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Share-Based Payments (Tables)
 3 Months Ended
Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of shares available for grant and stock option activity
The following table shows all grants issued to officers and directors for the three months ended March 31, 2018 and 2017. These grants were made based upon closing market price per Class A common share at the time of the grant.

 
Three Months Ended
 
March 31, 2018
 
March 31, 2017
 
Officer
 
Director
 
Officer
 
Director
 
 
 
 
 
 
 
 
SARs
—


—

 
11,512


—

RSUs
—


—

 
2,674


1,660

PSUs
—


—

 
4,425


—

 
 
 
 
 
 
 
 
A summary of awards by type and related activity is detailed below.

 
 
 
Options Outstanding
 
Shares
Available
For Grant
 
Shares
 
Weighted-
Average
Exercise
Price
 
 
 
 
 
 
Stock Options:
 
 
 
 
 
Balance at January 1, 2018
291,000

 
18,018

 
$
242.07

Exercised
—

 
(15,018
)
 
$
248.86

Forfeited
—

 
—

 
$
—

Expired
—

 
—

 
$
—

Stock options granted
—

 
—

 
$
—

 
 
 
 
 
 
Balance at March 31, 2018
291,000

 
3,000

 
$
208.05
Schedule of activity
 
Liability Awards
 
SAR
 
RSU
 
PSU
 
 
 
 
 
 
Other Share/Unit Awards:
 
 
 
 
 
Balance at January 1, 2018
92,667

 
11,721

 
14,052

Exercised
(975
)
 
(1,494
)
 
—

Forfeited
(907
)
 
(325
)
 
—

Granted
—

 
—

 
—

 
 
 
 
 
 
Balance at March 31, 2018
90,785

 
9,902

 
14,052
Summary of information about stock options and SARs outstanding

The following table summarizes information about stock options and SARs outstanding at March 31, 2018.

 
 
Options/SARs Outstanding
 
 
Number
Outstanding
 
Weighted-
Average
Remaining
Contractual Life
 
Number
Exercisable
 
 
 
 
 
 
 
Exercise prices:
 
 
 
 
 
 208.05 (options)
 
3,000

 
0.2 years
 
3,000

 114.64 (SARs)
 
10,900

 
0.9 years
 
10,900

 132.56 (SARs)
 
20,018

 
3.7 years
 
16,115

 210.22 (SARs)
 
26,550

 
5.7 years
 
11,750

 216.48 (SARs)
 
12,036

 
7.9 years
 
7,847

 311.16 (SARs)
 
10,814

 
8.8 years
 
3,645

 310.55 (SARs)
 
203

 
9.1 years
 
—

 334.34 (SARs)
 
10,264

 
9.7 years
 
—

 
 
 
 
 
 
 
Totals
 
93,785

 
 
 
53,257

 
 

 
 
 
 

Aggregate intrinsic value (in thousands)
$
9,391

 
 
 
$
6,947
Summary of assumptions employed using Black-Scholes option pricing model
In estimating the fair value of the share-based awards outstanding at March 31, 2018 and December 31, 2017, the Company employed the Black-Scholes option pricing model with assumptions detailed below.

 
March 31,
2018
 
December 31,
2017
 
 
 
 
Expected term of options
0.2 to 9.7 years

 
0.3 to 10.0 years

Expected volatility weighted-average
21.69
%
 
21.55
%
Expected dividend yield
0.12
%
 
0.11
%
Risk-free rate weighted-average
2.19
%
 
1.82
%