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Stock Option Plans (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Stock Option Activity | A summary of changes in options issued under the Company’s stock option plans follows:
|  | 2023 |  |  | 2022 |
Options outstanding at the beginning of the year |  |  | 1,617,672 |  |  |  | 1,537,052 |
Options granted |  |  | 163,500 |  |  |  | 133,250 |
Options forfeited |  |  | (6,938 | ) |  |  | (6,562 | )
Options exercised |  |  | (175,473 | ) |  |  | (46,068 | )
Options outstanding at the end of the year |  |  | 1,598,761 |  |  |  | 1,617,672 |
Options exercisable at the end of the year |  |  | 1,138,706 |  |  |  | 1,132,174 |
Common stock available for future grants at the end of the year |  |  | 3,250 |  |  |  | 166,750 |
Weighted average exercise price per share: |  |  |  |  |  |
Granted |  | $ | 30.47 |  |  | $ | 29.35 |
Forfeited |  |  | 20.68 |  |  |  | 31.50 |
Exercised |  |  | 16.95 |  |  |  | 12.73 |
Outstanding |  |  | 26.77 |  |  |  | 25.30 |
Exercisable |  |  | 24.82 |  |  |  | 22.83 |
Summary of Options Outstanding | A summary of options outstanding as December 31, 2023 is as follows:
Options Outstanding |  |  | Options Exercisable |
Range of Exercise Prices |  | Number Outstanding |  |  | Weighted- Average Remaining Contractual Life (Years) |  | Weighted- Average Exercise Price |  |  | Number Exercisable |  |  | Weighted- Average Exercise Price |
$16.71 to $21.62 |  |  | 311,625 |  |  | 3 |  | $ | 19.73 |  |  |  | 311,625 |  |  | $ | 19.73 |
$21.63 to $23.29 |  |  | 379,562 |  |  | 6 |  |  | 22.81 |  |  |  | 327,940 |  |  |  | 22.77 |
$23.30 to $27.77 |  |  | 300,450 |  |  | 4 |  |  | 24.43 |  |  |  | 290,450 |  |  |  | 24.45 |
$27.78 to $31.56 |  |  | 311,624 |  |  | 9 |  |  | 29.88 |  |  |  | 48,191 |  |  |  | 28.98 |
$31.57 to $39.56 |  |  | 295,500 |  |  | 8 |  |  | 38.37 |  |  |  | 160,500 |  |  |  | 38.33 |
|  |  | 1,598,761 |  |  |  |  |  |  |  |  | 1,138,706 |  |  |  |
Assumptions Used to Value Option Grants | The assumptions used to value option grants for the years ended December 31, 2023 and 2022 were as follows:
|  | 2023 |  |  | 2022 |
Expected life in years |  | 7 |  |  | 7 |
Interest rate |  |  | 4.17 | % |  |  | 2.79 | %
Volatility |  | 0.422 |  |  | 0.413 |
Dividend yield |  |  | 1.8 | % |  |  | 1.9 | %

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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 -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -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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- Definition Tabular disclosure of number, weighted-average exercise price or conversion ratio, aggregate intrinsic value, and weighted-average remaining contractual term for outstanding and exercisable options that are fully vested and expected to vest. Includes, but is not limited to, unvested options for which requisite service period has not been rendered but that are expected to vest based on achievement of performance condition, if forfeitures are recognized when they occur. + References Reference 1: 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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