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Stock-Based Compensation Plans (Tables)
 6 Months Ended
Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]  
Schedule of stock options Details of the outstanding awards and activity under the 2009 Plan for the six months ended June 30, 2023 are presented below.
Stock Options:
OptionsWeighted average
exercise price
per option
Options Outstanding at December 31, 2022293,813 $181.85 
Granted (1)15,744 177.83 
Exercised(5,773)163.56 
Forfeited— — 
Options Outstanding at June 30, 2023303,784 $181.99 
Options Exercisable at June 30, 2023279,894 $180.97 
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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, 2022279,067 $225.46 
  Granted (2)89,977 193.88 
  Change in awards based on performance (3)(31,345)241.49 
  Converted to shares of common stock(60,016)238.71 
  Forfeited(2,719)212.05 
Outstanding at June 30, 2023274,964 $210.54 
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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 49,480 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,497 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 2023, the assumptions used are as follows:
2023
Dividend yield3.7%
Estimated volatility over the life of the plan (1)
22.9% - 26.1%
Risk free rate
4.35% - 4.61%
Estimated performance award value based on total shareholder return measure$206.97
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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, 2022161,714 $210.97 26,370 
  Granted92,692 177.70 — 
  Vested(76,870)208.78 (26,370)
  Forfeited(566)190.09 — 
Outstanding at June 30, 2023176,970 $194.57 —