Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2022

Stock Compensation Plans

Schedule of share-based compensation, stock options, activity

		Shares	Weighted
	Available	Under	Average
	to Grant	Option	Exercise Price
Balance, January 1, 2020	436,900	807,868	$	49.139
Granted from 2018 Plan	(196,350)	196,350		41.740
Exercised	—	(21,436)		33.805
Forfeited from terminated plan(s)	—	(6,875)		38.849
Forfeited from current plan(s)	4,800	(4,800)		57.513
Balance, December 31, 2020	245,350	971,107		48.079
Granted from 2018 Plan	(202,700)	202,700		57.980
Exercised	—	(91,285)		40.532
Forfeited from terminated plan(s)	—	(5,197)		44.563
Forfeited from current plan(s)	44,022	(44,022)		52.256
Balance, December 31, 2021	86,672	1,033,303		50.528
Granted from 2018 Plan	(2,500)	2,500		61.550
Forfeited from terminated plan(s)	39,235	(39,235)		52.523
Termination of 2018 Plan	(123,407)	—		—
Available to Grant from 2022 Plan	800,000	—		—
Granted from 2022 Plan	(205,900)	205,900		61.505
Exercised	—	(136,801)		42.149
Forfeited from current plan(s)	750	(750)		61.550
Balance, December 31, 2022	594,850	1,064,917	$	53.671

Schedule of fair value option pricing model assumptions

	2022			2021			2020
Expected dividends per share	$	1.60		$	1.44		$	1.36
Risk-free interest rate		3.77	%		1.24	%		0.35	%
Expected life of options		6 years			5 years			5 years
Expected volatility		23.70	%		28.33	%		29.32	%
Weighted average fair value of options granted during year	$	13.46		$	11.56		$	7.30

Schedule of share-based compensation, activity

				Weighted
		Weighted		Average
		Average		Remaining
		Exercise		Contractual
	Options	Price		Term
Options outstanding, January 1, 2022	1,033,303	$	50.528	7.05 years
Granted	208,400		61.506
Exercised	(136,801)		42.149
Forfeited	(39,985)		52.692
Options outstanding, December 31, 2022	1,064,917		53.671	7.13 years
Options exercisable, December 31, 2022	428,073	$	50.098	5.00 years

Schedule of nonvested share activity

		Weighted		Weighted
		Average		Average
		Exercise		Grant Date
	Options	Price		Fair Value
Nonvested options, January 1, 2022	611,956	$	53.091	$	9.768
Granted	208,400		61.506		13.317
Vested this period	(147,716)		52.100		9.148
Nonvested options forfeited	(35,796)		53.125		9.798
Nonvested options, December 31, 2022	636,844	$	56.073	$	11.117

Schedule of share-based compensation arrangement by share-based payment award, options, vested and expected to vest, exercisable

The following table further summarizes information about stock options outstanding at December 31, 2022:

	Options Outstanding
		Weighted			Options Exercisable
		Average	Weighted			Weighted
		Remaining	Average			Average
	Number	Contractual	Exercise		Number	Exercise
Range of Exercise Prices	Outstanding	Term	Price		Exercisable	Price
$23.860 to 29.640	9,977	0.85 years	$	28.714	9,977	$	28.714
$32.590 to 38.610	27,981	1.96 years		33.289	27,981		33.289
$41.300 to 41.740	210,423	6.80 years		41.630	86,383		41.473
$50.710 to 59.750	467,102	6.61 years		55.388	234,308		53.218
$60.150 to 62.010	349,434	8.61 years		60.972	69,424		60.150
	1,064,917	7.13 years	$	53.671	428,073	$	50.098