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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2020

Summary of RSUs

A summary of the RSUs for the year ended December 31, 2020 is as follows:

		Restricted Share Awards
		Performance								Total				Weighted-Average
		and Service				Service				Restricted				Grant-Date
		Required				Required				Awards				Fair Value
Nonvested as of January 1, 2020			196,342				15,292				211,634			$	53.68
Granted			71,539				9,547				81,086				54.25
Vested			(73,053	)			(6,290	)			(79,343	)			56.13
Forfeited			(11,051	)			(2,763	)			(13,814	)			61.29
Nonvested as of December 31, 2020			183,777				15,786				199,563			$	60.33

Weighted-Average Assumptions for Estimating Fair Values

The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	2020				2019				2018
Risk-free interest rate		1.8	%			1.8	%			2.8	%
Dividend yield		1.6	%			1.6	%			1.6	%
Expected life (years)	5				5				5
Expected volatility		42.0	%			42.0	%			40.0	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP and Incentive Plan for the year ended December 31, 2020 was as follows:

		Number of Shares				Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at January 1, 2020			31,750			$	58.77
Granted			25,500			$	48.13
Exercised			(5,050	)		$	47.68
Forfeited			(1,250	)		$	48.00
Outstanding (vested and expected to vest) at    December 31, 2020			50,950			$	54.81				7.5			$	726
Exercisable at December 31, 2020			21,700			$	61.77				5.0			$	151

X

- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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