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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]  
Schedule of Activity Related to Employee and Non-Employee Restricted Stock
Activity related to both employee and non-employee restricted stock for the year ended December 31, 2022 is as follows (in thousands, except per share amounts):
SharesWeighted Average Grant Date Fair Value/Share
RESTRICTED STOCK AT DECEMBER 31, 2021184 $141.99 
Shares granted64 187.07 
Shares vested(56)148.93 
Shares forfeited(13)163.54 
RESTRICTED STOCK AT DECEMBER 31, 2022179 $154.09 
Summary of Stock Appreciation Rights
Activity related to SARs for the year ended December 31, 2022 is as follows (in thousands, except per share amounts):
Number of RightsWeighted Average Exercise PriceWeighted Average Remaining Contractual TermAggregate Intrinsic Value
OUTSTANDING AT DECEMBER 31, 2021907 $132.78   
Granted143 186.62   
Exercised(245)122.49   
Forfeited(26)170.12   
Canceled— — 
OUTSTANDING AT DECEMBER 31, 2022779 $144.66 6.8 years$70,146 
EXERCISABLE AT DECEMBER 31, 2022452 $127.44 5.7 years$48,506 
Summary of the Weighted-Average Assumption Used in Estimating Fair Value of Stock Appreciation Rights
The following table summarizes the weighted-average assumptions used in estimating the fair value of the SARs granted during the years 2022, 2021 and 2020:
Grant DateExpected Dividend YieldExpected VolatilityRisk Free Interest RateExpected TermWeighted Avg. Grant Date Fair Value of 1 SAR
20222.1 %27.4 %1.9 %4.9 years$39.68 
20212.4 %26.5 %0.6 %5.5 years$29.58 
20202.5 %23.5 %1.3 %5.5 years$24.52 
Summary of the Attributes of the Performance Shares Granted During the Period
Grant DateShares Outstanding at 12/31/2022Fair ValuePerformance PeriodPayout Range
202043,949$151.78 Jan 2020-Dec 2022
0-200% + up to a multiple of 150x
2018—$98.80 Jan 2019-Dec 2021
0-200% + up to a multiple of 120x
The following table summarizes the related assumptions used to determine the fair values of the performance share awards with a market condition granted during February 2022 and 2021:
Grant DateStock Price on Measurement DateDividend YieldExpected VolatilityRisk Free Interest RateExpected TermWeighted Avg. Grant Date Fair Value
February 2022$185.872.3%39.7%1.6%2.9 years$221.94
February 2021$163.262.4%40.6%0.2%3 years$198.89
The Company expenses these awards on a straight-line basis over the requisite service period and including an assessment of the performance achieved to date. The weighted average fair value per share was $174.48 and $151.92 for the awards granted in 2022 and 2021, respectively.
Grant DateFair ValuePerformance PeriodPayout Range
February 2022$174.48Jan 2022 - Dec 2024
0-200%
February 2021$151.92Jan 2021 - Dec 2023
0-200%