STOCK-BASED COMPENSATION PLANS (Tables)

12 Months Ended

Dec. 31, 2022

STOCK-BASED COMPENSATION PLANS

Schedule of Activity in this long-term incentive program

	Stock Options
		Weighted-
		average Exercise
	Outstanding	Price of Shares
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
Granted	173,313		71.78
Exercised	(67,566)		41.61
Forfeited	(13,430)		67.88
Outstanding at December 31, 2022	1,485,022		53.45
Exercisable at December 31, 2022	1,005,851	$	47.31

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, 2022:

	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 – $25.00	40,002	$	23.04	4.00	40,002	$	23.04
$25.01 – $35.00	51,744		29.79	0.21	51,744		29.79
$35.01 – $45.00	386,999		37.07	2.45	386,999		37.07
$45.01 – $55.00	674,921		55.55	5.86	472,240		56.06
$55.01 – $81.00	331,356		75.67	8.68	54,866		78.44
TOTAL	1,485,022	$	47.31	5.35	1,005,851	$	47.31

Schedule of valuation assumptions used to estimate value of stock options

	2022			2021			2020
Weighted-average Fair Value of Options Granted	$	17.86		$	18.43		$	10.86
Assumptions:
Weighted-average expected life (in years)		6.50			6.50			6.50
Future dividend yield		2.41	%		2.48	%		2.57	%
Share price volatility		29.88	%		30.09	%		29.29	%
Weighted-average risk-free interest rate		2.16	%		1.28	%		0.67	%

Schedule of activity unvested restricted stock awards

	Restricted	Weighted-average
	Shares	grant date fair value
Unvested at December 31, 2020	127,432	$	53.97
Awards	51,456		79.51
Forfeitures	(2,041)		55.39
Vestings	(47,399)		53.13
Unvested at December 31, 2021	129,448		64.32
Awards	56,871		71.58
Forfeitures	(2,940)		67.44
Vestings	(49,859)		62.86
Unvested at December 31, 2022	133,520	$	67.89

Schedule of performance restricted shares and weighted-average grant date fair value

	Performance
	Restricted	Weighted-average
	Shares	grant date fair value
Unvested at December 31, 2020	48,976	$	29.71
Awards	0		0.00
Forfeitures	(578)		29.71
Vestings	(578)		29.71
Unvested at December 31, 2021	47,820		29.71
Awards	35,815		34.93
Forfeitures	(51,000)		30.02
Vestings	(636)		35.89
Unvested at December 31, 2022	31,999	$	34.93