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Earnings Per Common Share And Share Awards (Tables)

9 Months Ended

Sep. 30, 2021

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except per share amounts)						2021						2020						2021						2020
Net income						$	14,503					$	15,301					$	48,108					$	22,785
Weighted average common shares outstanding – Basic						1,894						1,892						1,894						1,892
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)						6						3						5						4
Weighted average common shares outstanding – Diluted						1,900						1,895						1,899						1,896
Basic earnings per common share						$	7.66					$	8.09					$	25.40					$	12.04
Diluted earnings per common share						$	7.63					$	8.07					$	25.34					$	12.02

Summary Of Share-Based Award Transactions

A summary of share-based award transactions for all share-based award plans follows:

(in thousands, except weighted average exercise price and average remaining contractual term)			Number Of Shares						Weighted Average Exercise Price						Average Remaining Contractual Term (Years)						Aggregate Intrinsic Value
Outstanding as of January 1, 2020			30						$	124.13					3.53						$	1,352
SARs granted			14						137.40
SARs exercised			(8)						75.75
Outstanding as of December 31, 2020			36						$	139.16					4.38						$	903
SARs granted			5						184.26
SARs exercised			(3)						68.70
Outstanding as of September 30, 2021			38						$	150.06					4.31						$	1,317
Exercisable as of September 30, 2021			29						$	149.50					3.77						$	1,028
Unvested as of September 30, 2021			9						$	151.80					5.96						$	289

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2021 and 2020 were $59.83 and $34.45, respectively, and were estimated using the weighted average assumptions shown in the table below.

			2021												2020
Expected Life in Years			7.0			-			7.0						6.2			-			7.0
Volatility			33.9%												28.5%
Interest Rate			1.3%												0.7%
Yield Rate			1.1%												1.2%

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Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.

+ References

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Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, and weighted-average grant date fair value.

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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.

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