Earnings Per Common Share And Share Awards (Tables)

9 Months Ended

Sep. 30, 2019

Computation Of Basic And Diluted Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for the three- and nine-month periods ended September 30:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2019		2018		2019		2018
Net income attributable to the Company	$	7,952	$	10,634	$	20,078	$	21,757
Weighted average common shares outstanding – Basic	1,889		1,887		1,888		1,886
Incremental shares outstanding assuming the exercise of dilutive SARs (share-settled)	6		10		8		10
Weighted average common shares outstanding – Diluted	1,895		1,897		1,896		1,896
Basic earnings per common share	$	4.21	$	5.64	$	10.63	$	11.53
Diluted earnings per common share	$	4.20	$	5.61	$	10.59	$	11.47

Summary Of Share-Based Award Transactions

A summary of share-based award transactions for all share-based award plans follows:



(in thousands, except weighted average exercise price and average remaining contractual term)	Number Of Shares		Weighted Average Exercise Price		Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding as of January 1, 2018	25		$	93.40	3.98	2,624
SARs granted	4		188.71
SARs exercised	(1	)	41.50
Outstanding as of December 31, 2018	28		$	110.27	3.64	2,019
SARs granted	4		162.81
SARs exercised	(2	)	50.50
Outstanding as of September 30, 2019	30		$	124.13	3.78	1,367

Exercisable as of September 30, 2019	28		$	120.99	3.55	1,367

Unvested as of September 30, 2019	2		$	162.81	6.63	—

Share-Based Valuation Assumptions

The weighted average fair values for the SARs issued during 2019 and 2018 were $51.88 and $78.61, respectively, and were estimated using the weighted average assumptions shown in the table below.



	2019	2018
Expected Life in Years	7.0	7.0
Volatility	30.2%	39.0%
Interest Rate	2.3%	3.1%
Yield Rate	1.0%	0.8%