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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-Based Compensation  
Schedule of stock option activity

Year Ended December 31,

 

2019

2018

2017

 

Weighted

Weighted

Weighted

 

Average

Average

Average

 

Exercise

Exercise

Exercise

 

 

Shares

Price

Shares

Price

Shares

Price

 

Outstanding at January 1, 2019

    

213,866

    

$

61.28

    

218,689

    

$

52.75

    

246,535

    

$

42.53

Granted

 

 

34,407

 

91.05

33,634

 

91.23

Exercised

 

(36,978)

 

33.26

(33,424)

 

30.88

(59,480)

 

33.03

Forfeited

 

 

(5,806)

 

91.35

(2,000)

 

26.01

Outstanding at December 31, 2019

 

176,888

 

67.14

213,866

 

61.28

218,689

 

52.75

Exercisable at December 31, 2019

 

131,216

 

60.12

140,115

 

49.41

148,702

 

41.62

Weighted-average fair value of options granted during the year

$

$

28.01

$

35.42

Schedule of information pertaining to options outstanding

Options Outstanding

Options Exercisable

Weighted

Weighted

Average

Average

Remaining

Weighted

Weighted

Remaining

Range of

Number

Contractual

Average

Number

Average

Contractual

Exercise Prices

Outstanding

Life

Exercise Price

Outstanding

Exercise Price

Life

$

26.01

-

$

40.00

    

20,170

    

1.7

years

$

31.56

    

20,164

$

31.56

    

    

$

40.01

-

$

55.00

 

19,874

 

2.9

years

$

41.42

 

19,874

$

41.42

$

55.01

-

$

70.00

 

74,609

 

5.1

years

$

63.61

 

68,186

$

63.59

$

70.01

-

$

85.00

years

$

$

$

85.01

-

$

91.35

 

62,235

 

7.6

years

$

91.12

22,992

$

91.07

 

176,888

 

5.4

years

$

67.14

 

131,216

$

60.12

 

4.6

years

Schedule of weighted-average assumptions used in valuing options

Year ended December 31,

    

2019

    

2018

    

2017

Dividend yield

 %  

1.46

%  

  

1.40

%

Expected life

 

years  

8.5

years  

 

8.5

years

Expected volatility

 

%  

  

28.0

%  

 

37.2

%

Risk-free interest rate

 

%  

  

2.54

%  

 

2.43

%

Summary of nonvested restricted stock

    

    

Weighted-

 

Average

 

Grant-Date

 

Restricted Stock

Shares

Fair Value

 

Nonvested at January 1, 2019

 

104,419

$

62.45

Granted

 

8,934

 

73.34

Vested

 

(40,858)

 

70.06

Forfeited

 

(3,045)

 

72.01

Nonvested at December 31, 2019

 

69,450

 

58.96

Vesting schedule of shares

    

Shares

 

2020

 

48,830

2021

 

3,905

2022

 

4,174

2023

 

4,553

2024

 

3,405

Thereafter

 

4,583

 

69,450

Summary of nonvested RSUs

    

    

Weighted-

 

Average

 

Grant-Date

 

Restricted Stock Units

Shares

Fair Value

 

Nonvested at January 1, 2019

 

200,540

$

85.10

Granted

 

159,521

 

68.27

Vested

(31,723)

89.40

Forfeited

(3,737)

82.18

Nonvested at December 31, 2019

 

324,601

 

76.44