Earnings Per Common Share And Share Awards (Tables)

3 Months Ended

Mar. 31, 2023

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-month periods ended March 31:


	Three Months Ended March 31,
(in thousands, except per share amounts)	2023		2022
Net income	$	1,181	$	6,185
Weighted average common shares outstanding – Basic	1,897		1,896
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	—		7
Weighted average common shares outstanding – Diluted	1,897		1,903
Basic earnings per common share	$	0.62	$	3.26
Diluted earnings per common share	$	0.62	$	3.25

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, 2022	35	$	150.36	3.96	$	1,643
SARs granted	10	155.16
SARs exercised	(6)	94.44
Outstanding as of December 31, 2022	39	$	159.39	4.10	$	243
SARs granted	1	159.58
SARs exercised	(2)	93.87
Outstanding as of March 31, 2023	38	$	163.31	4.12	$	171

Exercisable as of March 31, 2023	29	$	169.40	3.69	$	104

Unvested as of March 31, 2023	9	$	143.36	5.51	$	67

Share-Based Valuation Assumptions

The weighted average fair value for the SARs issued during 2023 was $61.56, estimated using the weighted average assumptions shown in the table below:


															2023
Expected Life in Years															6.2
Volatility															36.8%
Interest Rate															4.2%
Yield Rate															1.2%