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Stock Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2024
Stock Compensation Plans  
Schedule of share-based compensation, stock options, activity

    

    

Shares

    

Weighted

Available

Under

Average

to be Granted

Option

Exercise Price

Balance, January 1, 2022

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 be granted 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

Forfeited from terminated plan(s)

(15,634)

51.289

Granted from 2022 Plan

(214,800)

214,800

61.706

Exercised

 

 

(203,601)

 

49.586

Forfeited from current plan(s)

 

28,549

 

(28,549)

 

57.483

Balance, December 31, 2024

 

301,349

 

1,207,321

$

55.921

Schedule of fair value option pricing model assumptions

    

2024

    

2023

    

2022

 

 

Expected dividends per share

$

1.60

$

1.60

$

1.60

 

Risk-free interest rate

 

4.31

%  

4.51

%  

3.77

%

Expected life of options

 

6 years

6 years

6 years

Expected volatility

 

25.48

%  

23.69

%  

23.70

%

Weighted average fair value of options granted during year

$

15.01

$

11.69

$

13.46

Schedule of share-based compensation, activity

    

    

    

Weighted

Weighted

Average

Average

Remaining

Exercise

Contractual

 

Options

 

Price

 

Term

Options outstanding, January 1, 2024

 

1,240,305

$

53.857

 

6.74 years

Granted

 

214,800

61.706

 

Exercised

 

(203,601)

49.586

 

Forfeited

 

(44,183)

55.291

 

Options outstanding, December 31, 2024

 

1,207,321

55.921

 

6.80 years

Options exercisable, December 31, 2024

 

539,611

$

53.798

 

4.63 years

Schedule of nonvested share activity

    

    

Weighted

    

Weighted

Average

Average

Exercise

Grant Date

    

Options

    

Price

    

Fair Value

Nonvested options, January 1, 2024

 

668,815

$

55.711

$

11.640

Granted

 

214,800

61.706

15.013

Vested this period

 

(176,580)

55.582

11.002

Nonvested options forfeited

 

(39,325)

56.320

12.113

Nonvested options, December 31, 2024

 

667,710

$

57.638

$

12.866

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, 2024:

    

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

$41.300 to 41.740

 

149,610

 

4.74 years

$

41.632

 

113,686

$

41.598

$50.710 to 59.750

 

551,814

 

6.24 years

 

54.831

 

270,205

 

55.046

$60.150 to 61.790

 

505,897

 

8.02 years

 

61.336

 

155,720

 

60.537

 

1,207,321

 

6.80 years

$

55.921

 

539,611

$

53.798