Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

Summary of Assumptions for Options Issued

The assumptions used to determine the grant date fair value for options issued during 2021, 2020, and 2019 are presented below: 

	2021		2020		2019
Expected term (in years)	5.5		5.5		5.5
Volatility	23.9	%	25.0	%	23.6	%
Weighted-average risk-free interest rate	1.16	%	1.06	%	2.50	%
Dividend yield	1.33	%	1.39	%	1.02	%

Summary of Options Including Non-Plan Stock Options

A summary of option activity as of December 31, 2021, and changes during the year the ended December 31, 2021, is presented below: 

	2021
	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Stock Options:
Outstanding at beginning of year	449,761	$	36.80	4.16	$	3,910
Plus: Granted	105,164	51.84
Less: Exercised	(69,873)	25.64
Forfeited	(19,628)	48.15
Outstanding at end of year	465,424	41.39		4.52	4,243
Nonvested at end of year	245,462	43.28		2.57	1,680
Exercisable at end of year	219,962	39.29		3.49	2,398

Schedule of Nonvested Stock Option Outstanding

The following table summarizes the non-vested stock option activity during the year the ended December 31, 2021: 

	2021
	Shares	Weighted-Average Exercise Price		Weighted-Average Grant Date Fair Value
Stock Options:
Nonvested at beginning of period	242,158	$	38.66	$	8.51
Plus: Granted	105,164	51.84		10.44
Less: Vested	(101,860)	41.14		9.10
Forfeited	—	—		—
Nonvested at end of period	245,462	43.28		9.09

Schedule of RSAs and RSUs

The following table summarizes the Company’s RSUs and changes during the year:

	Units (in whole)	Weighted Average Grant-Date Fair Value per Unit
Balance at December 31, 2020	209,607	$	39.66
Plus: Granted	119,714	45.64
Less: Vested	(85,286)	42.18
Forfeited	(8,194)	44.47
Balance at December 31, 2021	235,841	41.62