Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Restricted Stock Activity

A summary of restricted stock activity under the 2016 Incentive Plan for the three months ended March 31, 2021 is as follows:

	For the Three Months Ended March 31, 2021
	Number of Shares	Weighted Average Grant Date Fair Value per Share
Non-vested outstanding at the beginning of the period	108,392	$	97.40
Granted	35,870	$	185.00
Vested	(4,428)	$	101.66
Forfeited	(2,406)	$	148.60
Non-vested outstanding at the end of the period	137,428	$	119.22

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 March 31, 2021, 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, 2021	387,738	$	16.00
Granted	—	—
Forfeited	—	16.00
Exercised	(21,214)	16.00
Outstanding at March 31, 2021	366,524	$	16.00	5.3	$	54,539
Exercisable at March 31, 2021	366,524	$	16.00	5.3	$	54,539