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Employee Benefit Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Multiemployer Plans [Line Items]  
Summary Of Stock Option Activity
A summary of the Company’s stock option activity and related information is presented below: 
 
2018
2017
2016
 
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
Options
Weighted-Average Exercise Price
Outstanding at January 1
87,605

$
47.15

86,613

$
41.08

95,015

$
38.38

     Granted
—

—

17,631

66.32

24,348

43.73

     Exercised
(29,633
)
(39.31
)
(16,639
)
35.91

(32,750
)
35.28

     Forfeited
—

—

—

—

—

—

Outstanding at December 31
57,972

$
51.15

87,605

$
47.15

86,613

$
41.08

 
 
 
 
 
 
 
Exercisable at end of year
2,697

$
45.13

7,887

$
37.37

3,000

$
29.45

 
 
 
 
 
 
 
Nonvested at beginning of year
79,718

48.08

83,613

41.47

75,265

39.38

Granted during the year
—

—

17,631

66.32

24,348

43.73

Vested during the year
(24,443
)
40.58

(21,526
)
37.31

(16,000
)
35.09

Forfeited during the year
—

—

—

—

—

—

Nonvested at end of year
55,275

$
51.40

79,718

$
48.08

83,613

$
41.47



Information regarding stock option exercises and stock-based compensation expense associated with stock options is provided in the following table (in thousands):
 
For the year ended December 31,
 
2018
2017
2016
Proceeds from stock option exercises
$
1,164

$
597

$
1,155

Intrinsic value of stock options exercised
944

481

551

 
 
 
 
Stock-based compensation expense associated with stock options
$
178

$
246

$
240

Income tax benefit recognized related to stock-based compensation
19

42

36

 
 
 
 
At period-end:
2018
 
 
Unrecognized stock-based compensation expense
$
204

 
 
Weighted average period in which the above amount is expected to be recognized
2.0

years
 
Stock Options Outstanding And Exercisable
Additional information regarding the Company's stock options outstanding and exercisable at December 31, 2018, is provided in the following table:  
Ranges of Exercise Prices
No. of Options Outstanding
Weighted-Average Exercise Price
Weighted-Average Remaining Contractual Life (Months)
Aggregate Intrinsic Value
(in thousands)
No. of Options Currently Exercisable
Weighted-Average Exercise Price of Options Currently Exercisable
Weighted-Average Remaining Contractual Life (Months)
Aggregate Intrinsic Value of Options Currently Exercisable 
(in thousands)
 $ 35.00 - 39.99
38

$
37.74

4.2
$
1

38

$
37.74

4.2

$
1

     40.00 - 44.99
30,676

43.87

6.8
728

1,675

44.43

5.2

39

     45.00 - 49.99
9,627

46.61

6.2
202

984

46.61

6.2

21

     50.00 - 69.99
17,631

66.32

8.2
22

—

—

—

—

 
57,972

 
 
$
953

2,697

 
 
$
61
Weighted Average Assumptions Estimate The Fair Value Of Options Granted
The following weighted average assumptions were used to estimate the fair value of options granted by the Company:
 
For the year ended December 31,
 
2017
2016
 
 
 
Risk-free interest rate
2.12
%
1.43
%
Expected dividend yield
2.60
%
3.86
%
Volatility factor
25.80
%
30.76
%
Expected life of option
7.0 years

7.0 years
Restricted Shares Activity And Related Information
A summary of the Company’s restricted shares activity and related information is presented below:
 
 
2018
2017
2016
 
Restricted Awards
Average Market Price at Grant
Restricted Awards
Average Market Price at Grant
Restricted Awards
Average Market Price at Grant
 
 
 
 
 
 
 
Outstanding at January 1
170,033

 
180,622

 
172,921

 
     Granted
28,363

$
69.94

28,839

$
64.42

30,601

$
46.39

     Forfeited/Vested
(48,704
)
 
(39,428
)
 
(22,900
)
 
Outstanding at December 31
149,692

 
170,033

 
180,622

 
Summary Of Activity Within The Defined Benefit Plan
The following table summarizes activity within the Company's Defined Benefit Plans (dollars in thousands):

 
Pension Benefits
 
2018
2017
 
 
 
Change in fair value of plan assets:
 
 
Fair value at beginning of measurement period
$
16,360

$
17,117

Actual gain (loss) on plan assets
(434
)
1,890

Contributions
1,509

—

Benefits paid
(5,394
)
(2,647
)
Fair value at end of measurement period
12,041

16,360

 
 
 
Change in benefit obligation:
 
 
Benefit obligation at beginning of measurement period
(18,488
)
(19,742
)
Interest cost
(590
)
(772
)
Actuarial (loss) gain
(1,488
)
(392
)
Assumption changes
825

(614
)
Benefits paid
5,394

2,647

Settlement loss
125

385

Benefit obligation at end of measurement period
(14,222
)
(18,488
)
 
 
 
Funded status
$
(2,181
)
$
(2,128
)
 
 
 
Weighted-average assumptions for benefit obligation:
 
 
Discount rate
4.10
%
3.38
%
Expected long-term rate of return
6.75
%
6.56
%
 
 
 
Weighted-average assumptions for net periodic pension cost:
 
 
Discount rate
3.38
%
4.02
%
Expected long-term rate of return
6.56
%
5.83
%
Net Periodic Pension Cost Of The Defined Benefit Plan
The following table presents the components of the net periodic pension cost of the Company's Defined Benefit Plans, which is recognized in Other Expenses in the Consolidated Statements of Income (in thousands):
 
2018
2017
2016
 
 
 
 
Components of net periodic benefit:
 
 
 
Interest cost
$
590

$
772

$
820

Expected return on plan assets
(1,080
)
(1,219
)
(1,154
)
Settlement
71

(104
)
—

Net amortization and deferral
890

849

849

Net Periodic Pension Cost
$
471

$
298

$
515
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss)
Amounts related to the Company's Defined Benefit Pension Plans recognized as a component of other comprehensive income were as follows (in thousands):
 
2018
2017
2016
Net actuarial gain (loss)
$
(1,092
)
$
838

$
157

Deferred tax (expense) benefit
254

(1,211
)
(58
)
   Other comprehensive income (loss), net of tax
$
(838
)
$
(373
)
$
99


Amounts recognized as a component of accumulated other comprehensive loss as of December 31, 2018 and 2017 were as follows (in thousands):
 
2018
2017
Net actuarial loss
$
7,652

$
6,560

Deferred tax benefit
(1,781
)
(1,527
)
   Amounts included in accumulated other comprehensive loss, net of tax
$
5,871

$
5,033
Summary Of Expected Benefit Payments
The following table summarizes the expected benefits to be paid in each of the next five years and in the aggregate for the five years thereafter (in thousands):
Plan Year Ending December 31,
Expected Benefits to be Paid
 
 
2019
$
1,012

2020
1,016

2021
1,010

2022
1,010

2023
1,016

2024 through 2027
4,958
Summary Of Assets Segregated By Level Of Valuation Inputs Within The Fair Value Hierarchy
The major categories of assets in the Company’s Defined Benefit Plans as of year-end are presented in the following table (in thousands).  Assets are segregated by the level of the valuation inputs within the fair value hierarchy established by ASC Topic 820 utilized to measure fair value (See Note Nineteen).

 
Total
Level 1
Level 2
Level 3
2018
 
 
 
 
Cash and cash equivalents
$
12,041

$
12,041

$
—

$
—

Total
$
12,041

$
12,041

$
—

$
—

 
 
 
 
 
2017
 
 
 
 
Cash and cash equivalents
$
1,202

$
1,202

$
—

$
—

Mutual funds/Investment funds
5,421

5,206

215

—

Common stocks
5,575

3,763

1,812

—

Mortgage-backed securities
301

—

301

—

U.S. Treasuries
1,277

—

1,277

—

Corporate bonds
1,223

—

1,223

—

Alternative investments**
1,361

759

—

—

Total
$
16,360

$
10,930

$
4,828

$
—

** Includes an investment of $602 at December 31, 2017 that has not been categorized in the fair value hierarchy, as permitted by ASU No. 2015-07.