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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Summary of share-based compensation expense
A summary of share-based compensation expense included in net income is as follows:
Year Ended December 31,
 202320222021
 (In thousands)
Grants of common shares, restricted stock units, and options$15,427 $15,018 $14,434 
Capitalized share-based compensation(1,119)(1,314)(1,425)
Share-based compensation expense$14,308 $13,704 $13,009 
Summary of weighted average assumptions used to value options granted The following table provides a summary of the assumptions used to value options granted in 2021:
Year Ended December 31,
2021
Volatility29.3 %
Expected dividend yield4.1 %
Expected term (in years)7.5
Risk free interest rate0.9 %
Summary of option activity The following table provides a summary of option activity for 2023: 
Shares
Under
Option		Weighted-
Average
Exercise
Price		Weighted-
Average
Remaining
Contractual Term		Aggregate
Intrinsic
Value
   (In years)(In thousands)
Outstanding at December 31, 20221,829 $95.77 
Granted— — 
Exercised— — 
Forfeited or expired— — 
Outstanding at December 31, 20231,829 $95.77 7.1$13 
Exercisable at December 31, 2023732 $95.77 7.1$5 
Summary of restricted share activity
The following table provides a summary of restricted share activity for 2023:
SharesWeighted-Average
Grant-Date Fair
Value
Unvested at December 31, 2022279,745 $114.75 
Granted145,178 109.44 
Vested(132,788)115.25 
Forfeited(5,930)111.75 
Unvested at December 31, 2023286,205 $111.89 
Summary of restricted stock units activity There has been no activity in 2023.
Schedule of common shares awarded under various compensation plans
Subsequent to December 31, 2023, common shares were awarded under various compensation plans as follows:
DateAwardVesting TermBeneficiary
January 2, 20246,693 SharesImmediateTrustees
February 6, 2024141,002 Restricted Shares
3-4 years
Officers and key employees
February 6, 20241,190 Options5 yearsOfficers and key employees