Earnings Per Common Share And Share Awards (Tables)

9 Months Ended

Sep. 30, 2023

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)	2023		2022		2023		2022
Net income	$	7,084	$	7,913	$	15,850	$	16,377
Weighted average common shares outstanding – Basic	1,891		1,897		1,894		1,897
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	—		—		—		1
Weighted average common shares outstanding – Diluted	1,891		1,897		1,894		1,898
Basic earnings per common share	$	3.75	$	4.17	$	8.37	$	8.63
Diluted earnings per common share	$	3.75	$	4.17	$	8.37	$	8.63

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	5	142.88
SARs exercised	(2)	93.87
Outstanding as of September 30, 2023	42	$	160.83	3.94	$	166
Exercisable as of September 30, 2023	32	$	166.57	3.52	$	110
Unvested as of September 30, 2023	10	$	142.51	5.28	$	56

Share-Based Valuation Assumptions

The weighted average fair value for the SARs issued during 2023 and 2022 were $55.52 and $62.60, respectively, and were estimated using the weighted average assumptions shown in the table below:

	2023			2022
Expected Life in Years	6.2	-	7.0	7.0
Volatility	36.6%			35.6%
Interest Rate	3.7%			3.2%
Yield Rate	1.2%			0.6%