SHARE BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

The fair value of stock options was $7.383 per share and was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


Exercise price	$	70.64
Risk-free rate	0.650		%
Expected term	6.25 years
Expected volatility	21.08		%
Dividend Yield	3.963		%

Schedule of Compensation Expense Recognized

Total share-based compensation expense recognized in the consolidated financial statements for the years ended December 31, 2021, 2020, and 2019, for all share-based awards was as follows:


	(in thousands)
	Year Ended December 31,
	2021		2020		2019
Share based compensation expense	$	2,687	$	2,106	$	1,905

Schedule of Restricted Share Awards Activity

The activity for the years ended December 31, 2020 and 2019, related to our restricted share awards was as follows:


	Awards with Service Conditions
		Wtd Avg Grant-
	Shares	Date Fair Value








Unvested at December 31, 2018	7,191
Granted	—
Vested	(4,999)	$	61.06
Forfeited	—
Unvested at December 31, 2019	2,192	59.20
Granted	—
Vested	(2,192)	$	59.20
Forfeited	—
Unvested at December 31, 2020	—

The activity for the years ended December 31, 2021, 2020, and 2019, related to our RSUs was as follows:


	RSUs with Service Conditions			RSUs with Market Conditions
		Wtd Avg Grant-			Wtd Avg Grant-
	Shares	Date Fair Value		Shares	Date Fair Value




Unvested at December 31, 2018	18,260	$	55.13	25,319	$	62.84
Granted	16,084	$	59.76	12,978	$	79.49
Vested	(11,633)	$	55.35	—	—
Forfeited	(365)	$	51.73	(475)	$	57.70
Unvested at December 31, 2019	22,346	$	58.41	37,822	$	68.62
Granted	17,981	$	68.25	—	$	—
Vested	(14,991)	$	59.10	(13,357)	74.68
Change in awards(1)	—	$	—	4,436	$	—
Forfeited	(508)	$	62.99	(1,907)	$	63.92
Unvested at December 31, 2020	24,828	$	65.03	26,994	$	67.87
Granted	13,693	$	71.54	19,224	$	87.04
Vested	(17,065)	$	63.42	(35,920)	$	65.34
Change in awards(1)	—	—		8,926	—
Forfeited	(482)	$	70.44	—	$	—
Unvested at December 31, 2021	20,974	$	69.97	19,224	$	87.04

(1)Represents the change in the number of restricted stock units earned at the end of the measurement period.

Schedule of Stock Options Activity

The stock option activity for the years ended December 31, 2021 and 2020 was as follows:


	Number of Shares	Weighted Average Exercise Price
Outstanding at December 31, 2019	—	—
Granted	141,000	$	66.36
Exercised	—	—
Forfeited	(1,952)	$	66.36
Outstanding at December 31, 2020	139,048	$	66.36
Exercisable at December 31, 2020	—	—
Granted	43,629	70.64
Exercised	—	—
Forfeited	—	—
Outstanding at December 31, 2021	182,677	67.38
Exercisable at December 31, 2021	34,758	66.36