The Company’s non-management directors can elect to defer their director compensation that would otherwise be payable in cash and receive payments for fees earned in the form of deferred stock units representing shares of the Company’s Class A Common Stock, with a value equal to 125% of the cash fees earned. The Company’s deferred stock units are deemed vested on the grant date. The following table summarizes the Company’s deferred stock unit activity as of December 31, 2018 and changes during the year then ended:



	Shares		Weighted Average Grant Date Fair Value
Outstanding at beginning of year	93,979		$	51.71
Granted	11,185		$	78.33
Issued	(30,384	)	$	53.78
Outstanding at end of year	74,780		$	54.85

Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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