Note 5 - Stock-based Compensation

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

NOTE 5 — STOCK-BASED COMPENSATION

In March 2023, the Company granted certain members of its management and employees an aggregate of 174,422 restricted stock units ("RSUs") and 35,081 performance stock units ("PSUs") under the Company’s 2018 Incentive Compensation Plan. The RSUs and PSUs have vesting periods of between 1 to 4 years from the grant date.

The fair value of each RSU and PSU on the grant date was $79.9 and $79.6, respectively. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:

Risk-free interest rates	3.86%	-	4.68%
Expected life (in years)	2	-	5.75
Dividend yield	0.59%
Expected volatility (weighted average)	36.0%	-	42.2%

In May 2023, the Company granted its directors and employees an aggregate of 11,852 RSUs under the Company’s 2018 Incentive Compensation Plan. The RSUs have vesting periods 1 year from the grant date.

The fair value of each RSU on the grant date was $82.9. The Company calculated the fair value of each RSU and PSU on the grant date using the complex lattice, tree-based option-pricing model based on the following assumptions:

Risk-free interest rates	4.70	%
Expected life (in years)	1
Dividend yield	0.56	%
Expected volatility (weighted average)	34.8	%

There were no other significant grants that were made by the Company during the six months ended June 30, 2023.