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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2024
Share-Based Payment Arrangement [Abstract] |
Summary of RSUs | A summary of the RSUs for the years ended December 31, 2024 is as follows:
| Restricted Share Awards
| Performance and Service Required (a) |  | Service Required |  | Total Restricted Awards |  | Weighted-Average Grant-Date Fair Value
Nonvested as of January 1, 2024 | 156,477 |  | 24,108 |  | 180,585 |  | $ | 71.61 |
Granted | 40,914 |  | 7,040 |  | 47,954 |  | 123.76 |
Vested | (50,868) |  | (13,898) |  | (64,766) |  | 69.12 |
Forfeited | 0 |  | 0 |  | 0 |  | — |
Nonvested as of December 31, 2024 | 146,523 |  | 17,250 |  | 163,773 |  | 87.86 |
(a) Nonvested, performance-based RSUs are reflected above at the maximum performance achievement level.
Schedule of Fair Values for the Stock Options | 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:
| 2024 |  | 2022 |  |
Risk-free interest rate | 4.2 | % |  | 3.1 | % |  |
Dividend yield | 1.1 | % |  | 1.3 | % |  |
Expected life (years) | 5 years |  | 5 years |  |
Expected volatility | 38.2 | % |  | 37.1 | % |  |
Schedule of Option Activity in the Company's Incentive Plan | Activity in the Company’s Incentive Plan for the year ended December 31, 2024 was as follows:
| Number of Shares |  | Weighted Average Exercise Price per Share |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Outstanding as of January 1, 2024 | 22,500 |  | $ | 58.89 |  |  |  |  |
Granted | 7,500 |  | — |  |  |  |  |
Exercised | (3,575) |  | 57.73 |  |  |  |  |
Forfeited | — |  | — |  |  |  |  |
Outstanding (vested and expected to vest) at December 31, 2024 | 26,425 |  | 79.33 |  |  | 7.8 |  | $ | 1,300 |
Exercisable at December 31, 2024 | 12,300 |  | 57.96 |  |  | 6.7 |  | $ | 859 |

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- 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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