Stock Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Transactions of Stock Option Plans

The following table summarizes the transactions of the Company’s stock option plans for the three-year period ended December 31, 2022:

	Number of shares			Weighted- average exercise price
Options outstanding - December 31, 2019		337,332		$	31.82
Options granted		41,807			62.76
Options exercised		(55,716	)		18.99
Options forfeited		(7,229	)		50.19
Options outstanding - December 31, 2020		316,194		$	37.75
Options exercised		(88,932	)		22.89
Options outstanding - December 31, 2021		227,262		$	43.56
Options exercised		(25,986	)		27.04
Options forfeited		(4,529	)		60.82
Options outstanding - December 31, 2022		196,747		$	45.35
Exercisable options —
December 31, 2020		235,829		$	30.82
December 31, 2021		170,484			38.31
December 31, 2022		163,316			42.23

Assumptions Used for Valuing Options Granted

The following assumptions were used for valuing options granted in the year ended December 31, 2020:

Per share fair value of options granted during the period	$	17.49
Risk-free interest rate		0.64	%
Dividend yield		1.05	%
Volatility factor		30.0	%
Weighted-average expected life in years		7.0

Schedule Share Based Compensation Intrinsic Value Of Stock Options Table Text Block

The following table summarizes the aggregate intrinsic value related to options exercised, outstanding and exercisable as of and for the years ended December 31:

	2022		2021		2020
	(In thousands)
Exercised	$	2,175	$	7,085	$	3,054
Outstanding		12,529		14,316		17,805
Exercisable		10,910		11,635		14,913

Schedule of Fair Value of Nonvested Shares

The fair value of nonvested shares is determined based on the market price of the shares on the grant date.

	Shares			Fair value per share
Nonvested at December 31, 2019		64,480		$	48.21
Granted		20,758			64.19
Vested		(25,044	)		39.87
Forfeited		(2,645	)		54.35
Nonvested at December 31, 2020		57,549		$	57.33
Granted		17,430			99.90
Vested		(16,528	)		49.31
Forfeited		(1,384	)		58.68
Nonvested at December 31, 2021		57,067		$	72.62
Granted		21,637			97.41
Vested		(23,302	)		66.87
Forfeited		(4,327	)		86.53
Nonvested at December 31, 2022		51,075		$	84.85

Summary of Performance Share Activity

A summary of performance share activity for the two years ended December 31 is as follows:

	Performance Shares			Weighted Average Grant Date Fair Value
Nonvested at December 31, 2020		—		$	—
Granted		14,748			100.37
Adjustment for expected performance results		7,374			100.37
Nonvested at December 31, 2021		22,122		$	100.37
Granted		16,870			97.62
Adjustment for expected performance results		6,746			97.62
Forfeited		(2,892	)		99.43
Nonvested at December 31, 2022		42,846		$	98.92