XML 62 R46.htm IDEA: XBRL DOCUMENT

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2022

The following table illustrates the valuation assumptions used for the 2022, 2021 and 2020 grants:


	2022		2021		2020
Expected volatility	34	%	34 - 35%		27 - 32%
Weighted-average expected volatility	34	%	35	%	27	%
Expected dividend yield	1.2	%	1.3 - 1.4%		1.3 - 1.3%
Weighted-average expected dividend yield	1.2	%	1.4	%	1.3	%
Expected term, in years	5		5		5
Risk-free interest rate	1.9 - 1.9%		0.8 - 0.9%		0.3 - 1.3%

The following table summarizes the activity during the year ended December 31, 2022 for stock option awards:


	Shares	Weighted-Average Exercise Price
Outstanding at beginning of year	909,272	$	65.98
Granted	63,724	78.78
Exercised	(21,807)	55.30
Forfeited	(8,107)	77.19
Expired	(11,239)	69.15
Outstanding at end of year	931,843	$	66.97
Exercisable at end of year	814,220	$	65.24

The following table summarizes the activity during the year ended December 31, 2022 for nonvested restricted share awards:


	Shares	Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	91,574	$	59.30
Granted	18,967	78.78
Vested	(29,030)	58.32
Forfeited	(6,099)	79.45
Nonvested at end of year	75,412	$	62.94

The following table summarizes the activity during the year ended December 31, 2022 for nonvested performance share awards:


	Shares	Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	130,352	$	73.96
Granted	63,849	77.19
Vested	(43,198)	63.69
Forfeited	(16,240)	77.99
Nonvested at end of year	134,763	$	78.29

The following table summarizes the activity during the year ended December 31, 2022 for nonvested restricted stock units:


	Shares	Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	90,971	$	78.06
Granted	52,477	68.48
Vested	(15,673)	83.57
Forfeited	(13,071)	72.59
Nonvested at end of year	114,704	$	73.55