Stock Options (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Share-based Compensation, Stock Options Granted

Stock options outstanding as of March 31, 2024 are presented below:

Stock Options Granted
Date	Shares	Forfeited	Cash Settlement	Outstanding	Strike Price		Vesting Period	Expiration
January 17, 2024	64,700	—	—	64,700	$	20.85	3 years	10 years
January 17, 2024	32,300	—	—	32,300	20.85		5 years	10 years
January 20, 2023	59,500	—	—	59,500	27.77		3 years	10 years
January 20, 2023	29,500	—	—	29,500	27.77		5 years	10 years
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	(19,800)	—	101,100	28.01		3 years	10 years
March 15, 2019	119,100	(19,200)	—	99,900	28.01		5 years	10 years
August 27, 2015	58,125	(26,250)	(28,875)	3,000	28.02		5 years	10 years
	1,191,125	(65,250)	(28,875)	1,097,000	$	25.13

A summary of stock option activity for the nine months ended September 30, 2023 is presented below:

	March 31, 2024
	Shares	Weighted Average Exercise Price
Outstanding, beginning of year	1,000,000	$	25.55
Granted	97,000	20.85
Forfeited	—	—
Expired	—	—
Outstanding, end of period	1,097,000	$	25.13
Exercisable, end of period	323,300	$	27.02

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 three months ended March 31, 2024:

	Three months ended March 31,
	2024
Risk-free interest rate	3.87		%
Expected volatility	32		%
Expected Annual dividend	$	1.28
Expected life	6.83 years
Weighted average grant date fair value per option	$	3.73