Stock-Based Compensation Plans (Tables)
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12 Months Ended |
Dec. 31, 2022 |
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| Share-Based Payment Arrangement [Abstract] |
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| Schedule of information with respect to stock options granted |
Information with respect to stock options granted under the 2009 Plan is as follows: | | | | | | | | | | | | | | 2009 Plan
options | | Weighted average
exercise price
per option | | Options Outstanding, December 31, 2019 | 14,408 | | | $ | 124.05 | | | Exercised | (1,902) | | | 89.17 | | | Granted | — | | | — | | | Forfeited | — | | | — | | | Options Outstanding, December 31, 2020 | 12,506 | | | $ | 129.35 | | | Exercised | (2,759) | | | 124.34 | | | Granted (1) | 294,115 | | | 180.32 | | | Forfeited | (4,713) | | | 180.32 | | | Options Outstanding, December 31, 2021 | 299,149 | | | $ | 178.71 | | | Exercised | (8,670) | | | 135.78 | | | Granted (2) | 9,793 | | | 236.14 | | | Forfeited | (6,459) | | | 180.32 | | | Options Outstanding, December 31, 2022 | 293,813 | | | $ | 181.85 | | | Options Exercisable: | | | | | December 31, 2020 | 12,506 | | | $ | 129.35 | | | December 31, 2021 | 9,747 | | | $ | 130.77 | | | December 31, 2022 | 6,533 | | | $ | 165.51 | |
__________________________________ (1)Includes 4,847 options from recipient elections to receive a portion of earned restricted stock awards in the form of stock options. (2)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
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| Summary of valuation options |
The assumptions used are as follows: | | | | | | | | | | | 2022 | | Dividend yield | | 3.0 | % | | Estimated volatility | | 27.2 | % | | Risk free rate | | 1.85 | % | | Expected life of options | | 5 years | | Estimated fair value | | $44.22 |
The assumptions used are as follows: | | | | | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | | Dividend yield | | 2.7% | | 3.5% | | 2.8% | | Estimated volatility over the life of the plan (1) | | 16.1% - 36.8% | | 22.0% - 49.0% | | 11.1% - 15.5% | | Risk free rate | | 0.72% - 1.68% | | 0.06% - 0.38% | | 1.45% - 1.62% | | Estimated performance award value based on total shareholder return measure | | $271.98 | | $213.16 | | $254.72 |
_________________________________ (1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
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| Summary of exercise prices and contractual lives of options outstanding |
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2022:
| | | | | | | | | | | | | | | 2009 Plan
Number of Options | | Exercise Price | | Weighted Average
Remaining Contractual Term
(in years) | | 1,932 | | $130.23 | | 0.1 | | 282,088 | | $180.32 | | 8.2 | | 9,793 | | $236.14 | | 9.1 | | 293,813 | | | | |
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| Schedule of nonvested performance awards granted |
Information with respect to performance awards granted is as follows: | | | | | | | | | | | | | | | | | Performance awards | | Weighted average grant date fair value per award | | Outstanding at December 31, 2019 | | 253,432 | | | $ | 176.27 | | | Granted (1) | | 77,182 | | | 238.03 | | | Change in awards based on performance (2) | | 18,112 | | | 177.26 | | | Converted to restricted stock | | (96,317) | | | 177.26 | | | Forfeited | | (10,488) | | | 188.52 | | | Outstanding at December 31, 2020 | | 241,921 | | | $ | 195.13 | | | Granted (3) | | 138,033 | | | 191.12 | | | Change in awards based on performance (2) | | (37,469) | | | 156.00 | | | Converted to shares of common stock | | (56,545) | | | 156.00 | | | Forfeited | | (1,418) | | | 207.65 | | | Outstanding at December 31, 2021 | | 284,522 | | | $ | 214.73 | | | Granted (4) | | 72,783 | | | 254.75 | | | Change in awards based on performance (2) | | (20,356) | | | 200.92 | | | Converted to shares of common stock | | (54,053) | | | 217.33 | | | Forfeited | | (3,829) | | | 230.36 | | | Outstanding at December 31, 2022 | | 279,067 | | | $ | 225.46 | |
_________________________________ (1) The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 38,823 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 38,359 performance awards. (2) Represents the change in the number of performance awards earned based on performance achievement. (3) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 69,064 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 68,969 performance awards. (4) The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,811 performance awards.
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| Schedule of restricted stock granted |
Information with respect to restricted stock granted is as follows: | | | | | | | | | | | | | | | | | | | | | | | Restricted stock shares | | Restricted stock shares weighted average grant date fair value per share | | Restricted stock shares converted from performance awards | | Outstanding at December 31, 2019 | | 148,326 | | | $ | 181.29 | | | 163,111 | | | Granted - restricted stock shares | | 69,228 | | | 221.08 | | | 96,317 | | | Vested - restricted stock shares | | (79,931) | | | 178.41 | | | (111,325) | | | Forfeited | | (5,899) | | | 196.22 | | | (1,784) | | | Outstanding at December 31, 2020 | | 131,724 | | | $ | 203.28 | | | 146,319 | | | Granted - restricted stock shares | | 99,291 | | | 178.84 | | | — | | | Vested - restricted stock shares | | (69,840) | | | 192.32 | | | (71,692) | | | Forfeited | | (4,109) | | | 195.77 | | | — | | | Outstanding at December 31, 2021 | | 157,066 | | | $ | 192.90 | | | 74,627 | | | Granted - restricted stock shares | | 86,475 | | | 231.93 | | | — | | | Vested - restricted stock shares | | (78,212) | | | 197.51 | | | (48,171) | | | Forfeited | | (3,615) | | | 218.19 | | | (86) | | | Outstanding at December 31, 2022 | | 161,714 | | | $ | 210.97 | | | 26,370 | |
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