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Stock Option Plan (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Options Issued |
|  | Directors |  | Officers |  |
Grant date |  | May 12, 2023 | May 13, 2022 | May 7, 2021 |  |  | May 12, 2023 | May 13, 2022 | May 7, 2021 |  |
Exercise price |  | $ | 33.79 |  | $ | 47.90 |  | $ | 43.89 |  |  |  | $ | 33.79 |  | $ | 47.90 |  | $ | 43.89 |  |  |
Fair value per option |  | $ | 6.53 |  | $ | 8.34 |  | $ | 6.32 |  |  |  | $ | 6.06 |  | $ | 7.66 |  | $ | 5.96 |  |  |
Volatility |  | 0.319 | 0.300 | 0.297 |  |  |  | 0.288 | 0.271 | 0.275 |  |
Expected life (years) |  | 5.0 | 5.0 | 5.0 |  |  | 7.0 | 7.0 | 7.0 |  |
Assumed yield |  | 4.94% | 4.90% | 4.96% |  |  | 4.96% | 4.93% | 4.97% |  |
Risk-free rate |  | 3.45% | 2.89% | 0.77% |  |  | 3.45% | 2.95% | 1.24% |  |
Summary of Option Activity | The table below summarizes the option activity for the years 2023, 2022, and 2021:
| 2023 |  | 2022 |  | 2021
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
Outstanding at January 1 | 1,768,375 |  |  | $ | 51.28 |  |  | 1,601,250 |  |  | $ | 51.73 |  |  | 1,502,670 |  |  | $ | 52.86 |
Granted | 253,500 |  |  | 33.79 |  |  | 248,000 |  |  | 47.90 |  |  | 250,500 |  |  | 43.89 |
Exercised | — |  |  | — |  |  | (26,875) |  |  | 44.44 |  |  | (64,920) |  |  | 45.07 |
Expired/Forfeited | (201,875) |  |  | 46.20 |  |  | (54,000) |  |  | 52.60 |  |  | (87,000) |  |  | 53.60 |
Outstanding December 31 | 1,820,000 |  |  | 49.41 |  |  | 1,768,375 |  |  | 51.28 |  |  | 1,601,250 |  |  | 51.73 |
Exercisable at December 31 | 1,177,375 |  |  | 52.52 |  |  | 1,237,250 |  |  | 52.76 |  |  | 1,098,500 |  |  | 53.22 |

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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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