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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2022
Share-based Payment Arrangement [Abstract]  
Restricted Stock Activity
Restricted Stock Activity:Years Ended December 31,
202220212020
 
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 year106,056 $116.37 113,125 $100.86 130,884 $82.78 
Granted (1) (2)
71,217 121.52 66,623 115.30 69,446 101.19 
Forfeited — — — — (440)112.14 
Vested (80,565)102.42 (73,692)91.59 (86,765)73.80 
Unvested at end of year 96,708 131.79 106,056 116.37 113,125 100.86 

(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 2020 and 2021 for long-term performance and in 2022 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 105,485.
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, 2022:
Unvested Shares Vesting ScheduleNumber of Shares
202351,937 
202427,034 
20259,951 
20265,541 
20272,245 
Total Unvested Shares                                                  96,708 
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 2022, 2021 and 2020. As of the vesting dates, the fair value of shares that vested during 2022, 2021 and 2020 was $8,000, $21,000 and $9,000, respectively.
Restricted Stock Activity:Years Ended December 31,
202220212020
 
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 year156 $120.39 278 $112.45 140 $88.86 
Granted 5,696 159.00 — — 208 120.39 
Forfeited — — — — — — 
Vested (52)120.39 (122)102.30 (70)88.86 
Unvested at end of year 5,800 158.31 156 120.39 278 112.45 
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 2022, 2021 and 2020:

2022 Award
2021 Award
2020 Award
Valuation date3/3/20222/25/20213/6/2020
Risk-free interest rate1.64 %0.39 %0.62 %
Expected share price volatility for the Company30.01 %30.51 %16.72 %
Expected share price volatility for peer group companies - low end of range26.32 %26.87 %14.40 %
Expected share price volatility for peer group companies - high end of range50.10 %54.25 %49.23 %
Expected dividend yield2.27 %2.27 %2.28 %
Number of simulation paths1,000,000 1,000,000 1,000,000 
Grant date fair value (in thousands)$2,912 2,941 2,037 
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, 2022:
2022 Award2021 Award2020 Award2019 Award
Grant date3/3/20222/25/20213/6/20203/7/2019
Shares granted5,830 7,801 7,217 9,947 
Grant date share price$193.54 138.93 131.36 105.97 
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, 2022:
2022 Award2021 Award2020 Award2019 Award
Grant date3/3/20222/25/20213/6/20203/7/2019
Performance period1/1/22 - 12/31/241/1/21 - 12/31/231/1/20 - 12/31/221/1/19 - 12/31/21
Range of earnable shares - low end of range— — — — 
Range of earnable shares - high end of range27,212 36,400 25,261 33,442 
Shares determined
N/A (1)
N/A (1)
N/A (1)
30,990 
    (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, 2022:
2022 Award2021 Award2020 Award
Grant date3/3/20222/25/20213/6/2020
Performance period1/1/22 - 12/31/221/1/21 - 12/31/211/1/20 - 12/31/20
Range of earnable shares - low end of range— — — 
Range of earnable shares - high end of range13,289 19,052 19,282 
Shares determined
N/A (1)
18,798 18,380 
Grant date share price$193.54 138.93 131.36 
(1) 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, 2022:
2022 Award2021 Award2020 Award
Grant date
N/A (1)
2/16/20222/17/2021
Performance period1/1/22 - 12/31/221/1/21 - 12/31/211/1/20 - 12/31/20
Range of earnable shares - low end of range— — — 
Range of earnable shares - high end of range3,323 4,756 4,812 
Shares determined
N/A (1)
4,374 4,156 
Grant date share price
N/A (1)
$190.89 142.89 
(1) 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, 2022:
2022 Award2021 Award2020 Award
Grant date6/20/20227/7/20215/6/2020
Shares granted11,225 9,200 12,300 
Grant date share price$148.48 168.35 105.30