Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Assumptions Used To Determine Fair Value of Stock Options

The following assumptions were used to determine the fair value of stock options as of the grant date to determine compensation expense for the years ended December 31, 2019, 2018, and 2017:

Stock Options:	2019			2018			2017
Grant date fair value		$5.34			$7.69			$6.70
Expected life of options	8 years			8 years			8 years
Risk-free interest rate	1.74		%	3.01		%	2.29		%
Dividend yield rate	4.11		%	2.91		%	2.64		%
Price volatility	24.34		%	23.47		%	23.43		%

Stock Options Activity

The following table summarizes stock option activity during 2019: 

	Number of Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life, in Years
Outstanding at January 1, 2019	148,065			$28.94
Granted	22,678		36.46
Forfeited	—		—
Exercised	(12,123	)	23.27
Outstanding at December 31, 2019	158,620			$30.45	6.83

Restricted Stock Unit Activity

The following table summarizes restricted stock unit activity during 2019:

	Number of Shares		Weighted Average Grant Date Fair Value		Weighted Average Remaining Contractual Life, in Years
Outstanding at January 1, 2019	76,959			$31.77
Granted	21,045		36.46
Dividend equivalents awarded	2,592		32.60
Vested	(25,418	)	25.67
Forfeited	(3,226	)	31.47
Outstanding at December 31, 2019	71,952			$34.16	2.18