Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Deferred Compensation Arrangements [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

	2019	2018
Dividend yield	5.5%	6.5%
Expected volatility	18.6%	19.4%
Expected lives	2.9 years	2.9 years
Risk-free interest rate	2.50%	2.39%

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:

	Nine Months Ended
	September 30,
	2019		2018
Options outstanding January 1,	920,346		859,182
Options granted under 2012 Plan	602,000		560,000
Options exercised under 2012 Plan	(431,993	)	(241,669	)
Options forfeited under 2012 Plan	—		(30,001	)
Options exercised under 2005 Plan	—		(6,668	)
Options outstanding, September 30,	1,090,353		1,140,844
Exercisable at September 30,	599,834		697,490