Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2016

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, 2016 and the year ended December 31, 2015.

	September 30, 2016		December 31, 2015
Dividend yield	2.30	%	1.97	%
Expected life of option	4.2 years		3.6 years
Risk-free interest rate	1.08	%	1.43	%
Expected stock price volatility	29.08	%	32.34	%

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, 2016 and December 31, 2015, and changes during the nine months ended September 30, 2016 and year ended December 31, 2015 are as follows:

	September 30, 2016					December 31, 2015
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of period	$	1,595,007		$	95.52	$	1,462,726		$	87.98
Granted	109,500			99.65		389,836			112.54
Exercised	(157,361		)	77.90		(217,438		)	74.69
Lapsed or cancelled	(48,117		)	110.81		(40,117		)	98.61
Balance at end of period	$	1,499,029		$	97.18	$	1,595,007		$	95.52
Options exercisable at end of period	794,797			$	90.29	589,055			$	89.85
Weighted average fair value of options granted during the period	$	2,258,336				$	9,522,613

Summary of restricted stock and charges during the period

A summary of the Company's restricted stock as of September 30, 2016 and December 31, 2015 and charges during the nine months ended September 30, 2016 and the year ended December 31, 2015, are as follows:

	September 30, 2016			December 31, 2015
Balance at beginning of period	3,137,881			3,000,979
Granted	14,550			143,053
Cancelled	(34,600		)	(6,151		)
Balance at end of period	3,117,831			3,137,881
Vested during the period	83,822			87,081
Compensation expense recorded	$	5,275,799		$	7,540,747
Weighted average fair value of restricted stock granted during the period	$	1,613,846		$	16,061,201