Stock Compensation Plans and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2018

Weighted Average Assumptions Used to Determine the Options Fair Value

The following table presents the weighted average assumptions used to determine the fair value of options granted in the year ended December 31, 2016. No options were granted in the years ended December 31, 2018 and 2017.



	2016
Expected dividend yield	0.9	%
Expected volatility	25.2	%
Risk-free rate	1.3	%
Expected option life (in years)	4.5

Summary of Stock Option Activity

A summary of the Plans’ stock option activity for the years ended December 31, 2018, 2017 and 2016 is as follows:



Stock Options	Common Shares		Weighted Average Strike Price		Remaining Contractual Term⁽¹⁾	Intrinsic Value⁽²⁾ ($000)
Outstanding at January 1, 2016	1,551,734		$	41.32
Granted	562,166		41.04
Exercised	(313,900	)	37.71
Forfeited or canceled	(101,088	)	48.00
Outstanding at December 31, 2016	1,698,912		$	41.50	4.6	$	52,790
Exercisable at December 31, 2016	703,892		$	39.62	3.4	$	23,195
Outstanding at January 1, 2017	1,698,912		$	41.50
Granted	—		—
Exercised	(593,459	)	40.57
Forfeited or canceled	(20,697	)	42.83
Outstanding at December 31, 2017	1,084,756		$	41.98	4.0	$	43,817
Exercisable at December 31, 2017	562,810		$	41.82	3.3	$	22,820
Outstanding at January 1, 2018	1,084,756		$	41.98
Granted	—		—
Exercised	(282,614	)	41.25
Forfeited or canceled	(7,128	)	39.84
Outstanding at December 31, 2018	795,014		$	42.25	3.1	$	19,268
Exercisable at December 31, 2018	613,932		$	42.54	3.1	$	14,705
Vested or expected to vest at December 31, 2018	787,753		$	42.26	3.1	$	19,085


(1)	Represents the weighted average contractual remaining life in years.

(2)

Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.

Summary of Plans' Restricted Share Award Activity

A summary of the Plans’ restricted share activity for the years ended December 31, 2018, 2017 and 2016 is as follows:



	2018				2017				2016
Restricted Shares	Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value
Outstanding at January 1	127,787		$	53.33	133,425		$	49.94	137,593		$	49.63
Granted	35,654		84.36		16,552		73.16		18,022		46.01
Vested and issued	(18,324	)	54.31		(19,639	)	47.13		(20,007	)	44.91
Forfeited	(1,854	)	63.50		(2,551	)	52.26		(2,183	)	44.18
Outstanding at end of year	143,263		$	60.80	127,787		$	53.33	133,425		$	49.94
Vested, but not issuable at end of year	90,520		$	51.94	89,723		$	51.64	89,050		$	51.47

A summary of the 2007 Plan’s performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2018, 2017 and 2016 is as follows:



	2018				2017				2016
Performance Shares	Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value
Outstanding at January 1	359,196		$	54.37	298,180		$	43.64	276,533		$	43.01
Granted	134,380		88.27		145,853		72.60		118,084		41.02
Vested and issued	(82,307	)	44.39		(68,712	)	46.85		(78,410	)	37.90
Expired, canceled or forfeited	(14,414	)	60.05		(16,125	)	52.98		(18,027	)	41.83
Outstanding at end of year	396,855		$	67.71	359,196		$	54.37	298,180		$	43.64
Vested, but deferred at year end	21,530		$	43.54	108,143		$	44.16	6,672		$	37.98