Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

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, 2023, 2022 and 2021:

	For the Years Ended December 31
	2023	2022	2021
Expected dividend yield	1.19%	1.18%	1.30%
Expected volatility	31.29%	32.27%	31.81%
Expected term	7.2 years	6.0 years	7.3 years
Risk-free interest rate	4.03%	1.93%	0.96%

Summary of Stock Option Activity

A summary of stock option activity for the year ended December 31, 2023 is presented below:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
Options
Outstanding at January 1, 2023		427,161		$	82.53
Granted		2,777			106.85
Exercised		(52,999	)		54.24
Forfeited		(8,800	)		113.81
Outstanding at December 31, 2023		368,139			86.03		4.72	$	3,135
Vested or expected to vest at December 31, 2023		368,139			86.03		4.72		3,135
Exercisable at December 31, 2023		363,949			85.79		4.68		3,186

Summary of Stock Award Activity

A summary of stock award activity for the year ended December 31, 2023, is presented below:

	Shares			Weighted-Average Grant Date Fair Value
Stock Awards
Unvested at January 1, 2023		103,969		$	110.50
Granted		88,130			104.96
Vested		(29,906	)		116.41
Forfeited/modified due to change of assumptions		(95,407	)		106.68
Unvested at December 31, 2023		66,786			106.00

Summary of SARs Activity

The following is a summary of SARs activity for the year ended December 31, 2023:

	Shares			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value ($000)
SARs
Outstanding at January 1, 2023		850,156		$	94.49
Granted		77,006			108.64
Exercised		(38,988	)		61.97
Forfeited		(56,255	)		112.46
Outstanding at December 31, 2023		831,919			96.11		5.94	$	—