v3.25.4
STOCK-BASED COMPENSATION (Tables)
12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Restricted Stock Activity
RESTRICTED STOCK ACTIVITYYears Ended December 31,
202520242023
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
Unvested at beginning of year84,069 $160.72 80,282 $153.43 96,708 $131.79 
Granted (1) (2)
60,220 184.61 84,308 133.68 57,741 148.28 
Forfeited   (2,545)156.45 (1,015)144.79 
Vested (59,819)163.92 (77,976)124.12 (73,152)120.87 
Unvested at end of year 84,470 175.49 84,069 160.72 80,282 153.43 

(1)Includes restricted shares granted during the year without performance or market conditions. Also includes restricted shares granted in previous years, for long-term and annual equity compensation awards for the Company's executive officers, for which performance based or market based conditions have been satisfied and the resulting number of shares have been determined during the year.
(2)Does not include restricted shares subject to open performance periods. For the long-term equity compensation awards established in 2023 and 2024 and the long-term and annual equity compensation awards established in 2025, the number of shares depend on satisfaction of performance based or market based conditions, and the number of shares to be earned could range from zero to 155,875.
Restricted Stock Non-vested Awards By Expected Vesting Period
Following is a vesting schedule of the total unvested shares for employees as of December 31, 2025:
Unvested Shares Vesting ScheduleNumber of Shares
202638,566 
202723,089 
202811,984 
20297,981 
20302,850 
Total Unvested Shares                                                  84,470 
Restriced Stock Activity - Directors
Following is a summary of the total restricted shares granted, forfeited and delivered (vested) to directors with the related weighted average grant date fair value share prices for 2025, 2024 and 2023. As of the grant dates, the aggregate fair value of shares that were granted during 2025, 2024 and 2023 was $811,000, $811,000 and $661,000, respectively. As of the vesting dates, the fair value of shares that vested during 2025, 2024 and 2023 was $842,000, $680,000 and $904,000, respectively.
Restricted Stock Activity:Years Ended December 31,
202520242023
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
 
Shares
Weighted Average
Grant Date
Fair Value
Unvested at beginning of year5,104 $161.33 4,282 $160.15 5,800 $158.31 
Granted 4,884 165.99 5,040 160.87 4,134 159.79 
Forfeited   — — — — 
Vested (5,072)161.10 (4,218)159.58 (5,652)158.00 
Unvested at end of year 4,916 166.20 5,104 161.33 4,282 160.15 
Fair value assumptions used in long-term compensation awards
The following table summarizes the assumptions used in the Monte Carlo simulation pricing model used to determine the grant date fair value of the multi-year market conditions component of the long-term compensation awards for 2025, 2024 and 2023:

2025 Award
2024 Award
2023 Award
Valuation date2/27/20252/26/20243/2/2023
Risk-free interest rate4.21%4.65%4.68%
Expected share price volatility for the Company22.08%22.85%31.01%
Expected share price volatility for peer group companies Low end of range
22.74%20.46%27.31%
Expected share price volatility for peer group companies High end of range
62.28%62.79%51.26%
Expected dividend yield3.11%2.84%3.02%
Number of simulation paths1,000,000 1,000,000 1,000,000 
Grant date fair value (in thousands)$6,903 4,442 4,885 
Schedule of shared based compensation, service component of award, activity The following table presents the service only component of the long-term compensation awards for the four years ended December 31, 2025:
2025 Award2024 Award2023 Award2022 Award
Grant date2/27/20252/26/20243/2/20233/3/2022
Shares granted11,250 8,436 9,583 5,830 
Grant date share price$179.99 179.17 165.83 193.54 
Long-term compensation awards with a total shareholder return component
The following table presents the total shareholder return component of the long-term compensation awards for the four years ended December 31, 2025:
2025 Award2024 Award2023 Award2022 Award
Grant date2/27/20252/26/20243/2/20233/3/2022
Performance period1/1/25 - 12/31/271/1/24 - 12/31/261/1/23 - 12/31/251/1/22 - 12/31/24
Range of earnable shares Low end of range
— — — — 
Range of earnable shares High end of range
52,501 39,364 44,725 27,212 
Shares determined
N/A (1)
N/A (1)
N/A (1)
13,606 
(1)The market conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Annual equity compensation awards based on company performance measures
The following table presents the Company performance measures component of the annual equity compensation awards for the three years ended December 31, 2025:
2025 Award2024 Award2023 Award
Grant date2/27/20252/26/20243/2/2023
Performance period1/1/25 - 12/31/251/1/24 - 12/31/241/1/23 - 12/31/23
Range of earnable shares Low end of range
 — — 
Range of earnable shares High end of range
14,784 18,548 21,438 
Shares determined
N/A (1)
16,444 21,438 
Grant date share price$179.99 179.17 165.83 
(1)The performance conditions for this award have not yet been satisfied and the number of shares have not yet been determined.
Individual performance for annual equity compensation awards
The following table presents the individual performance goals component of the annual equity compensation awards for the three years ended December 31, 2025:
2025 Award2024 Award2023 Award
Grant date
N/A (1)
2/12/20252/14/2024
Performance period1/1/25 - 12/31/251/1/24 - 12/31/241/1/23 - 12/31/23
Range of earnable shares Low end of range
 — — 
Range of earnable shares High end of range
4,501 5,652 5,358 
Shares determined
N/A (1)
4,670 4,814 
Grant date share price
N/A (1)
$178.86 183.46 
(1)For this award, the performance conditions and grant date criteria under ASC 718, Compensation - Stock Compensation, have not yet been satisfied and the date of grant and resulting number of shares have not yet been determined.
Schedule of share based compensation, non executive officers, activity The following table presents the compensation awards to non-executive officers for the three years ended December 31, 2025:
2025 Award2024 Award2023 Award
Grant date8/25/20258/5/20246/20/2023
Shares granted14,250 12,150 11,325 
Grant date share price$168.36 179.35 172.70