Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2019

A summary of all restricted stock activity under the equity compensation plans for the three months ended March 31, 2019 is as follows:



	For the Three Months Ended March 31, 2019
	Number of Shares		Weighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period	92,465		$	52.98
Granted	7,020		$	55.56
Vested	(6,666	)	$	45.00
Forfeited	(1,305	)	$	53.60
Non-vested outstanding at the end of the period	91,514		$	53.75

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 as of March 31, 2019, and changes during the period then ended is presented below:



	Number of Shares		Weighted-average exercise price		Weighted-average remaining years of contractual term	Aggregate intrinsic value (in thousands)
Outstanding at January 1, 2019	804,303		$	16.00
Granted	—		—
Forfeited	(12,600	)	16.00
Exercised	(37,308	)	16.00
Outstanding at March 31, 2019	754,395		$	16.00	7.3	$	39,659
Exercisable at March 31, 2019	302,629		$	16.00	7.3	$	15,909