Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Summary of RSUs

A summary of the RSUs for the year ended December 31, 2023 is as follows:

	Restricted Share Awards
	Performance						Total			Weighted-Average
	and Service			Service			Restricted			Grant-Date
	Required (1)			Required			Awards			Fair Value
Nonvested as of January 1, 2023		178,536			28,039			206,575		$	61.54
Granted		46,119			11,520			57,639			88.69
Vested		(63,767	)		(13,245	)		(77,012	)		57.28
Forfeited		(4,411	)		(2,206	)		(6,617	)		74.93
Nonvested as of December 31, 2023		156,477			24,108			180,585			71.61

Weighted-Average Assumptions for Estimating Fair Values

. The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	2022			2021
Risk-free interest rate		3.1	%		1.1	%
Dividend yield		1.3	%		1.4	%
Expected life (years)	5			5
Expected volatility		37.1	%		39.7	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s Incentive Plan for the year ended December 31, 2023 was as follows:

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2023		60,300		$	57.75
Granted		—			—
Exercised		(37,800	)		57.07
Forfeited		—			—
Outstanding (vested and expected to vest) at December 31, 2023		22,500			58.89		8.0	$	1,687
Exercisable at December 31, 2023		8,500			54.26		7.1	$	677