Stock Option Plans (Tables)

12 Months Ended

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	%