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SHARE BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of Fair Value Stock Options | The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:
| 2023
Exercise price | $ | 58.67 |
Risk-free rate | 3.97 | %
Expected term | 6.25 years
Expected volatility | 28.7 | %
Dividend yield | 4.977 | %
Schedule of Compensation Expense Recognized | Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows:
|  | (in thousands)
|  | Year Ended December 31,
|  | 2023 | 2022 | 2021
Share-based compensation expense |  | $ | 3,295 |  | $ | 2,615 |  | $ | 2,689 |
Schedule of Restricted Share Awards Activity | The activity for the years ended December 31, 2023, 2022, and 2021 related to 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, 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 |
Granted |  | 31,999 |  | 57.21 |  |  | 20,497 |  | 82.63 |
Vested |  | (22,036) |  | 78.74 |  |  | (13,820) |  | 87.04 |
Forfeited |  | (383) |  | 73.85 |  |  | (14,653) |  | 96.05 |
Unvested at December 31, 2023 |  | 30,994 |  | $ | 65.54 |  |  | 22,066 |  | $ | 104.01 |
(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, 2023, 2022, and 2021 was as follows:
|  | Number of Shares | Weighted Average Exercise Price
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 |
Granted |  | 45,955 |  | 58.67 |
Exercised |  | (20,061) |  | 58.67 |
Expired |  | (103,768) |  | 73.03 |
Forfeited |  | (1,739) |  | 80.66 |
Outstanding at December 31, 2023 |  | 117,010 |  | $ | 71.41 |
Exercisable at December 31, 2023 |  | 59,477 |  | 70.06 |

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