Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Restricted Stock Activity

A summary of restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2022 is as follows:

	For the Three Months Ended March 31, 2022
	Number of Shares	Weighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period	95,984	$	131.94
Granted	52,863	$	211.86
Vested	(10,696)	$	188.46
Forfeited	(833)	$	171.33
Non-vested outstanding at the end of the period	137,318	$	158.07

Stock Options Valuation Assumptions

The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions:

Risk-free rate of return	1.26	%
Dividend yield	1.25	%
Expected share price volatility(1)	18.50	%
Expected life in years(2)	6.3 years

Stock Options Activity

A summary of option activity as of March 31, 2022, and changes during the period then ended is presented below:

	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Years of Contractual Term	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2022	325,433	$	16.00
Granted	—	—
Forfeited	—	—
Exercised	(23,600)	16.00
Outstanding at March 31, 2022	301,833	$	16.00	4.3	$	63,995
Exercisable at March 31, 2022	301,833	$	16.00	4.3	$	63,995