Annual report pursuant to Section 13 and 15(d)

Stock Compensation (Tables)

v3.20.4
Stock Compensation (Tables)
12 Months Ended
Dec. 31, 2020
Stock Compensation [Abstract]  
Schedule of Valuation Assumptions

2020

2019

2018

Stock option expense for the year ( in 000's)

$

412 

$

299 

$

236 

Aggregate exercise date intrinsic value of options exercised during the year (in 000's)

$

305 

$

1,567 

$

2,752 

Average assumptions used in valuing options with the Black-Scholes method:

Expected life of options in years, based upon historical experience

5 

5 

5 

Risk-free interest rate

0.4%

2.0%

2.8%

Expected volatility, based upon historical volatility

22.3%

22.2%

20.8%

Expected dividend yield

3.3%

2.6%

2.9%

Average estimated value of options granted during the year

$

15.27 

$

26.85 

$

18.11 

Summary of Stock Options Activity

Weighted

Aggregate

Weighted

Average

Intrinsic

Number of

Average

Remaining

Value

Options:

Options

Exercise Price

Contract Life

(in thousands)

Outstanding at December 31, 2017

172,409 

$

78.63 

Granted

16,000 

$

115.45 

Exercised

(44,994)

$

66.88 

Forfeited

$

Outstanding at December 31, 2018

143,415 

$

86.42 

Granted

34,000 

$

163.95 

Exercised

(15,585)

$

62.15 

Forfeited

(4,000)

$

110.04 

Outstanding at December 31, 2019

157,830 

$

104.92 

Granted

18,000 

$

127.22 

Exercised

(4,136)

$

62.29 

Forfeited

$

Outstanding at December 31, 2020

171,694 

$

108.29 

4.49 Years

$

5,278 

Exercisable at December 31, 2020

105,094 

$

89.74 

3.85 Years

$

4,744 

Nonvested Restricted Stock Units

Weighted

Number of

Average Grant

Restricted Stock Units:

RSUs

Date Fair Value

Nonvested at December 31, 2017

165,083 

$

15,116 

Granted

194,450 

18,431 

Vested

(106,103)

(9,256)

Forfeited

(10,140)

(905)

Nonvested at December 31, 2018

243,290 

23,386 

Granted

6,400 

1,137 

Vested

(95,500)

(8,753)

Forfeited

(3,342)

(345)

Nonvested at December 31, 2019

150,848 

$

15,425 

Granted

46,036 

5,562 

Vested

(73,256)

(6,991)

Forfeited

(2,120)

(290)

Nonvested at December 31, 2020

121,508 

$

13,706 

Schedule of Restricted Stock Unit Activity

(In thousands, except number of shares)

2020

2019

2018

Restricted share unit expense

$

4,475 

$

3,196 

$

3,727 

Common shares issued upon vesting

43,458 

55,267 

62,500 

Fair value of vested shares on vesting date

$

10,350 

$

15,078 

$

12,127 

Cash paid for taxes in lieu of shares upon vesting of RSUs

$

4,216 

$

6,350 

$

4,981