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Stock-Based Compensation Plans (Tables)
 3 Months Ended
Mar. 31, 2022
Share-based Payment Arrangement [Abstract]  
Schedule of stock options
Stock Options:
2009 Plan
shares		Weighted average
exercise price
per share
Options Outstanding at December 31, 2021299,149 $178.71 
Granted (1)9,793 236.14 
Exercised(4,304)141.41 
Forfeited(2,444)180.32 
Options Outstanding at March 31, 2022302,194 $181.09 
Options Exercisable at March 31, 20227,058 $135.62 
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(1)Grants are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Schedule of nonvested performance awards granted
Performance Awards:
Performance awardsWeighted average grant date fair value per award (1)
Outstanding at December 31, 2021284,522 $214.73 
  Granted (2)72,189 255.01 
  Change in awards based on performance (3)(20,356)200.92 
  Converted to shares of common stock(54,053)217.33 
  Forfeited(755)223.60 
Outstanding at March 31, 2022281,547 $225.54 
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(1)Weighted average grant date fair value per award includes the impact of post grant modifications.
(2)The shares of common stock that may be earned is based on the total shareholder return metrics for the Company's common stock for 39,645 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,544 performance awards.
(3)Represents the change in the number of performance awards earned based on performance achievement.
Summary of valuation options
The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted for which achievement will be determined by using total shareholder return measures. For the awards granted in 2022, the assumptions used are as follows:
2022
Dividend yield2.7%
Estimated volatility over the life of the plan (1)
16.1% - 36.8%
Risk free rate
0.72% - 1.68%
Estimated performance award value based on total shareholder return measure$271.98
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(1)Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Schedule of restricted stock granted
Restricted Stock:
Restricted stock sharesRestricted stock shares weighted average grant date fair value per shareRestricted stock shares converted from performance awards
Outstanding at December 31, 2021157,066 $192.90 74,627 
  Granted - restricted stock shares78,082 236.17 — 
  Vested - restricted stock shares(70,596)195.83 (47,335)
  Forfeited(1,120)219.75 (28)
Outstanding at March 31, 2022163,432 $212.12 27,264