Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2020

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Estimated Fair Value of Stock Options

The fair value of each stock option granted in 2020, 2019 and 2018, was estimated on the date of grant using the following weighted-average assumptions.

	Year Ended December 31,
	2020			2019			2018
Dividend yield		4.0	%		2.4	%		2.4	%
Volatility		27.1	%		23.3	%		25.4	%
Risk-free interest rate		0.4	%		2.5	%		2.9	%
Expected life		5.3 years			5.4 years			5.4 years
Weighted average grant date fair value	$	2.56		$	4.35		$	5.08

Option Activity under Company's Stock Option Plans

The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2020.

	Number of Stock Options Outstanding			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	(In thousands)					(In years)		(In thousands)
Outstanding at January 1, 2020		359		$	17.99
Granted		217			18.12
Exercised		(20	)		11.64
Forfeited or expired		(128	)		20.59
Outstanding at December 31, 2020		428		$	17.57		4.65	$	1,021
Vested or expected to vest at December 31, 2020		428		$	17.57		4.65	$	1,021
Exercisable at December 31, 2020		175		$	16.10		4.03	$	685

Summary of Status of Company's Non-Vested Restricted Shares

The table below summarizes activity related to the Company’s non-vested RSAs and RSUs for the year ended December 31, 2020.

	Shares			Weighted Average Fair Value
	(In thousands)
Nonvested at January 1, 2020		441		$	21.25
Granted		358			18.20
Vested		(302	)		20.70
Forfeited		(6	)		21.34
Nonvested at December 31, 2020		491		$	19.36