Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Schedule of weighted average assumption for stock option

The weighted average assumptions used in the Black-Scholes model for valuing stock option grants were as follows.

	Three Months Ended March 31,
	2020			2019
Dividend yield	—		%	—		%
Expected volatility	25		%	—		%
Risk-free interest rate	1.67		%	—		%
Expected average life	7 years			0 years
Weighted average per share fair value of options	$	21.83		$	—

Schedule of stock options outstanding

A summary of the Company’s stock option activity is summarized below.

Stock Options	Option Shares Outstanding		Weighted Average Exercise Price		Weighted Average Remaining Life (Years)	Aggregate Intrinsic Value (in thousands)
Outstanding - December 31, 2019	1,443,733		$	48.75
Granted	39,500		71.89
Exercise of stock options *	(38,702	)	23.83
Forfeited	—		—
Outstanding - March 31, 2020	1,444,531		$	50.06	7.3	$	10,543
Exercisable - March 31, 2020	554,331		$	43.43	6.5	$	6,293

* The terms of the stock option agreements permit having a number of shares of stock withheld, the fair market value of which as of the date of exercise is sufficient to satisfy the exercise price and/or tax withholding requirements. For the three months endedMarch 31, 2020, 16,671 such shares were surrendered to the Company.

Schedule of restricted stock awards

A summary of the Company’s restricted stock activity is summarized below.

Restricted Stock	Weighted Average Grant Date Fair Value		Restricted Shares Outstanding
Outstanding - December 31, 2019	$	44.94	22,521
Granted	72.00		2,500
Vested *	38.89		(4,500	)
Forfeited	—		—
Outstanding - March 31, 2020	$	49.56	20,521

* The terms of the restricted stock agreements permit the surrender of shares to the Company upon vesting in order to satisfy applicable tax withholding requirements at the minimum statutory withholding rate, and accordingly, 1,341 shares were surrendered during the three months endedMarch 31, 2020.