Stock-based Compensation (Tables)

9 Months Ended

Sep. 30, 2019

Share-based Payment Arrangement [Abstract]

Restricted Stock Activity

A summary of all restricted stock activity under the equity compensation plan for the nine months ended September 30, 2019 is as follows:

	For the Nine Months Ended September 30, 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	62,015		$	80.59
Vested	(27,628	)	$	51.53
Forfeited	(3,071	)	$	59.46
Non-vested outstanding at the end of the period	123,781		$	66.98

Stock Options Valuation Assumptions

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

Stock Options Activity

A summary of option activity as of September 30, 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	(15,984	)	16.00
Exercised	(123,830	)	16.00
Outstanding at September 30, 2019	664,489		$	16.00	6.8	$	58,017
Exercisable at September 30, 2019	441,674		$	16.00	6.8	$	38,563