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Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [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 years ended December 31, 2018 and 2017. There were no grants during the year ended December 31, 2019.
 
2019
 
2018
 
2017
Dividend yield
none
 
2.85
%
 
2.51
%
Expected life
zero years
 
3.5 years

 
4.4 years

Risk-free interest rate
none
 
2.48
%
 
1.73
%
Expected stock price volatility
none
 
22.00
%
 
28.10
%
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 December 31, 2019, 2018, and 2017 and changes during the years ended December 31, 2019, 2018, and 2017 are as follows:
 
2019
 
2018
 
2017
 
Options Outstanding
 
Weighted Average
Exercise Price
 
Options Outstanding
 
Weighted Average
Exercise Price
 
Options
Outstanding
 
Weighted
Average
Exercise
Price
Balance at beginning of year
$
1,137,017

 
$
103.54

 
$
1,548,719

 
$
101.48

 
$
1,737,213

 
$
98.44

Granted
—

 
—

 
6,000

 
97.91

 
174,000

 
105.66

Exercised
—

 
—

 
(316,302
)
 
90.22

 
(292,193
)
 
81.07

Lapsed or canceled
(99,949
)
 
115.81

 
(101,400
)
 
113.22

 
(70,301
)
 
121.68

Balance at end of year
$
1,037,068

 
$
102.36

 
$
1,137,017

 
$
103.54

 
$
1,548,719

 
$
101.48

Options exercisable at end of year
914,929

 
$
101.69

 
783,035

 
$
101.28

 
800,902

 
$
94.33

Weighted average fair value of options granted during the year
$
—

 
 

 
$
84,068

 
 

 
$
3,816,652

 
 
Schedule of other share-based compensation, activity
A summary of the Company's restricted stock as of December 31, 2019, 2018, and 2017 and charges during the years ended December 31, 2019, 2018, and 2017 are as follows:
 
2019
 
2018
 
2017
Balance at beginning of year
3,452,016

 
3,298,216

 
3,202,031

Granted
126,350

 
162,900

 
96,185

Canceled
(11,900
)
 
(9,100
)
 
—

Balance at end of year
3,566,466

 
3,452,016

 
3,298,216

Vested during the year
113,259

 
92,114

 
95,736

Compensation expense recorded
$
12,892,249

 
$
12,757,704

 
$
9,809,749

Total fair value of restricted stock granted during the year
$
11,131,181

 
$
13,440,503

 
$
9,905,986