Share-based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Fair Value Assumptions

The following table summarizes the assumptions we used for the nine months ended September 30, 2019 and 2018:

	For the Nine Months Ended September 30,
	2019	2018
Risk-free rate of return	1.66%	2.96%
Expected dividend yields	1.76%	1.84%
Expected award life (years)	4.50	4.49
Expected volatility	18.73%	17.82%

Summary of Restricted Share Activity

A summary of restricted share activity as of September 30, 2019 and changes during the nine months then ended is as follows:

	Shares		Weighted-Average Grant Date Fair Value
Outstanding at January 1, 2019	897,005		$	46.92
Granted	209,557		$	68.65
Vested and issued	(403,316	)	$	35.74
Expired or forfeited	(59,635	)	$	55.41
Outstanding at September 30, 2019	643,611		$	59.93

Stock Settled Share Appreciation Rights

A summary of stock-settled SARs activity as of September 30, 2019 and changes during the nine months then ended is as follows:

	Shares		Weighted-Average Exercise Price
Outstanding at January 1, 2019	810,759		$	33.88
Exercised	(148,729	)	$	34.71
Expired or forfeited	(7,167	)	$	37.85
Outstanding at September 30, 2019	654,863		$	33.68

Summary of Cash-Settled SARs Activity

A summary of cash-settled SARs activity as of September 30, 2019 and changes during the nine months then ended is as follows:

	Shares		Weighted-Average Exercise Price
Outstanding at January 1, 2019	58,428		$	30.71
Exercised	(48,722	)	$	30.34
Expired or forfeited	(1,193	)	$	19.37
Outstanding at September 30, 2019	8,513		$	34.39