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Stock Option Plan (Tables) | 12 Months Ended
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Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Stock Options Issued |
|  | Directors |  | Officers |  |
Grant date |  | May 13, 2022 | May 7, 2021 | April 24, 2020 |  |  | May 13, 2022 | May 7, 2021 | April 24, 2020 |  |
Exercise price |  | $ | 47.90 |  | $ | 43.89 |  | $ | 50.00 |  |  |  | $ | 47.90 |  | $ | 43.89 |  | $ | 50.00 |  |  |
Fair value per option |  | $ | 8.34 |  | $ | 6.32 |  | $ | 0.84 |  |  |  | $ | 7.66 |  | $ | 5.96 |  | $ | 0.92 |  |  |
Volatility |  | 30.00 | % | 29.70 | % | 25.80 | % |  |  | 27.10 | % | 27.50 | % | 24.00 | % |  |
Expected life (years) |  | 5.0 | 5.0 | 5.0 |  |  | 7.0 | 7.0 | 7.0 |  |
Assumed yield |  | 4.90% | 4.96% | 3.80% |  |  | 4.93% | 4.97% | 3.85% |  |
Risk-free rate |  | 2.89% | 0.77% | 0.36% |  |  | 2.95% | 1.24% | 0.51% |  |
Summary of Option Activity | The table below summarizes the option activity for the years 2022, 2021, and 2020:
| 2022 |  | 2021 |  | 2020
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1 | 1,601,250 |  |  | $ | 51.73 |  |  | 1,502,670 |  |  | $ | 52.86 |  |  | 1,309,614 |  |  | $ | 53.38 |
Granted | 248,000 |  |  | 47.90 |  |  | 250,500 |  |  | 43.89 |  |  | 238,000 |  |  | 50.00 |
Exercised | (26,875) |  |  | 44.44 |  |  | (64,920) |  |  | 45.07 |  |  | (10,749) |  |  | 49.19 |
Expired/Forfeited | (54,000) |  |  | 52.60 |  |  | (87,000) |  |  | 53.60 |  |  | (34,195) |  |  | 54.09 |
Outstanding December 31 | 1,768,375 |  |  | 51.28 |  |  | 1,601,250 |  |  | 51.73 |  |  | 1,502,670 |  |  | 52.86 |
Exercisable at December 31 | 1,237,250 |  |  | 52.76 |  |  | 1,098,500 |  |  | 53.22 |  |  | 971,545 |  |  | 53.01 |

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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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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 https://asc.fasb.org/extlink&oid=128089324&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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