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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2021
Share-based Payment Arrangement [Abstract]  
Restricted Stock Activity
Restricted Stock Activity:Years Ended December 31,
202120202019
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
Unvested at beginning of year113,125 $100.86 130,884 $82.78 143,314 $70.26 
Granted (1) (2)
66,623 115.30 69,446 101.19 59,943 94.62 
Forfeited — — (440)112.14 (3,010)86.19 
Vested (73,692)91.59 (86,765)73.80 (69,363)66.99 
Unvested at end of year 106,056 116.37 113,125 100.86 130,884 82.78 

(1) Includes shares granted in prior years for which performance conditions have been satisfied and the number of shares have been determined.
(2) Does not include the restricted shares that may be earned if the performance goals established in 2019 and 2020 for long-term performance and in 2021 for annual and long-term performance are achieved. Depending on the actual level of achievement of the goals at the end of the open performance periods, the number of shares earned could range from zero to 118,911.
Restricted Stock Non-vested Awards By Expected Vesting Period
Following is a vesting schedule of the total unvested shares for employees as of December 31, 2021:
Unvested Shares Vesting ScheduleNumber of Shares
202249,155 
202333,123 
202415,690 
20256,248 
20261,840 
Total Unvested Shares                                                  106,056 
Restriced Stock Activity - Directors
Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2021, 2020 and 2019. As of the vesting dates, the fair value of shares that vested during 2021, 2020 and 2019 was $21,000, $9,000 and $9,000, respectively.
Restricted Stock Activity:Years Ended December 31,
202120202019
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
Unvested at beginning of year278 $112.45 140 $88.86 211 $88.86 
Granted — — 208 120.39 — — 
Forfeited — — — — — — 
Vested (122)102.30 (70)88.86 (71)88.86 
Unvested at end of year 156 120.39 278 112.45 140 88.86 
Fair value assumptions used in long-term compensation awards
The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2021, 2020 and 2019:
2021 Award2020 Award2019 Award
Valuation date2/25/20213/6/20203/7/2019
Risk-free interest rate0.39 %0.62 %2.52 %
Expected share price volatility for the Company30.51 %16.72 %18.13 %
Expected share price volatility for peer group companies - low end of range26.87 %14.40 %14.27 %
Expected share price volatility for peer group companies - high end of range54.25 %49.23 %35.76 %
Expected dividend yield2.27 %2.28 %2.72 %
Number of simulation paths1,000,000 1,000,000 1,000,000 
Grant date fair value (in thousands)$2,941 2,037 2,413 
Schedule of shared based compensation, service component of award, activity The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2021:
2021 Award2020 Award2019 Award2018 Award
Grant date2/25/20213/6/20203/7/20196/1/2018
Shares granted7,801 7,217 9,947 7,884 
Grant date share price$138.93 131.36 105.97 95.19 
Long-term compensation awards with a total shareholder return component
The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2021:
2021 Award2020 Award2019 Award2018 Award
Grant date2/25/20213/6/20203/7/20196/1/2018
Performance period1/1/21 - 12/31/231/1/20 - 12/31/221/1/19 - 12/31/211/1/18 - 12/31/20
Range of earnable shares - low end of range— — — — 
Range of earnable shares - high end of range36,400 25,261 33,442 27,086 
Shares determined
N/A (1)
N/A (1)
N/A (1)
27,086 
    (1) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Annual equity compensation awards based on company performance measures
The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2021:
2021 Award2020 Award
2019 Award (1) (2)
2019 Award (2)
Grant date2/25/20213/6/20208/28/20193/7/2019
Performance period1/1/21 - 12/31/211/1/20 - 12/31/201/1/19 - 12/31/191/1/19 - 12/31/19
Range of earnable shares - low end of range— — — — 
Range of earnable shares - high end of range19,052 19,282 15,990 9,594 
Shares determined
N/A (3)
18,380 15,990 9,162 
Grant date share price$138.93 131.36 122.61 105.97 
(1) The 2019 annual award had a separate component for the Company’s FFO per share for 2019.
(2) The 2019 annual award vested 20% at the end of the one-year performance period and 20% in each of the following four years.
(3) The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Individual performance for annual equity compensation awards
The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2021:
2021 Award2020 Award
2019 Award (1)
Grant date
N/A (2)
2/17/20212/13/2020
Performance period1/1/21 - 12/31/211/1/20 - 12/31/201/1/19 - 12/31/19
Range of earnable shares - low end of range— — — 
Range of earnable shares - high end of range4,756 4,812 6,394 
Shares determined
N/A (2)
4,156 5,860 
Grant date share price
N/A (2)
$142.89 141.63 
(1) The 2019 annual award vested 20% at the end of the one-year performance period and 20% in each of the following four years.
(2) The performance conditions for this award have not yet been satisfied and the grant date and number of shares have not yet been determined.
Schedule of share based compensation, non executive officers, activity The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2021:
2021 Award2020 Award2019 Award
Grant date7/7/20215/6/20205/14/2019
Shares granted9,200 12,300 10,175 
Grant date share price$168.35 105.30 112.14