Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of information with respect to stock options granted

Information with respect to stock options granted under the Company’s 1994 Stock Option and Incentive Plan (the “1994 Plan”) and its 2009 Stock Option and Incentive Plan (the “2009 Plan”) is as follows:

	2009 Plan shares		Weighted average exercise price per share		1994 Plan shares		Weighted average exercise price per share
Options Outstanding, December 31, 2015	249,178		$	122.17	82,195		$	103.27
Exercised	(56,774	)	113.78		(59,654	)	112.85
Forfeited	—		—		—		—
Options Outstanding, June 30, 2016	192,404		$	124.65	22,541		$	77.91
Options Exercisable, June 30, 2016	192,404		$	124.65	22,541		$	77.91

Schedule of nonvested performance awards granted

Information with respect to performance awards granted is as follows:

	Performance awards		Weighted average grant date fair value per award
Outstanding at December 31, 2015	238,266		$	119.65
Granted (1)	93,525		141.88
Change in units based on performance (2)	36,091		101.52
Converted to restricted stock	(115,618	)	94.67
Forfeited	(1,124	)	144.48
Outstanding at June 30, 2016	251,140		$	136.71

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(1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 60,696 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,829 performance awards.

(2) Represents the change in the number of performance awards earned based on performance achievement.

Summary of valuation options

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards determined by using total shareholder return measures. The assumptions used are as follows:

	2016
Dividend yield	3.3%
Estimated volatility over the life of the plan (1)	15.2% - 22.8%
Risk free rate	0.44% - 0.88%
Estimated performance award value based on total shareholder return measure	$131.24

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(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Schedule of restricted stock granted

Information with respect to restricted stock granted is as follows:

	Restricted stock shares		Restricted stock shares weighted average grant date fair value per share		Restricted stock shares converted from performance awards
Outstanding at December 31, 2015	147,884		$	146.21	98,347
Granted - restricted stock shares	80,441		162.22		115,618
Vested - restricted stock shares	(83,337	)	141.02		(36,872	)
Forfeited	(2,243	)	160.39		—
Outstanding at June 30, 2016	142,745		$	158.03	177,093