Stock Options and Stock Appreciation Rights (Tables)

12 Months Ended

Dec. 31, 2023

Stock Options and Stock Appreciation Rights

Schedule of Black-Scholes-Merton option valuation model assumptions

	2022
Expected Life (Years)	7.00
Dividend yield	3.08	%
Interest rate	1.94	%
Volatility	37.78	%

Summary of option activity under stock option plans

				Weighted
		Weighted		average
		average		remaining	Aggregate
	Number of	exercise		contractual	intrinsic
	options	price		term (years)	value ($)
					(in Thousands)
Options outstanding at December 31, 2022	461,822	$	29.67
Plus: Options granted	—		—
Less:
Options exercised	(46,444)		25.12
Options expired	—		—
Options forfeited	(31,513)		24.52
Options outstanding at December 31, 2023	383,865		30.65	3.42	$	9,088
Options fully vested and exercisable at December 31, 2023	232,143	$	27.80	1.96	$	6,157

Summary of activity under the SAR Plan

				Weighted
		Weighted		average
	Number of	average		remaining	Aggregate
	stock appreciation	exercise		contractual	intrinsic
	rights	price		term (years)	value ($)
					(in Thousands)
Stock appreciation rights outstanding at December 31, 2022	489,250	$	39.35
Plus: Stock appreciation rights granted
Less:
Stock appreciation rights exercised	—		—
Stock appreciation rights expired	—		—
Stock appreciation rights forfeited	(24,000)		39.33
Stock appreciation rights outstanding at December 31, 2023	465,250		39.35	8.50		6,964
Stock appreciation rights fully vested and exercisable at December 31, 2023	—	$	—

Schedule of other information pertaining to option activity

	Twelve Months Ended December 31,
	2023		2022		2021
Weighted average grant date fair value of stock options granted	$	—	$	11.24	$	10.20
Total fair value of stock options vested	$	514,000	$	514,000	$	1,308,000
Total intrinsic value of stock options exercised	$	1,060,000	$	1,670,000	$	2,536,000