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Stock Option Plan (Tables)

12 Months Ended

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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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.

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-Name Accounting Standards Codification
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Tabular disclosure of the change in stock options.

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