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SHARE BASED COMPENSATION (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value Stock Options | The fair value of stock options was $17.094 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| 2022
Exercise price | $ | 110.90 |
Risk-free rate | 1.44 | %
Expected term | 6.25 years
Expected volatility | 21.2 | %
Dividend yield | 2.597 | %
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2022, 2021, and 2020, for all share-based awards was as follows:
|  | (in thousands)
|  | Year Ended December 31,
|  | 2022 | 2021 | 2020
Share based compensation expense |  | $ | 2,615 |  | $ | 2,689 |  | $ | 2,106 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2022, 2021, and 2020, 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, 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 |
Granted |  | 15,359 |  | 96.29 |  |  | 13,559 |  | 131.05 |
Vested |  | (13,357) |  | 69.24 |  |  | — |  | — |
Forfeited |  | (1,562) |  | 76.49 |  |  | (2,741) |  | 87.04 |
Unvested at December 31, 2022 |  | 21,414 |  | $ | 88.83 |  |  | 30,042 |  | $ | 106.90 |
(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, 2022, 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 |
Granted |  | 30,245 |  | 110.67 |
Exercised |  | — |  | — |
Forfeited |  | (16,299) |  | 67.59 |
Outstanding at December 31, 2022 |  | 196,623 |  | $ | 74.02 |
Exercisable at December 31, 2022 |  | 80,421 |  | $ | 66.94 |

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