STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2021

STOCK-BASED COMPENSATION PLANS

Schedule of Activity in this long-term incentive program

Activity in this long-term incentive program is as follows:

	Stock Options
		Weighted-
		average Exercise
	Outstanding	Price of Shares
Outstanding at December 31, 2019	1,502,994	$	42.82
Granted	254,496		51.68
Exercised	(197,564)		32.65
Forfeited	(17,667)		50.97
Outstanding at December 31, 2020	1,542,259		45.49
Granted	168,976		79.68
Exercised	(310,423)		40.17
Forfeited	(8,107)		61.56
Outstanding at December 31, 2021	1,392,705		50.73
Exercisable at December 31, 2021	879,074	$	43.84

Schedule of information about stock options outstanding under the Company???s stock option plan

The following table summarizes the information about stock options outstanding under the Company’s stock option plan at December 31, 2021:

	Options outstanding				Options exercisable
		Weighted-		Weighted-		Weighted-
		average		average		average
		Exercise		Remaining		Exercise
Range of Exercise Price	Shares	Price		Life (years)	Shares	Price
$0.00 – $29.00	57,354	$	24.78	3.55	57,354	$	24.78
$29.01 – $30.00	58,276		29.79	1.21	58,276		29.79
$30.01 – $40.00	403,901		37.07	3.46	403,901		37.07
$40.01 – $60.00	706,389		55.54	6.91	352,515		56.30
$60.01 – $80.00	166,785		79.68	9.22	7,028		79.66
TOTAL	1,392,705	$	50.73	5.81	879,074	$	43.84

Schedule of valuation assumptions used to estimate value of stock options

	2021			2020			2019
Weighted-average Fair Value of Options Granted	$	18.43		$	10.86		$	14.16
Assumptions:
Weighted-average expected life (in years)		6.50			6.50			6.50
Future dividend yield		2.48	%		2.57	%		2.73	%
Share price volatility		30.09	%		29.29	%		29.31	%
Weighted-average risk-free interest rate		1.28	%		0.67	%		2.44	%

Schedule of activity unvested restricted stock awards

A summary of the status of the Company’s unvested restricted stock awards as of December 31, 2021, and changes during the twelve months ended December 31, 2021 and 2020, is presented below:

	Restricted	Weighted-average
	Shares	grant date fair value
Unvested at December 31, 2019	196,788	$	45.58
Awards	52,132		51.64
Forfeitures	(12,884)		37.14
Vestings	(59,628)		47.80
Unvested at December 31, 2020	176,408		47.24
Awards	51,456		79.51
Forfeitures	(2,619)		54.15
Vestings	(47,977)		52.84
Unvested at December 31, 2021	177,268	$	54.98