Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

Share-Based Payment Arrangement [Abstract]

Fair Value Assumptions for Stock Options

The following are the weighted-average assumptions used to calculate the grant-date fair values of stock option awards granted in the years ended December 31, 2022, 2021 and 2020:

	For the Years Ended December 31
	2022	2021	2020
Expected dividend yield	1.18%	1.30%	1.31%
Expected volatility	32.27%	31.81%	26.00%
Expected term	6.0 years	7.3 years	7.3 years
Risk-free interest rate	1.93%	0.96%	1.47%

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2022 is presented below:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
Options
Outstanding at January 1, 2022		435,966		$	81.92
Granted		34,444			114.43
Exercised		(11,888	)		65.74
Forfeited		(31,361	)		115.43
Outstanding at December 31, 2022		427,161			82.53		5.27	$	10,224
Vested or expected to vest at December 31, 2022		427,161			82.53		5.27		10,224
Exercisable at December 31, 2022		408,802			80.80		5.14		10,488

Summary of Stock Award Activity

A summary of stock award activity for the year ended December 31, 2022, is presented below:

	Shares			Weighted-Average Grant Date Fair Value
Stock Awards
Unvested at January 1, 2022		103,278		$	61.30
Granted		64,392			106.78
Vested		(69,314	)		99.30
Forfeited/Modified due to change of assumptions		5,613			86.94
Unvested at December 31, 2022		103,969			110.50

Summary of SARs Activity

The following is a summary of SARs activity for the year ended December 31, 2022:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
SARs
Outstanding at January 1, 2022		726,987		$	90.06
Granted		188,957			110.04
Exercised		(31,562	)		63.06
Forfeited		(34,226	)		115.20
Outstanding at December 31, 2022		850,156			94.49		6.62	$	10,176