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Share-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of share-based compensation expense
A summary of share-based compensation expense included in net income is as follows:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(In thousands)

 
 
 
 
 
Grants of common shares and options
$
12,736

 
$
12,371

 
$
11,227

Capitalized share-based compensation
(1,017
)
 
(1,385
)
 
(1,310
)
Share-based compensation expense
$
11,719

 
$
10,986

 
$
9,917
Summary of weighted average assumptions used to value options granted
The following table provides a summary of the weighted-average assumption used to value options granted in 2018 and 2016:
 
Year Ended December 31,
 
2018
 
2016
Volatility
18.0
%
 
18.8
%
Expected dividend yield
3.6
%
 
2.8
%
Expected term (in years)
7.5

 
6.0

Risk free interest rate
2.8
%
 
1.5
%
Summary of option activity
The following table provides a summary of option activity for 2018: 
 
Shares
Under
Option
 
Weighted-
Average
Exercise
Price
 
Weighted-
Average
Remaining
Contractual Term
 
Aggregate
Intrinsic
Value
 
 
 
 
 
(In years)
 
(In thousands)
Outstanding at December 31, 2017
106,485

 
$
44.18

 
 
 
 
Granted
488

 
111.34

 
 
 
 
Exercised
(105,803
)
 
43.48

 
 
 
 
Forfeited or expired
(488
)
 
111.34

 
 
 
 
Outstanding at December 31, 2018
682

 
$
152.34

 
7.1
 
$
—

Exercisable at December 31, 2018
273

 
$
152.34

 
7.1
 
$
—
Summary of restricted share activity
The following table provides a summary of restricted share activity for 2018:
 
Shares
 
Weighted-Average
Grant-Date Fair
Value
Unvested at December 31, 2017
237,171

 
$
145.27

Granted
101,614

 
112.88

Vested
(86,294
)
 
143.71

Forfeited
(46,391
)
 
142.98

Unvested at December 31, 2018
206,100

 
$
130.46
Schedule of common shares awarded under various compensation plans
Subsequent to December 31, 2018, common shares were awarded under various compensation plans as follows:
Date
  
Award
  
Vesting Term
  
Beneficiary
January 2, 2019
 
6,177

Shares
  
Immediate
  
Trustees
February 5, 2019
  
103,658

Restricted Shares
  
3-5 years
  
Officers and key employees