Equity Compensation (Tables)

Below were the assumptions used in the Monte Carlo calculation:



	September 17, 2018	February 8, 2018	February 2, 2017
Expected volatility	36.6%	34.8%	33.6%
Expected term (in years)	3.0	3.0	3.0
Risk-free interest rate	2.85%	2.28%	1.38%

The following table summarizes the change in number of stock options outstanding for the nine months ended September 30, 2018:



	Options Outstanding		Weighted- Average Exercise Price Per Share		Weighted-Average Remaining Contractual Life in Years	Aggregate Intrinsic Value
Outstanding at December 31, 2017	33,283		$	36.40	2.2	$	4,177,655
Options exercised	(19,183	)	$	38.26
Options forfeited	—		$	—
Options outstanding, vested and exercisable at September 30, 2018	14,100		$	33.88	2.5	$	1,599,534

The following table summarizes the change in number of time-based restricted stock units outstanding for the nine months ended September 30, 2018:



	Time-Based Restricted Stock Units
Awards outstanding at December 31, 2017	173,331
Awards granted	44,610
Stock issued	(79,375	)
Awards forfeited	(16,302	)
Awards outstanding at September 30, 2018	122,264

The following table summarizes the change in number of performance-based restricted stock units outstanding for the nine months ended September 30, 2018:



	Performance-Based Restricted Stock Units
Awards outstanding at December 31, 2017	169,202
Awards granted	75,760
Stock issued	(81,230	)
Awards forfeited	(18,599	)
Awards outstanding at September 30, 2018	145,133

The following table summarizes the change in number of deferred stock units outstanding during the nine months ended September 30, 2018:



	Deferred Stock Units
Awards outstanding at December 31, 2017	9,250
Awards granted	8,400
Stock issued	(9,250	)
Awards outstanding at September 30, 2018	8,400