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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Activity
Restricted Stock Activity:Years Ended December 31,
202320222021
 
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 year96,708 $131.79 106,056 $116.37 113,125 $100.86 
Granted (1) (2)
57,741 148.28 71,217 121.52 66,623 115.30 
Forfeited (1,015)144.79 — — — — 
Vested (73,152)120.87 (80,565)102.42 (73,692)91.59 
Unvested at end of year 80,282 153.43 96,708 131.79 106,056 116.37 

(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 2021 and 2022 for long-term performance and in 2023 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 135,133.
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, 2023:
Unvested Shares Vesting ScheduleNumber of Shares
202441,741 
202519,510 
20269,983 
20276,783 
20282,265 
Total Unvested Shares                                                  80,282 
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 2023, 2022 and 2021. As of the grant dates, the aggregate fair value of shares that were granted during 2023, 2022 and 2021 was $661,000, $906,000 and zero, respectively. As of the vesting dates, the fair value of shares that vested during 2023, 2022 and 2021 was $904,000, $8,000 and $21,000, respectively.
Restricted Stock Activity:Years Ended December 31,
202320222021
 
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 year5,800 $158.31 156 $120.39 278 $112.45 
Granted 4,134 159.79 5,696 159.00 — — 
Forfeited — — — — — — 
Vested (5,652)158.00 (52)120.39 (122)102.30 
Unvested at end of year 4,282 160.15 5,800 158.31 156 120.39 
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 2023, 2022 and 2021:

2023 Award
2022 Award
2021 Award
Valuation date3/2/20233/3/20222/25/2021
Risk-free interest rate4.68 %1.64 %0.39 %
Expected share price volatility for the Company31.01 %30.01 %30.51 %
Expected share price volatility for peer group companies - low end of range27.31 %26.32 %26.87 %
Expected share price volatility for peer group companies - high end of range51.26 %50.10 %54.25 %
Expected dividend yield3.02 %2.27 %2.27 %
Number of simulation paths1,000,000 1,000,000 1,000,000 
Grant date fair value (in thousands)$4,885 2,912 2,941 
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, 2023:
2023 Award2022 Award2021 Award2020 Award
Grant date3/2/20233/3/20222/25/20213/6/2020
Shares granted9,583 5,830 7,801 7,217 
Grant date share price$165.83 193.54 138.93 131.36 
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, 2023:
2023 Award2022 Award2021 Award2020 Award
Grant date3/2/20233/3/20222/25/20213/6/2020
Performance period1/1/23 - 12/31/251/1/22 - 12/31/241/1/21 - 12/31/231/1/20 - 12/31/22
Range of earnable shares - low end of range— — — — 
Range of earnable shares - high end of range44,725 27,212 36,400 25,261 
Shares determined
N/A (1)
N/A (1)
N/A (1)
21,050 
    (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, 2023:
2023 Award2022 Award2021 Award
Grant date3/2/20233/3/20222/25/2021
Performance period1/1/23 - 12/31/231/1/22 - 12/31/221/1/21 - 12/31/21
Range of earnable shares - low end of range— — — 
Range of earnable shares - high end of range21,438 13,289 19,052 
Shares determined
N/A (1)
12,761 18,798 
Grant date share price$165.83 193.54 138.93 
(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, 2023:
2023 Award2022 Award2021 Award
Grant date
N/A (1)
2/15/20232/16/2022
Performance period1/1/23 - 12/31/231/1/22 - 12/31/221/1/21 - 12/31/21
Range of earnable shares - low end of range— — — 
Range of earnable shares - high end of range5,358 3,323 4,756 
Shares determined
N/A (1)
3,022 4,374 
Grant date share price
N/A (1)
$168.90 190.89 
(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, 2023:
2023 Award2022 Award2021 Award
Grant date6/20/20236/20/20227/7/2021
Shares granted11,325 11,225 9,200 
Grant date share price$172.70 148.48 168.35