Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Summary of RSUs

A summary of the RSUs for the year ended December 31, 2021 is as follows:

	Restricted Share Awards
	Performance						Total			Weighted-Average
	and Service			Service			Restricted			Grant-Date
	Required (1)			Required			Awards			Fair Value
Nonvested as of January 1, 2021		183,777			15,786			199,563		$	60.33
Granted		51,308			12,285			63,593			71.84
Vested		(56,973	)		(7,198	)		(64,171	)		71.77
Forfeited		(5,145	)		(1,286	)		(6,431	)		54.55
Nonvested as of December 31, 2021		172,967			19,587			192,554		$	60.34

Weighted-Average Assumptions for Estimating Fair Values

The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	2021			2020			2019
Risk-free interest rate		1.1	%		1.8	%		1.8	%
Dividend yield		1.4	%		1.6	%		1.6	%
Expected life (years)	5			5			5
Expected volatility		39.7	%		42.0	%		42.0	%

Long Term Incentive Plan [Member]

Activity in Company's Plan

Activity in the Company’s LTIP and Incentive Plan for the year ended December 31, 2021 was as follows:

	Number of Shares			Weighted Average Exercise Price per Share		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value
Outstanding at January 1, 2021		50,950		$	54.81
Granted		3,000		$	69.89
Exercised		(7,000	)	$	47.66
Forfeited		0		-
Outstanding (vested and expected to vest) at    December 31, 2021		46,950		$	56.84		6.4	$	454
Exercisable at December 31, 2021		29,950		$	57.39		5.2	$	325