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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Summary of RSUs

A summary of the RSUs for the year ended December 31, 2022 is as follows:

		Restricted Share Awards
		Performance								Total				Weighted-Average
		and Service				Service				Restricted				Grant-Date
		Required (1)				Required				Awards				Fair Value
Nonvested as of January 1, 2022			172,967				19,587				192,554			$	60.34
Granted			63,457				15,755				79,212				59.15
Vested			(57,888	)			(7,303	)			(65,191	)			55.09
Forfeited			—				—				—				—
Nonvested as of December 31, 2022			178,536				28,039				206,575				61.54

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:

	2022				2021				2020
Risk-free interest rate		3.1	%			1.1	%			1.8	%
Dividend yield		1.3	%			1.4	%			1.6	%
Expected life (years)	5				5				5
Expected volatility		37.1	%			39.7	%			42.0	%

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, 2022 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, 2022			46,950			$	56.84
Granted			26,500				61.24
Exercised			(13,150	)			61.54
Forfeited			—				—
Outstanding (vested and expected to vest) at December 31, 2022			60,300				57.75				7.9			$	1,540
Exercisable at December 31, 2022			25,925				55.84				6.2			$	711

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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