Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Stock Option Awards

	Year Ended December 31,
	2018
Dividend yield		0.95%
Expected volatility		18.80%
Risk-free interest rate		2.77%
Expected term in years		6.5
Weighted-average grant date fair value per option granted	$	13.22

The following table presents a summary of the Company’s stock option plan awards during the year ended December 31, 2018 (shown as actual):

				Weighted-Average
		Weighted-		Remaining
		Average		Contractual Term In	Aggregate
	Shares	Exercise Price		Years	Intrinsic Value
Outstanding at January 1, 2018	256,237	$	16.89	6.36	$	9,655,010
Granted	100,000		58.60	—		—
Less exercised	66,133	$	16.89	—	$	2,453,314
Forfeited or expired	—		—	—		—
Outstanding at December 31, 2018	290,104	$	31.27	6.83	$	4,940,803
Expected to vest, assuming a 0.31% annual forfeiture rate (1)	289,226	$	31.19	6.82	$	4,939,069
Exercisable at December 31, 2018	129,304	$	16.89	5.36	$	3,360,611

(1) Forfeiture rate has been calculated and estimated to assume a forfeiture of 3.1% of the options forfeited over 10 years.

Summary of Nonvested Awards

The following table presents a summary of the Company’s nonvested awards during the year ended December 31, 2018 (shown as actual):

		Weighted-Average
		Grant-Date Fair Value
Nonvested Shares	Shares	Per Share
Nonvested at January 1, 2018	36,842	$	17.63
Granted	25,000		58.60
Less vested	18,421	$	17.63
Forfeited or expired	—		—
Nonvested at December 31, 2018	43,421	$	41.22