Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

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

Summary of Stock Option Awards

	Year Ended December 31,		Year Ended December 31,
	2019		2018
Dividend yield		1.23%		0.95%
Expected volatility		18.90%		18.80%
Risk-free interest rate		1.45%		2.77%
Expected term in years		6.5		6.5
Weighted-average grant date fair value per option granted	$	8.80	$	13.22

The following table presents a summary of the Company’s stock option plan awards during the year ended December 31, 2019 (shown as actual):

				Weighted-Average
		Weighted-		Remaining
		Average		Contractual Term In	Aggregate
	Shares	Exercise Price		Years	Intrinsic Value
Outstanding at January 1, 2019	290,104	$	31.27	6.83	$	4,940,803
Granted	50,655		48.74	—		—
Less exercised	52,769	$	16.89	—	$	1,799,754
Forfeited or expired	—		—	—		—
Outstanding at December 31, 2019	287,990	$	36.98	6.77	$	7,722,369
Expected to vest, assuming a 0.31% annual forfeiture rate (1)	287,067	$	36.92	6.76	$	7,713,673
Exercisable at December 31, 2019	157,335	$	22.19	4.90	$	6,544,812

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(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, 2019 (shown as actual):

		Weighted-Average
		Grant-Date Fair Value
Nonvested Shares	Shares	Per Share
Nonvested at January 1, 2019	43,421	$	41.22
Granted	20,215	$	48.74
Less vested	23,421	$	26.38
Forfeited or expired	—		—
Nonvested at December 31, 2019	40,215	$	53.64