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Earnings Per Common Share And Share Awards (Tables)

6 Months Ended

Jun. 30, 2022

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 six-month periods ended June 30:

						Three Months Ended June 30,									Six Months Ended June 30,
(in thousands, except per share amounts)						2022						2021			2022						2021
Net income						$	2,279					$	19,782		$	8,464					$	33,605
Weighted average common shares outstanding – Basic						1,897						1,894			1,897						1,894
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)						2						5			3						4
Weighted average common shares outstanding – Diluted						1,899						1,899			1,900						1,898
Basic earnings per common share						$	1.20					$	10.44		$	4.46					$	17.74
Diluted earnings per common share						$	1.20					$	10.42		$	4.45					$	17.70

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, 2021			36						$	139.16					4.38						$	903
SARs granted			5						184.26
SARs exercised			(6)						106.71
Outstanding as of December 31, 2021			35						$	150.36					3.96						$	1,643
SARs granted			5						166.90
SARs exercised			(4)						89.23
Outstanding as of June 30, 2022			36						$	159.32					4.16						$	407
Exercisable as of June 30, 2022			27						$	161.95					3.65						$	324
Unvested as of June 30, 2022			9						$	151.27					5.73						$	83

Share-Based Valuation Assumptions

The weighted average fair value for the SARs issued during 2022 and 2021 were $69.64 and $59.83, respectively, and were estimated using the weighted average assumptions shown in the table below:

			2022												2021
Expected Life in Years			7.0												7.0
Volatility			35.0%												33.9%
Interest Rate			2.9%												1.3%
Yield Rate			0.1%												1.1%

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
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-Section 50
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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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