Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Stock-Based Compensation

Weighted-Average Assumptions - Fair value of options granted

	Year Ended December 31,		Year Ended December 31,
	2021		2020
Dividend yield		1.58%		1.97%
Expected volatility		37.10%		26.79%
Risk-free interest rate		1.01%		0.42%
Expected term in years		6.5		6.5
Weighted-average grant date fair value per option granted	$	10.67	$	8.00

Summary of Stock Option Awards

				Weighted-Average
		Weighted-		Remaining
		Average		Contractual Term In	Aggregate
	Shares	Exercise Price		Years	Intrinsic Value
Outstanding at January 1, 2021	671,754	$	19.45	6.58	$	5,721,159
Granted	118,850		35.46	6.41		—
Less exercised	176,978	$	12.73	—	$	4,265,369
Forfeited or expired	—		—	—		—
Outstanding at December 31, 2021	613,626	$	25.24	7.17	$	5,362,902
Expected to vest, assuming a 0.31% annual forfeiture rate (1)	611,614	$	25.23	7.17	$	5,351,462
Exercisable at December 31, 2021	261,822	$	20.98	5.60	$	3,313,103

Share and per share data has been adjusted for all periods to reflect a two-for-one stock split effective July 14, 2021.

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(1) Forfeiture rate has been calculated and estimated to assume a forfeiture of 3.1% of the options forfeited over 10 years.

Summary of Nonvested Awards

		Weighted-Average
		Grant-Date Fair Value
Nonvested Shares	Shares	Per Share
Nonvested at January 1, 2021	110,184	$	24.35
Granted	41,350		35.46
Less vested	29,862		24.78
Forfeited or expired	—		—
Nonvested at December 31, 2021	121,672	$	28.02