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Share-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Stock Option Valuation Assumptions

The grant date fair value of these options was $14.82, which was determined using the Black-Scholes-Merton option-pricing model with the following assumptions:

 

Expected volatility(1)

 

 

26.6

%

Dividend yield(2)

 

 

%

Risk-free rate(3)

 

 

2.7

%

Expected term (in years)(4)

 

 

6.0

 

 

(1)

Due to limited trading history for our common stock, we did not have sufficient information available on which to base a reasonable and supportable estimate of the expected volatility of our share price. As a result, we used an average historical volatility of our peer group over a time period consistent with its expected term assumption. Our peer group was determined based upon companies in our industry with similar business models and is consistent with those used to benchmark its executive compensation.

(2)

At the date of grant we had no plans to pay dividends during the expected term of these options.

(3)

Based on the yields of U.S. Department of Treasury instruments with similar expected lives on the date of grant.

(4)

Estimated using the average of the vesting periods and the contractual term of the options.