XML 65 R51.htm IDEA: XBRL DOCUMENT v3.24.0.1
Stock Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2023
Stock Compensation Plans  
Schedule of share-based compensation, stock options, activity

    

    

Shares

    

Weighted

Available

Under

Average

to Grant

Option

Exercise Price

Balance, January 1, 2021

245,350

971,107

$

48.079

Granted from 2018 Plan

 

(202,700)

 

202,700

 

57.980

Exercised

 

 

(91,285)

 

40.532

Forfeited from terminated plan(s)

 

 

(5,197)

 

44.563

Forfeited from current plan(s)

 

44,022

 

(44,022)

 

52.256

Balance, December 31, 2021

 

86,672

 

1,033,303

 

50.528

Granted from 2018 Plan

 

(2,500)

 

2,500

 

61.550

Forfeited from terminated plan(s)

 

39,235

 

(39,235)

 

52.523

Termination of 2018 Plan

 

(123,407)

 

 

Available to Grant from 2022 Plan

 

900,000

 

 

Granted from 2022 Plan

 

(205,900)

 

205,900

 

61.505

Exercised

 

 

(136,801)

 

42.149

Forfeited from current plan(s)

 

750

 

(750)

 

61.550

Balance, December 31, 2022

 

694,850

 

1,064,917

 

53.671

Forfeited from terminated plan(s)

(9,100)

51.123

Granted from 2022 Plan

(210,300)

210,300

53.166

Exercised

 

 

(22,762)

 

38.830

Forfeited from current plan(s)

 

3,050

 

(3,050)

 

61.550

Balance, December 31, 2023

 

487,600

 

1,240,305

$

53.857

Schedule of fair value option pricing model assumptions

    

2023

    

2022

    

2021

 

 

Expected dividends per share

$

1.60

$

1.60

$

1.44

 

Risk-free interest rate

 

4.51

%  

3.77

%  

1.24

%

Expected life of options

 

6 years

6 years

5 years

Expected volatility

 

23.69

%  

23.70

%  

28.33

%

Weighted average fair value of options granted during year

$

11.69

$

13.46

$

11.56

Schedule of share-based compensation, activity

    

    

    

Weighted

Weighted

Average

Average

Remaining

Exercise

Contractual

 

Options

 

Price

 

Term

Options outstanding, January 1, 2023

 

1,064,917

$

53.671

 

7.13 years

Granted

 

210,300

53.166

 

Exercised

 

(22,762)

38.830

 

Forfeited

 

(12,150)

53.741

 

Options outstanding, December 31, 2023

 

1,240,305

53.857

 

6.74 years

Options exercisable, December 31, 2023

 

571,490

$

51.688

 

4.64 years

Schedule of nonvested share activity

    

    

Weighted

    

Weighted

Average

Average

Exercise

Grant Date

    

Options

    

Price

    

Fair Value

Nonvested options, January 1, 2023

 

636,844

$

56.073

$

11.117

Granted

 

210,300

53.166

11.681

Vested this period

 

(169,592)

53.882

9.755

Nonvested options forfeited

 

(8,737)

56.347

11.299

Nonvested options, December 31, 2023

 

668,815

$

55.711

$

11.640

Schedule of share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable

The following table further summarizes information about stock options outstanding at December 31, 2023:

    

Options Outstanding

    

    

    

    

Weighted

Options Exercisable

Average

Weighted

Weighted

Remaining

Average

Average

Number

Contractual

Exercise

Number

Exercise

Range of Exercise Prices

     

Outstanding

     

Term

     

Price

     

Exercisable

     

Price

$32.590 to 38.610

 

26,906

 

0.96 years

$

33.317

 

26,906

$

33.317

$41.300 to 41.740

 

200,538

 

5.71 years

 

41.628

 

119,930

 

41.552

$50.250 to 59.750

 

668,327

 

6.87 years

 

54.686

 

316,725

 

54.194

$60.150 to 62.010

 

344,534

 

7.55 years

 

60.971

 

107,929

 

60.176

 

1,240,305

 

6.74 years

$

53.857

 

571,490

$

51.688