Earnings Per Common Share And Share Awards (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2020		2019		2020		2019
Net income	$	15,301	$	7,952	$	22,785	$	20,078
Weighted average common shares outstanding – Basic	1,892		1,889		1,892		1,888
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	3		6		4		8
Weighted average common shares outstanding – Diluted	1,895		1,895		1,896		1,896
Basic earnings per common share	$	8.09	$	4.21	$	12.04	$	10.63
Diluted earnings per common share	$	8.07	$	4.20	$	12.02	$	10.59

Summary Of Share-Based Award Transactions

A summary of share-based award transactions for all share-based award plans follows:

(in thousands, except weighted average exercise price and average remaining contractual term)	Number Of Shares	Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2019	28	$	110.27	3.64	$	2,019
SARs granted	4	162.81
SARs exercised	(2)	50.50
Outstanding as of December 31, 2019	30	$	124.13	3.53	$	1,352
SARs granted	11	135.05
SARs exercised	(8)	75.75
Outstanding as of September 30, 2020	33	$	138.55	4.41	$	496
Exercisable as of September 30, 2020	26	$	140.02	3.83	$	480
Unvested as of September 30, 2020	7	$	133.21	6.52	$	16

Share-Based Valuation Assumptions

The weighted average fair value for the SARs issued during 2020 and 2019 were $34.45 and $51.88, respectively, and were estimated using the weighted average assumptions shown in the table below.

	2020			2019
Expected Life in Years	6.2	-	7.0	7.0	-	7.0
Volatility	28.5%			30.2%
Interest Rate	0.7%			2.3%
Yield Rate	1.2%			1.0%