Stock Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Weighted Average Assumptions

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used:

Grant Year	Dividend Yield	Expected Volatility	Risk Free Interest Rate	Expected Lives
2024	5%	45%	4%	6
2023	5%	45%	4%	6
2022	5%	45%	2%	6

Stock Option Transactions under Various Stock-Based Employee Compensation Plans

Information regarding stock options under the 1996 Plan for the year ended December 31, 2024 is as follows:

	Shares	Weighted Average Exercise Price		Weighted Average Contractual Life
Outstanding, beginning of year	391,015	$	85.81
Granted	45,000	122.37
Exercised	(112,575)	80.74
Forfeited	—	—
Expired	—	—
Outstanding, end of year	323,440	$	92.67	6.32
Exercisable at end of year	211,640	$	85.35	5.31

Summary of LTIP Under 1996 Plan

Information regarding LTIP Units under the 1996 Plan for the year ended December 31, 2024 is as follows:

	Shares	Weighted Average Grant Date Fair Value
Outstanding, beginning of year	176,000	$	95.50
Granted	120,000	117.29
Exercised	—	—
Forfeited	(35,200)	102.03
Outstanding, end of year	260,800	$	104.64
Vested at end of year	140,800	$	93.87

Summary of ESPP Share Activity

The following is a summary of 2019 ESPP share activity for the year ended December 31, 2024:

	Shares
Available for future purchases, January 1, 2024	242,292
Additional shares reserved under 2019 ESPP	87,645
Purchases	(125,409)
Available for future purchases, December 31, 2024	204,528