Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2021

Stock Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following is a summary of stock award activity for the three months ended March 31, 2021:

	Shares	Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2021	128,664	$	44.30
Granted	21,600	42.35
Vested	(16,800)	45.93
Forfeited	—	—
Nonvested, March 31, 2021	133,464	$	43.78

Stock Performance Awards

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Share-based Compensation Arrangements by Share-based Payment Award

The following is a summary of stock performance award activity for the three months ended March 31, 2021 (share amounts reflect awards at target):

	Shares	Weighted Average Grant-Date Fair Value
Nonvested, January 1, 2021	164,600	$	42.32
Granted	79,000	38.34
Vested	(54,000)	35.73
Forfeited	—	—
Nonvested, March 31, 2021	189,600	$	42.54

Schedule of Weighted-Average Assumptions

The grant date fair value of stock performance awards granted during the three months ended March 31, 2021 and 2020 was determined using a Monte Carlo fair value simulation model incorporating the following assumptions:

	2021		2020
Risk-free interest rate	0.18	%	1.42	%
Expected term (in years)	3.00		3.00
Expected volatility	32.00	%	19.00	%
Dividend yield	3.60	%	2.80	%