Stock-Based Compensation Plans (Tables)

6 Months Ended

Jun. 30, 2019

Share-based Payment Arrangement [Abstract]

Schedule of information with respect to stock options granted

Information with respect to stock options granted under the Company's Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") for the six months ended June 30, 2019, is as follows:

	2009 Plan shares		Weighted average exercise price per share
Options Outstanding, December 31, 2018	124,212		$	128.84
Exercised	(69,686	)	128.50
Granted	—		—
Forfeited	—		—
Options Outstanding, June 30, 2019	54,526		$	129.28
Options Exercisable, June 30, 2019	49,861		$	126.30

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, 2018	267,129		$	157.21
Granted (1)	79,840		200.69
Change in awards based on performance (2)	(16,760	)	142.03
Converted to restricted stock or options	(73,072	)	142.03
Forfeited	(154	)	161.96
Outstanding at June 30, 2019	256,983		$	176.03

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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 47,091 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,749 performance awards.

(2)

Represents the change in the number of performance awards earned based on actual performance achievement for the performance period.

Summary of valuation options

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2019 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

	2019
Dividend yield	3.1%
Estimated volatility over the life of the plan (1)	13.9% - 18.8%
Risk free rate	2.46% - 2.57%
Estimated performance award value based on total shareholder return measure	$204.15

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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, 2018	160,411		$	166.33	209,238
Granted - restricted stock shares	77,287		195.96		73,072
Vested - restricted stock shares	(77,244	)	166.52		(110,366	)
Forfeited	(1,438	)	174.19		—
Outstanding at June 30, 2019	159,016		$	180.57	171,944