |  | 44.53 |
Expired/Forfeited | (87,000) |  |  | 53.60 |  |  | (34,195) |  |  | 54.09 |  |  | (7,500) |  |  | 56.07 |
Outstanding December 31 | 1,601,250 |  |  | 51.73 |  |  | 1,502,670 |  |  | 52.86 |  |  | 1,309,614 |  |  | 53.38 |
Exercisable at December 31 | 1,098,500 |  |  | 53.22 |  |  | 971,545 |  |  | 53.01 |  |  | 763,614 |  |  | 52.43 |

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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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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