Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

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:

	2020	2019
Dividend yield	5.1%	5.5%
Expected volatility	16.8%	18.6%
Expected lives	2.9 years	2.9 years
Risk-free interest rate	1.31%	2.50%

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:

	Three Months Ended
	March 31,
	2020	2019
Options outstanding January 1,	1,004,014	920,346
Options granted under 2012 Plan	319,669	602,000
Options exercised under 2012 Plan	(512,509)	(352,830)
Options forfeited under 2012 Plan	(4,169)	—
Options granted under 2019 Plan	264,831	—
Options forfeited under 2019 Plan	(3,831)	—
Options outstanding, March 31,	1,068,005	1,169,516
Exercisable at March 31,	600,327	678,997