Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Changes in the shares of outstanding common stock were as follows:



	Year Ended December 31,
	2018	2017	2016

Common Stock Outstanding:
Shares at beginning of year	21,036,087	20,968,707	—
Shares issued from stock options	112,952	67,380	—
Shares issued from restricted stock, net	92,465	—	—
Reclassification	—	—	15,968,707
Shares issued from IPO	—	—	5,000,000
Shares at end of year	21,241,504	21,036,087	20,968,707

Class A Common Stock Outstanding:
Shares outstanding at beginning of year	—	—	13,803,183
Share dividend	—	—	8,617,963
Reclassification	—	—	(22,421,146	)
Shares outstanding at end of year	—	—	—

Class B Common Stock Outstanding:
Shares outstanding at beginning of year	—	—	1,513,592
Restricted stock grants vested	—	—	270,266
Reclassification	—	—	(1,783,858	)
Shares outstanding at end of year	—	—	—

The value of the options granted was estimated at the date of grant using the Black-Scholes pricing model using the following assumptions:



Risk-free rate of return	1.26	%
Dividend yield	1.25	%
Expected share price volatility⁽¹⁾	18.50	%
Expected life in years⁽²⁾	6.3 years

A summary of option activity under the employee share option plan as of December 31, 2018, and changes during the year then ended is presented below:



	Number of Shares		Weighted-average exercise price		Weighted-average remaining years of contractual life	Aggregate intrinsic value (in thousands)
Outstanding at December 31, 2017	930,440		$	16.00
Granted	—		—
Forfeited	(13,185	)	16.00
Exercised	(112,952	)	16.00
Outstanding at December 31, 2018	804,303		$	16.00	7.6 years	$	31,818
Exercisable at December 31, 2018	339,937		$	16.00	7.6 years	$	13,448

A summary of all restricted stock activity under the equity compensation plans for the year ended is as follows:



	December 31, 2018
	Number of Shares		Weighted Average Grant Date Fair Value per Share
Nonvested outstanding at the beginning of the period	—		$	—
Granted	94,270		$	52.99
Vested	—		$	—
Forfeited	(1,805	)	$	53.60
Nonvested outstanding at the end of the period	92,465		$	52.98