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Note 10 - Employee Benefits - Stock Options Valuation Assumptions (Details) - $ / shares
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Expected option life in years(1) (Year) [1] 6 years 6 years 6 years
Expected stock price volatility percentage(2) [2] 28.00% 26.00% 27.00%
Risk-free interest rate percentage(3) [3] 4.10% 2.90% 1.20%
Expected dividend yield(4) [4] 1.14% 1.13% 0.91%
Fair value as of the date of grant (in dollars per share) $ 6.63 $ 5.79 $ 4.29
[1] Expected option life – We use historical employee exercise and option expiration data to estimate the expected life assumption for the Black-Scholes grant-date valuation. We believe that this historical data is currently the best estimate of the expected term of a new option. We use a weighted-average expected life for all awards.
[2] Expected stock price volatility – We use our stock’s historical volatility for the same period of time as the expected life. We have no reason to believe that its future volatility will differ from the past.
[3] Risk-free interest rate – The rate is based on the U.S. Treasury yield curve in effect at the time of the grant for the same period of time as the expected life.
[4] Expected dividend yield – The calculation is based on the total expected annual dividend payout divided by the average stock price.