Stock Options (Tables)

9 Months Ended

Sep. 30, 2022

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options Granted

Stock options outstanding as of September 30, 2022 are presented below:

Stock Options Granted
Date	Shares	Forfeited	Cash Settlement	Outstanding	Strike Price		Vesting Period	Expiration
January 18, 2022	156,000	—	—	156,000	$	24.10	3 years	10 years
January 18, 2022	78,000	—	—	78,000	24.10		5 years	10 years
April 9, 2021	156,500	—	—	156,500	24.23		3 years	10 years
April 9, 2021	78,000	—	—	78,000	24.23		5 years	10 years
March 11, 2020	119,300	—	—	119,300	25.34		3 years	10 years
March 11, 2020	119,200	—	—	119,200	25.34		5 years	10 years
March 15, 2019	120,900	(16,800)	—	104,100	28.01		3 years	10 years
March 15, 2019	119,100	(16,200)	—	102,900	28.01		5 years	10 years
August 27, 2015	58,125	(26,250)	(28,875)	3,000	28.02		5 years	10 years

A summary of stock option activity is presented below:

	September 30, 2022
	Shares	Weighted Average Exercise Price
Outstanding, beginning of year	1,034,525	$	27.23
Granted	234,000	24.10
Cash settlement	(346,725)	30.07
Forfeited	(4,800)	28.59
Expired	—	—
Outstanding, end of period	917,000	$	25.35
Exercisable, end of period	107,100	$	28.01

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following is a summary of the assumptions used in this model for stock options granted for the nine months ended September 30, 2022:

	Nine months ended September 30,
	2022
Risk-free interest rate	1.23		%
Expected volatility	33		%
Expected Annual dividend	$	1.28
Expected life	6.84 years
Weighted average grant date fair value per option	$	4.28