Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The table below provides a summary of the options granted, including the weighted average fair value, the fair value as a percentage of the market value of the stock at the date of grant and the average assumptions used in the model for the periods indicated:

	Three Months Ended March 31,
	2021			2020
Options granted	17,385			24,208
Term in years	10			10
Weighted average assumptions used in the fair value model:
Expected volatility	44		%	37		%
Expected dividend yield	3.00		%	3.43		%
Expected life in years	6.5			6.5
Risk-free interest rate	1.28		%	1.02		%
Weighted average market price on date of grants	$	32.73		$	28.22
Per share weighted average fair value	$	11.95		$	8.41
Fair value as a percentage of market value at grant date	37		%	30		%

Schedule of Restricted Stock Awards Granted

The table below provides a summary of restricted stock awards granted during the periods indicated:

	Three Months Ended March 31,
Restricted Stock Awards (number of underlying shares)	2021		2020
Two-year vesting	8,109		8,295
Four-year vesting	23,920		26,015
Performance-based vesting	21,559		25,001
Total restricted stock awards granted	53,588		59,311
Weighted average grant date fair value	$	32.73	$	28.22