XML 49 R33.htm IDEA: XBRL DOCUMENT v3.25.0.1
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of information with respect to stock options granted
Information with respect to stock options granted under the Plan is as follows:
 OptionsWeighted average
exercise price
per option
Options Outstanding, December 31, 2021299,149 $178.71 
Granted (1)9,793 236.14 
Exercised(8,670)135.78 
Forfeited(6,459)180.32 
Options Outstanding, December 31, 2022293,813 $181.85 
Granted (1)15,744 177.83 
Exercised(5,773)163.56 
Forfeited— — 
Options Outstanding, December 31, 2023303,784 $181.99 
Granted (1)13,759 172.11 
Exercised (41,619)179.89 
Forfeited— — 
Expired(5,062)180.32 
Options Outstanding, December 31, 2024270,862 $181.84 
Options Exercisable:  
December 31, 20226,533 $165.51 
December 31, 2023279,894 $180.97 
December 31, 2024246,877 $181.82 
__________________________________
(1)All options are from recipient elections to receive a portion of earned restricted stock awards in the form of stock options.
Summary of valuation options The assumptions used are as follows:
2024
Dividend yield4.5 %
Estimated volatility29.7 %
Risk free rate4.31 %
Expected life of options
5 years
Estimated fair value$35.32
The assumptions used are as follows:
202420232022
Dividend yield3.9%3.7%2.7%
Estimated volatility over the life of the plan (1)
20.5% - 22.8%
22.9% - 26.1%
16.1% - 36.8%
Risk free rate
3.92% - 4.59%
4.35% - 4.61%
0.72% - 1.68%
Estimated performance award value based on total shareholder return measure$189.47$206.97$271.98
_________________________________
(1)     Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
Summary of exercise prices and contractual lives of options outstanding
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2024:

The Plan
Number of Options		Range—Exercise PriceWeighted Average
Remaining Contractual Term
(in years)
261,069$172.00-$181.996.4
9,793$236.00-$245.997.1
270,862  
Schedule of nonvested performance awards granted
Information with respect to performance awards granted is as follows:
Performance awardsWeighted average grant date fair value per award
Outstanding at December 31, 2021284,522 $214.73 
  Granted (1)72,783 254.75 
  Change in awards based on performance (2)(20,356)200.92 
  Converted to shares of common stock(54,053)217.33 
  Forfeited(3,829)230.36 
Outstanding at December 31, 2022279,067 $225.46 
  Granted (3)90,215 193.85 
  Change in awards based on performance (2)(31,345)241.49 
  Converted to shares of common stock(60,016)238.71 
  Forfeited(2,719)212.05 
Outstanding at December 31, 2023275,202 $210.52 
  Granted (4)95,782 185.97 
  Change in awards based on performance (2)30,375 216.50 
  Converted to shares of common stock(146,725)201.07 
  Forfeited(4,511)201.41 
Outstanding at December 31, 2024250,123 $207.55 
_________________________________
(1)     The shares of common stock earned was based on the total shareholder return metrics for the Company’s common stock for 39,972 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 32,811 performance awards.
(2)    Represents the change in the number of performance awards earned based on performance achievement.
(3)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 49,611 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 40,604 performance awards.
(4)    The shares of common stock that may be earned is based on the total shareholder return metrics for the Company’s common stock for 52,683 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 43,099 performance awards.
Schedule of restricted stock granted
Information with respect to restricted stock granted is as follows:
Restricted stock sharesWeighted average grant date fair value per shareRestricted stock shares converted from performance awards
Outstanding at December 31, 2021157,066 $192.90 74,627 
  Granted86,475 231.93 — 
  Vested(78,212)197.51 (48,171)
  Forfeited(3,615)218.19 (86)
Outstanding at December 31, 2022161,714 $210.97 26,370 
  Granted93,146 177.70 — 
  Vested(79,450)207.93 (26,370)
  Forfeited(2,119)194.78 — 
Outstanding at December 31, 2023173,291 $194.68 — 
  Granted104,081 173.14 — 
  Vested(90,582)194.89 — 
  Forfeited(4,408)181.73 — 
Outstanding at December 31, 2024182,382 $182.59 —