Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

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 or LTIP Unit 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 year ended December 31, 2018. There were no grants during the nine months ended September 30, 2019.

	September 30, 2019	December 31, 2018
Dividend yield	none	2.85	%
Expected life	zero years	3.5 years
Risk-free interest rate	none	2.48	%
Expected stock price volatility	none	22.00	%

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, 2019 and December 31, 2018, and changes during the nine months ended September 30, 2019 and year ended December 31, 2018 are as follows:

	September 30, 2019					December 31, 2018
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of period	1,137,017			$	103.54	1,548,719			$	101.48
Granted	—			—		6,000			97.91
Exercised	—			—		(316,302		)	90.22
Lapsed or canceled	(40,499		)	111.60		(101,400		)	113.22
Balance at end of period	1,096,518			$	103.24	1,137,017			$	103.54
Options exercisable at end of period	966,045			$	102.68	783,035			$	101.28
Total fair value of options granted during the period	$	—				$	84,068

Summary of restricted stock and charges during the period

A summary of the Company's restricted stock as of September 30, 2019 and December 31, 2018 and charges during the nine months ended September 30, 2019 and the year ended December 31, 2018, are as follows:

	September 30, 2019			December 31, 2018
Balance at beginning of period	3,452,016			3,298,216
Granted	27,650			162,900
Canceled	(11,500		)	(9,100		)
Balance at end of period	3,468,166			3,452,016
Vested during the period	111,374			92,114
Compensation expense recorded	$	9,469,622		$	12,757,704
Total fair value of restricted stock granted during the period	$	2,233,548		$	13,440,503