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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Summary of share-based compensation expense
A summary of share-based compensation expense included in net income is as follows:
Year Ended December 31,
 202120202019
 (In thousands)
Grants of common shares and options$14,434 $13,243 $13,330 
Capitalized share-based compensation(1,425)(1,319)(1,054)
Share-based compensation expense$13,009 $11,924 $12,276 
Summary of weighted average assumptions used to value options granted
The following table provides a summary of the assumptions used to value options granted in 2021:
Year Ended December 31,
2021
Volatility29.3 %
Expected dividend yield4.1 %
Expected term (in years)7.5
Risk free interest rate0.9 %
Summary of option activity The following table provides a summary of option activity for 2021: 
Shares
Under
Option		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
   (In years)(In thousands)
Outstanding at December 31, 2020682 $152.34 
Granted3,658 95.77 
Exercised— — 
Forfeited or expired(682)152.34 
Outstanding at December 31, 20213,658 $95.77 9.1$148 
Exercisable at December 31, 2021— $— — $— 
Summary of restricted share activity
The following table provides a summary of restricted share activity for 2021:
SharesWeighted-Average
Grant-Date Fair
Value
Unvested at December 31, 2020233,178 $127.32 
Granted166,746 97.46 
Vested(108,735)121.77 
Forfeited(2,193)112.05 
Unvested at December 31, 2021288,996 $112.29 
Summary of restricted stock units activity The following table provides a summary of restricted stock unit activity for 2021:
SharesWeighted-Average
Grant-Date Fair
Value
Unvested at December 31, 2020— $— 
Granted10,441 97.01 
Vested— — 
Forfeited— — 
Unvested at December 31, 202110,441 $97.01 
Schedule of common shares awarded under various compensation plans Subsequent to December 31, 2021, common shares were awarded under various compensation plans as follows:
DateAwardVesting TermBeneficiary
January 3, 20225,135 SharesImmediateTrustees
February 9, 2022103,463 Restricted Shares3-5 yearsOfficers and key employees