Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Disclosure of Share-based Compensation Arrangements by Share-based Payment Award

	Directors						Officers
Grant date	April 24, 2020			May 7, 2021			April 24, 2020			May 7, 2021
Exercise price	$	50.00		$	43.89		$	50.00		$	43.89
Volatility	0.258			0.297			0.240			0.275
Expected life (years)	5.0			5.0			7.0			7.0
Assumed yield	3.80		%	4.96		%	3.85		%	4.97		%
Risk-free rate	0.36		%	0.77		%	0.51		%	1.24		%

Summary of Option Activity

The table below summarizes the option activity for the nine months ended  September 30, 2021:

	Number of Shares	Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	1,502,670	$	52.86	$	—
Granted	250,500	43.89		—
Exercised	(3,000)	41.82		3,450
Expired/Forfeited	(87,000)	53.60		—
Outstanding at September 30	1,663,170	51.49		171,250
Exercisable at September 30	1,137,295	52.89		133,340