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Stock Based Compensation Plans
6 Months Ended
Jun. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Stock Based Compensation Plans

6.

Stock Based Compensation Plans

The following table provides a summary of option activity:

 

 

 

 

 

 

 

 

 

Weighted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

 

 

 

Weighted

 

 

Remaining

 

 

 

 

 

 

 

 

 

 

Average

 

 

Contractual

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Term

 

 

Intrinsic

 

 

Options

 

 

Price

 

 

(in Years)

 

 

Value

 

Outstanding at December 31, 2018

 

14.7

 

 

$

37.63

 

 

 

 

 

 

 

 

 

Granted

 

1.4

 

 

 

77.30

 

 

 

 

 

 

 

 

 

Exercised

 

(1.5

)

 

 

24.41

 

 

 

 

 

 

 

 

 

Cancelled

 

(0.1

)

 

 

50.11

 

 

 

 

 

 

 

 

 

Outstanding at June 30, 2019

 

14.5

 

 

$

42.85

 

 

 

5.9

 

 

$

444.4

 

Exercisable at June 30, 2019

 

9.1

 

 

$

34.07

 

 

 

4.2

 

 

$

353.6

 

 

The following table provides information regarding the intrinsic value of stock options exercised and stock compensation expense related to stock option awards:  

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Intrinsic Value of Stock Options Exercised

$

47.8

 

 

$

15.2

 

 

$

71.9

 

 

$

45.2

 

Stock Compensation Expense Related to Stock Option Awards

$

12.2

 

 

$

12.3

 

 

$

14.5

 

 

$

15.0

 

Issued Stock Options

 

1.4

 

 

 

1.9

 

 

 

1.4

 

 

 

1.9

 

Weighted Average Fair Value of Stock Options issued (per share)

$

14.94

 

 

$

9.63

 

 

$

14.94

 

 

$

9.63

 

Fair Value of Stock Options Issued

$

21.3

 

 

$

18.0

 

 

$

21.3

 

 

$

18.1

 

 

The following table provides a summary of the assumptions used in the valuation of issued stock options:

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Risk-free interest rate

 

2.1

%

 

 

2.9

%

 

 

2.1

%

 

 

2.9

%

Expected life in years

 

7.3

 

 

 

7.3

 

 

 

7.3

 

 

 

7.3

 

Expected volatility

 

17.2

%

 

 

17.1

%

 

 

17.2

%

 

 

17.1

%

Dividend yield

 

1.2

%

 

 

1.7

%

 

 

1.2

%

 

 

1.7

%