Stock Compensation (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Stock Compensation [Abstract] |
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| Schedule of Valuation Assumptions |
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2020 |
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2019 |
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2018 |
Stock option expense for the year ( in 000's) |
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$ |
412 |
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$ |
299 |
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$ |
236 |
Aggregate exercise date intrinsic value of options exercised during the year (in 000's) |
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$ |
305 |
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$ |
1,567 |
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$ |
2,752 |
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Average assumptions used in valuing options with the Black-Scholes method: |
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Expected life of options in years, based upon historical experience |
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5 |
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5 |
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5 |
Risk-free interest rate |
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0.4% |
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2.0% |
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2.8% |
Expected volatility, based upon historical volatility |
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22.3% |
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22.2% |
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20.8% |
Expected dividend yield |
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3.3% |
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2.6% |
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2.9% |
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Average estimated value of options granted during the year |
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$ |
15.27 |
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$ |
26.85 |
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$ |
18.11 |
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| Summary of Stock Options Activity |
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Weighted |
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Aggregate |
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Weighted |
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Average |
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Intrinsic |
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Number of |
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Average |
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Remaining |
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Value |
Options: |
Options |
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Exercise Price |
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Contract Life |
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(in thousands) |
Outstanding at December 31, 2017 |
172,409 |
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$ |
78.63 |
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Granted |
16,000 |
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$ |
115.45 |
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Exercised |
(44,994) |
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$ |
66.88 |
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Forfeited |
— |
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$ |
— |
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Outstanding at December 31, 2018 |
143,415 |
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$ |
86.42 |
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Granted |
34,000 |
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$ |
163.95 |
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Exercised |
(15,585) |
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$ |
62.15 |
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Forfeited |
(4,000) |
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$ |
110.04 |
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Outstanding at December 31, 2019 |
157,830 |
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$ |
104.92 |
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Granted |
18,000 |
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$ |
127.22 |
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Exercised |
(4,136) |
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$ |
62.29 |
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Forfeited |
— |
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$ |
— |
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Outstanding at December 31, 2020 |
171,694 |
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$ |
108.29 |
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4.49 Years |
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$ |
5,278 |
Exercisable at December 31, 2020 |
105,094 |
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$ |
89.74 |
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3.85 Years |
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$ |
4,744 |
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| Nonvested Restricted Stock Units |
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Weighted |
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Number of |
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Average Grant |
Restricted Stock Units: |
RSUs |
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Date Fair Value |
Nonvested at December 31, 2017 |
165,083 |
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$ |
15,116 |
Granted |
194,450 |
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18,431 |
Vested |
(106,103) |
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(9,256) |
Forfeited |
(10,140) |
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(905) |
Nonvested at December 31, 2018 |
243,290 |
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23,386 |
Granted |
6,400 |
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1,137 |
Vested |
(95,500) |
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(8,753) |
Forfeited |
(3,342) |
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(345) |
Nonvested at December 31, 2019 |
150,848 |
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$ |
15,425 |
Granted |
46,036 |
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5,562 |
Vested |
(73,256) |
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(6,991) |
Forfeited |
(2,120) |
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(290) |
Nonvested at December 31, 2020 |
121,508 |
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$ |
13,706 |
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| Schedule of Restricted Stock Unit Activity |
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(In thousands, except number of shares) |
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2020 |
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2019 |
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2018 |
Restricted share unit expense |
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$ |
4,475 |
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$ |
3,196 |
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$ |
3,727 |
Common shares issued upon vesting |
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43,458 |
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55,267 |
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62,500 |
Fair value of vested shares on vesting date |
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$ |
10,350 |
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$ |
15,078 |
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$ |
12,127 |
Cash paid for taxes in lieu of shares upon vesting of RSUs |
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$ |
4,216 |
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$ |
6,350 |
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$ |
4,981 |
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