Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Stock Based Compensation [Abstract]

Schedule of Share based Payment Award Restricted Stock Valuation Assumptions

The following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended December 31, 2023, 2022 and 2021:

	2023	2022	2021
Risk free rate	4.096%	1.010%	0.161%
Dividend yield	3.550%	2.024%	3.341%
Volatility	28.99%	25.84%	28.04%
Requisite service period	3 years	3 years	3 years

Nonvested Restricted Stock Shares Activity

A summary of the status of the nonvested restricted shares as of December 31, 2023, and the changes for the year ended December 31, 2023, is presented below:

Nonvested Shares	Shares			Weighted Average Grant-Date Fair Value
Nonvested as of January 1, 2023		125,765		$	136.60
Issued		131,090			128.71
Vested		(159,590	)		108.41
Forfeited		(835	)		176.55
Nonvested as of December 31, 2023		96,430		$	172.18