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SHARE BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2021
Share-based Payment Arrangement [Abstract] |
Schedule of Fair Value Stock Options | The fair value of stock options was $7.383 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
Exercise price | $ | 70.64 |
Risk-free rate | 0.650 | %
Expected term | 6.25 years
Expected volatility | 21.08 | %
Dividend Yield | 3.963 | %
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019, for all share-based awards was as follows:
|  | (in thousands)
|  | Year Ended December 31,
|  | 2021 | 2020 | 2019
Share based compensation expense |  | $ | 2,687 |  | $ | 2,106 |  | $ | 1,905 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2020 and 2019, related to our restricted share awards was as follows:
|  | Awards with Service Conditions
|  |  | Wtd Avg Grant-
|  | Shares | Date Fair Value
Unvested at December 31, 2018 |  | 7,191 |  |
Granted |  | — |  |
Vested |  | (4,999) |  | $ | 61.06 |
Forfeited |  | — |  |
Unvested at December 31, 2019 |  | 2,192 |  | 59.20 |
Granted |  | — |  |
Vested |  | (2,192) |  | $ | 59.20 |
Forfeited |  | — |  |
Unvested at December 31, 2020 |  | — |  |
The activity for the years ended December 31, 2021, 2020, and 2019, related to our RSUs was as follows:
|  | RSUs with Service Conditions |  | RSUs with Market Conditions
|  |  | Wtd Avg Grant- |  |  | Wtd Avg Grant-
|  | Shares | Date Fair Value |  | Shares | Date Fair Value
Unvested at December 31, 2018 |  | 18,260 |  | $ | 55.13 |  |  | 25,319 |  | $ | 62.84 |
Granted |  | 16,084 |  | $ | 59.76 |  |  | 12,978 |  | $ | 79.49 |
Vested |  | (11,633) |  | $ | 55.35 |  |  | — |  | — |
Forfeited |  | (365) |  | $ | 51.73 |  |  | (475) |  | $ | 57.70 |
Unvested at December 31, 2019 |  | 22,346 |  | $ | 58.41 |  |  | 37,822 |  | $ | 68.62 |
Granted |  | 17,981 |  | $ | 68.25 |  |  | — |  | $ | — |
Vested |  | (14,991) |  | $ | 59.10 |  |  | (13,357) |  | 74.68 |
Change in awards(1) |  | — |  | $ | — |  |  | 4,436 |  | $ | — |
Forfeited |  | (508) |  | $ | 62.99 |  |  | (1,907) |  | $ | 63.92 |
Unvested at December 31, 2020 |  | 24,828 |  | $ | 65.03 |  |  | 26,994 |  | $ | 67.87 |
Granted |  | 13,693 |  | $ | 71.54 |  |  | 19,224 |  | $ | 87.04 |
Vested |  | (17,065) |  | $ | 63.42 |  |  | (35,920) |  | $ | 65.34 |
Change in awards(1) |  | — |  | — |  |  | 8,926 |  | — |
Forfeited |  | (482) |  | $ | 70.44 |  |  | — |  | $ | — |
Unvested at December 31, 2021 |  | 20,974 |  | $ | 69.97 |  |  | 19,224 |  | $ | 87.04 |
(1)Represents the change in the number of restricted stock units earned at the end of the measurement period.
Schedule of Stock Options Activity | The stock option activity for the years ended December 31, 2021 and 2020 was as follows:
|  | Number of Shares | Weighted Average Exercise Price
Outstanding at December 31, 2019 |  | — |  | — |
Granted |  | 141,000 |  | $ | 66.36 |
Exercised |  | — |  | — |
Forfeited |  | (1,952) |  | $ | 66.36 |
Outstanding at December 31, 2020 |  | 139,048 |  | $ | 66.36 |
Exercisable at December 31, 2020 |  | — |  | — |
Granted |  | 43,629 |  | 70.64 |
Exercised |  | — |  | — |
Forfeited |  | — |  | — |
Outstanding at December 31, 2021 |  | 182,677 |  | 67.38 |
Exercisable at December 31, 2021 |  | 34,758 |  | 66.36 |

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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + Details
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