STOCK PLANS AND STOCK BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

STOCK PLANS AND STOCK BASED COMPENSATION

Schedule of weighted average assumptions used to determine the fair value of stock options granted

Years Ended December 31,	2023			2022			2021
Risk-free interest rate		3.86	%		1.35	%		0.20	%
Expected dividend yield		3.19			2.50			3.18
Expected stock price volatility		33.14			32.12			31.71
Expected life of options (in years)		4			4			4
Estimated fair value per share	$	9.65		$	10.41		$	6.26

Summary of stock option activity

				Weighted
		Weighted		Average
	Options	Average		Remaining	Aggregate
	Class A	Exercise		Contractual	Intrinsic
	Shares	Price		Term (years)	Value
Outstanding, January 1, 2022	460,502	$	37.54
Granted	54,281		50.34
Exercised	(5,250)		34.17
Forfeited or expired	(44,500)		40.32
Outstanding, December 31, 2022	465,033	$	38.81	2.25	$	2,322,635
Outstanding, January 1, 2023	465,033	$	38.81
Granted	69,617		42.74
Exercised	(10,000)		46.08
Forfeited or expired	(64,000)		45.09
Outstanding, December 31, 2023	460,650	$	38.37	1.87	$	7,734,879
Unvested	287,148	$	38.76	2.42	$	4,708,333
Exercisable (vested) at December 31, 2023	173,502	$	37.72	0.96	$	3,026,546

Schedule of intrinsic value and cash received from options exercised and weighted average fair value of options granted

Years Ended December 31, (in thousands, except per share data)	2023		2022		2021
Total intrinsic value of options exercised	$	58	$	57	$	1,335
Total cash received from options exercised, net of shares redeemed		(2)		52		(142)
Total tax benefit of options exercised		1		6		223

Schedule of loan balances of employees that were originated to fund stock option exercises

December 31, (in thousands)	2023		2022
Outstanding loans	$	129	$	178

Summary of activity for non-vested restricted stock awards

	Restricted	Weighted-Average		Weighted-Average
	Stock Awards	Grant Date		Remaining Contractual
	Class A Shares	Fair Value		Term (years)
Outstanding, January 1, 2022	56,059	$	39.12
Granted	12,174		46.05
Forfeited	—		—
Earned and issued	(3,500)		37.74
Outstanding, December 31, 2022	64,733	$	40.49	2.25
Outstanding, January 1, 2023	64,733	$	40.49
Granted	55,157		43.60
Forfeited	(1,470)		49.08
Earned and issued	(31,354)		37.56
Outstanding, December 31, 2023	87,066	$	43.37	1.98
Unvested	87,066	$	43.37	1.98

Summary of PSU activity

	Performance
	Stock Units	Weighted-Average
	Class A Shares	Grant Date Fair Value
Outstanding, January 1, 2022	—	$	—
Granted	8,874		51.39
Forfeited	(8,874)		51.39
Earned and issued	—		—
Outstanding, December 31, 2022	—	$	—
Outstanding, January 1, 2023	—	$	—
Granted	10,999		42.74
Forfeited	(10,999)		42.74
Earned and issued	—		—
Outstanding, December 31, 2023	—	$	—

Schedule of expenses recorded related to stock options and restricted stock awards

Years Ended December 31, (in thousands)	2023		2022		2021
Stock option expense	$	774	$	560	$	574
Restricted stock award expense		829		937		738
Performance stock unit expense		(281)		152		129
Total expense	$	1,322	$	1,649	$	1,441

Schedule of estimated unrecognized stock option and restricted stock award expense related to unvested options and awards

	Stock		Restricted
Year (in thousands)	Options		Stock Awards		Total
2024	$	489	$	1,052	$	1,541
2025		263		844		1,107
2026		18		539		557
2027		5		8		13
2028		—		—		—
Total	$	775	$	2,443	$	3,218

Schedule of employee stock purchase plan

Years Ended December 31, (in thousands)	2023		2022		2021
ESPP expense	$	111	$	104	$	104

Director

STOCK PLANS AND STOCK BASED COMPENSATION

Schedule of information on deferred compensation

	Outstanding	Weighted-Average
	Stock	Market Price
	Units	at Date of Deferral
Outstanding, January 1, 2022	86,800	$	29.98
Deferred fees and dividend equivalents converted to stock units	18,241		46.58
Stock units converted to Class A Common Shares	(5,814)		49.51
Outstanding, December 31, 2022	99,227	$	31.43
Outstanding, January 1, 2023	99,227	$	31.43
Deferred fees and dividend equivalents converted to stock units	17,811		43.14
Stock units converted to Class A Common Shares	(3,635)		33.29
Outstanding, December 31, 2023	113,403	$	35.65
Vested	113,403	$	35.65

Schedule of deferred compensation expenses

Years Ended December 31, (in thousands)	2023		2022		2021
Director deferred compensation expense	$	777	$	503	$	417

Key Employees

STOCK PLANS AND STOCK BASED COMPENSATION

Schedule of information on deferred compensation

	Outstanding	Weighted-Average		Weighted-Average
	Stock	Market Price		Remaining Contractual
	Units	at Date of Deferral		Term (years)
Outstanding, January 1, 2022	65,318	$	40.57
Deferred base salaries and dividend equivalents converted to stock units	9,389		43.08
Matching stock units credited	9,315		43.08
Matching stock units forfeited	(1,151)		48.25
Stock units converted to Class A Common Shares	—		—
Outstanding, December 31, 2022	82,871	$	41.03	3.13
Outstanding, January 1, 2023	82,871	$	41.03
Deferred base salaries and dividend equivalents converted to stock units	10,646		45.03
Matching stock units credited	10,578		44.90
Matching stock units forfeited	(2,753)		41.09
Stock units converted to Class A Common Shares	(5,084)		43.01
Outstanding, December 31, 2023	96,258	$	42.17	2.84
Vested	59,626	$	42.60	3.11
Unvested	36,632	$	41.48	2.40

Schedule of deferred compensation expenses

Years Ended December 31, (in thousands)	2023		2022		2021
Key-employee - base salary	$	484	$	408	$	429
Key-employee - employer match		250		317		178
Total	$	734	$	725	$	607