Equity Incentive Awards (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Summary of Restricted Stock Activities and Related Information

A summary of our restricted stock activities and related information, is as follows:

	Number of Shares	Weighted Average Grant Date Fair Value Per Share
Balance at December 31, 2019	418,742	$48.32
Shares granted	151,104	$56.07
Shares forfeited/cancelled	—	$—
Shares vested	(221,055)	$47.74
Balance at December 31, 2020	348,791	$53.06
Shares granted	162,955	$50.42
Shares forfeited/cancelled	—	$—
Shares vested	(196,839)	$60.91
Balance at December 31, 2021	314,907	$53.98
Shares granted	130,600	$77.47
Shares forfeited/cancelled	(11,881)	$33.35
Shares vested	(167,244)	$48.99
Balance at December 31, 2022	266,382	$69.24

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of stock options granted was estimated on the grant date using the Black-Scholes-Merton model. The following table includes the assumptions made in the valuation:

	2022	2021
Dividend Yield	2.1%	2.1%
Risk-free interest rate	2.8%	1.0%
Expected Life	5.6 years	5.6 years
Expected Volatility	26.5%	26.1%
Weighted Average Grant Date Fair Value Per Share	$18.40	$18.04

Summary of Stock Option Activity

A summary of our stock option activity and related information, is as follows:

	Shares Subject To Options	Weighted Average Exercise Price Per Share	Weighted Average Outstanding Contractual Life (in years)	Average Intrinsic Value (in millions)
Balance at December 31, 2019	41,500	$40.65	7.3	$1.2
Options issued	16,090	$66.81
Balance at December 31, 2020	57,590	$47.96	7.2	$0.9
Options issued	16,185	$68.74
Balance at December 31, 2021	73,775	$52.52	6.9	$2.6
Options issued	7,210	$79.72
Balance at December 31, 2022	80,985	$54.94	6.19	$1.0
Exercisable at December 31, 2022	71,015	$52.21	5.8	$1.0