SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

The fair value of stock options was $11.086 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	2023
Exercise price	$	58.67
Risk-free rate	3.97		%
Expected term	6.25 years
Expected volatility	28.7		%
Dividend yield	4.977		%

Schedule of Compensation Expense Recognized

Total share-based compensation expense recognized in the Consolidated Financial Statements for the years ended December 31, 2023, 2022, and 2021 for all share-based awards was as follows:


	(in thousands)
	Year Ended December 31,
	2023		2022		2021
Share-based compensation expense	$	3,295	$	2,615	$	2,689

Schedule of Restricted Share Awards Activity

The activity for the years ended December 31, 2023, 2022, and 2021 related to RSUs was as follows:


	RSUs with Service Conditions			RSUs with Market Conditions
		Wtd Avg Grant-			Wtd Avg Grant-
	Shares	Date Fair Value		Shares	Date Fair Value









Unvested at December 31, 2020	24,828	$	65.03	26,994	$	67.87
Granted	13,693	71.54		19,224	87.04
Vested	(17,065)	63.42		(35,920)	65.34
Change in awards(1)	—	—		8,926	—
Forfeited	(482)	70.44		—	—
Unvested at December 31, 2021	20,974	$	69.97	19,224	$	87.04
Granted	15,359	96.29		13,559	131.05
Vested	(13,357)	69.24		—	—

Forfeited	(1,562)	76.49		(2,741)	87.04
Unvested at December 31, 2022	21,414	$	88.83	30,042	$	106.90
Granted	31,999	57.21		20,497	82.63
Vested	(22,036)	78.74		(13,820)	87.04
Forfeited	(383)	73.85		(14,653)	96.05
Unvested at December 31, 2023	30,994	$	65.54	22,066	$	104.01

(1)Represents the change in the number of restricted stock units earned at the end of the measurement period.

Schedule of Stock Options Activity

The stock option activity for the years ended December 31, 2023, 2022, and 2021 was as follows:


	Number of Shares	Weighted Average Exercise Price




Outstanding at December 31, 2020	139,048	$	66.36
Exercisable at December 31, 2020	—	—
Granted	43,629	70.64
Exercised	—	—
Forfeited	—	—
Outstanding at December 31, 2021	182,677	$	67.38
Exercisable at December 31, 2021	34,758	66.36
Granted	30,245	110.67
Exercised	—	—
Forfeited	(16,299)	67.59
Outstanding at December 31, 2022	196,623	$	74.02
Exercisable at December 31, 2022	80,421	66.94
Granted	45,955	58.67
Exercised	(20,061)	58.67
Expired	(103,768)	73.03
Forfeited	(1,739)	80.66
Outstanding at December 31, 2023	117,010	$	71.41
Exercisable at December 31, 2023	59,477	70.06