Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2015

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

Schedule of weighted average assumptions used to estimate the grant date fair value of options granted

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the nine months ended September 30, 2015 and year ended December 31, 2014.

	September 30, 2015		December 31, 2014
Dividend yield	1.74	%	1.60	%
Expected life of option	3.5 years		3.6 years
Risk-free interest rate	1.17	%	1.29	%
Expected stock price volatility	34.59	%	33.97	%

Summary of the status of stock options and changes during the period

A summary of the status of the Company's stock options as of September 30, 2015 and December 31, 2014 and changes during the nine months ended September 30, 2015 and the year ended December 31, 2014 are as follows:

	September 30, 2015					December 31, 2014
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year	1,462,726			$	87.98	1,765,034			$	83.24
Granted	40,500			117.50		102,050			119.12
Exercised	(170,035		)	75.33		(348,156		)	72.76
Lapsed or cancelled	(30,417		)	98.41		(56,202		)	90.03
Balance at end of period	1,302,774			$	90.30	1,462,726			$	87.98
Options exercisable at end of period	594,624			$	88.44	428,951			$	90.32
Weighted average fair value of options granted during the period	$	1,112,152				$	2,841,678

Summary of restricted stock and charges during the period

A summary of the Company's restricted stock as of September 30, 2015 and December 31, 2014 and charges during the nine months ended September 30, 2015 and the year ended December 31, 2014 are as follows:

	September 30, 2015			December 31, 2014
Balance at beginning of period	3,000,979			2,994,197
Granted	6,053			9,550
Cancelled	(3,717		)	(2,768		)
Balance at end of period	3,003,315			3,000,979
Vested during the period	87,081			75,043
Compensation expense recorded	$	5,663,196		$	9,658,019
Weighted average fair value of restricted stock granted during the period	$	735,011		$	1,141,675