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Stock-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of weighted average assumption for stock option
The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows.
 
Nine Months Ended September 30,
 
2019
 
2018
Dividend yield
—
%
 
—
%
Expected volatility
25
%
 
25
%
Risk-free interest rate
2.37
%
 
2.48
%
Expected average life
7 years

 
7 years

Weighted average per share fair value of options
$
19.23

 
$
17.60
Schedule of stock options outstanding
A summary of the Company’s stock option activity is summarized below.
Stock Options
 
Option Shares
Outstanding
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining
Life (Years)
 
Aggregate
Intrinsic
Value (in
thousands)
Outstanding - December 31, 2018
 
1,581,699

 
$
40.77

 
 
 
 
Granted
 
15,000

 
59.55

 
 
 
 
Exercise of stock options *
 
(185,328
)
 
23.64

 
 
 
 
Forfeited
 
(3,538
)
 
27.43

 
 
 
 
Outstanding - September 30, 2019
 
1,407,833

 
$
43.25

 
7.0
 
$
32,829

Exercisable - September 30, 2019
 
644,033

 
$
39.28

 
6.5
 
$
17,577

* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the nine months ended September 30, 2019, 70,068 such shares were surrendered to the Company.
Schedule of restricted stock awards
A summary of the Company’s restricted stock activity is summarized below.
Restricted Stock
 
Weighted
Average Grant
Date Fair Value
 
Restricted
Shares
Outstanding
Outstanding - December 31, 2018
 
$
39.37

 
29,512

Granted
 
61.96

 
4,257

Vested *
 
45.05

 
(9,672
)
Forfeited
 
16.50

 
(408
)
Outstanding - September 30, 2019
 
$
41.50

 
23,689

* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 1,637 shares were surrendered during the nine months ended September 30, 2019.