Earnings Per Common Share And Share Awards (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three- and six-month periods ended June 30:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands, except per share amounts)	2021		2020		2021		2020
Net income	$	19,782	$	14,495	$	33,605	$	7,484
Weighted average common shares outstanding – Basic	1,894		1,892		1,894		1,891
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	5		3		4		4
Weighted average common shares outstanding – Diluted	1,899		1,895		1,898		1,895
Basic earnings per common share	$	10.44	$	7.66	$	17.74	$	3.96
Diluted earnings per common share	$	10.42	$	7.65	$	17.70	$	3.95

Summary Of Share-Based Award Transactions

A summary of share-based award transactions for all share-based award plans follows:

(in thousands, except weighted average exercise price and average remaining contractual term)	Number Of Shares	Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2020	30	$	124.13	3.53	$	1,352
SARs granted	14	137.40
SARs exercised	(8)	75.75
Outstanding as of December 31, 2020	36	$	139.16	4.38	$	903
SARs granted	5	184.26
SARs exercised	(3)	68.70
Outstanding as of June 30, 2021	38	$	150.06	4.56	$	1,122
Exercisable as of June 30, 2021	28	$	148.09	3.91	$	889
Unvested as of June 30, 2021	10	$	155.32	6.28	$	233

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2021 and 2020 were $59.83 and $34.45, respectively, and were estimated using the weighted average assumptions shown in the table below.

	2021			2020
Expected Life in Years	7.0	-	7.0	6.2	-	7.0
Volatility	33.9%			28.5%
Interest Rate	1.3%			0.7%
Yield Rate	1.1%			1.2%