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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2022

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


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

A summary of option activity as of December 31, 2022, and changes during the year the ended December 31, 2022, is presented below:


	2022
	Shares	Weighted- Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value (In Thousands)
Stock Options:
Outstanding at beginning of year	465,424	$	41.39	4.52	$	4,243

Less: Exercised	(36,397)	26.43
Forfeited	(67,312)	40.53
Expired	(5,400)	51.84
Outstanding at end of year	356,315	42.92		3.43	1,562
Nonvested at end of year	131,928	44.43		1.84	120
Exercisable at end of year	224,387	42.04		2.79	1,038

The following table summarizes the non-vested stock option activity during the year the ended December 31, 2022:


	2022
	Shares	Weighted-Average Exercise Price		Weighted-Average Grant Date Fair Value
Stock Options:
Nonvested at beginning of period	245,462	$	43.28	$	9.09

Less: Vested	(98,893)	42.98		9.21
Forfeited	(14,641)	34.90		7.81
Nonvested at end of period	131,928	44.43		9.15

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, 2021	235,481	$	41.62
Plus: Granted	263,326	49.24
Less: Vested	(107,949)	43.17
Forfeited	(33,220)	42.67
Balance at December 31, 2022	357,638	46.70

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


	Units (in whole)	Weighted Average Grant-Date Fair Value per Unit
Balance at December 31, 2021	—	$	—
Plus: Granted	102,885	49.76

Less: Forfeited	(7,365)	49.76
Balance at December 31, 2022	95,520	49.76