Share-Based Compensation

At December 31, 2018, total compensation cost related to nonvested awards not yet recognized was approximately $36,500. The weighted-average period over which this compensation cost is expected to be recognized is approximately two years. The aggregate intrinsic value for SARs and RSUs outstanding at December 31, 2018 and 2017 was approximately $97,800 and $95,400, respectively. The aggregate intrinsic value for SARs and RSUs vested totaled approximately $41,300 and $52,900 at December 31, 2018 and 2017, respectively. At December 31, 2018, the weighted-average contractual life for outstanding and exercisable SARs and RSUs was five years. Share-based compensation costs of $20,716, $16,892, and $19,719, were recorded for the years ended December 31, 2018, 2017, and 2016, respectively. The total income tax benefits recognized in the consolidated statements of income and comprehensive income for share-based compensation arrangements were approximately $5,600, $4,600, and $7,900 for 2018, 2017, and 2016, respectively. There have been no modifications to valuation methodologies or methods during the years ended December 31, 2018, 2017, or 2016.

The fair value of RSUs is based on the price of the Company’s stock on the date of grant. The total fair value of RSUs vested during the years ended December 31, 2018, 2017, and 2016 were $20,800, $15,500, and $18,200, respectively. The Company did not grant SARs for the year ended December 31, 2018. For the years ended December 31, 2017 and 2016, the fair values for SARs granted were estimated using a Black-Scholes option pricing model with the following weighted-average assumptions, respectively: risk-free interest rate of 2.3%, and 1.6%; dividend yield of 2.8%, and 2.7%; annual historical volatility factor of the expected market price of the Company’s common stock of 19% for each of the two years and an average expected life of approximately six years.

A summary of the Company’s share-based compensation activity and related information is as follows:



	2018
	Shares (1)		Weighted Average Exercise Price (2)
Outstanding at beginning of year	4,200		$	82
Granted	360		$	—
Exercised	(772	)	$	70
Forfeited	(138	)	$	94
Outstanding at end of year (3)	3,650		$	85
Exercisable at end of year	2,477		$	82
Shares available for future grants	8,135


(1)	Shares include Restricted Stock Units ("RSUs").


(2)	The weighted average exercise price excludes RSUs.


(3)	The exercise prices for SARs outstanding as of December 31, 2018 ranged from approximately $43 to $100. The weighted average remaining contractual life of all SARs outstanding is approximately five years.

The weighted average grant date fair value of SARs granted during the years 2017 and 2016 was $13.89 and $13.52, respectively. The aggregate intrinsic value of SARs and RSUs exercised during the years ended December 31, 2018, 2017, and 2016 was $32,600, $16,800, and $48,200, respectively.

In 2018, the Company granted approximately 360 RSUs. In 2017, the Company granted approximately 746 SARs and 171 RSUs. In 2016, the Company granted approximately 724 SARs and 170 RSUs.

A summary of the Company’s nonvested share awards activity is as follows:



Nonvested Share Awards (RSUs)	Shares		Weighted Average Grant Date Fair Value
Nonvested at January 1, 2018	406		$	91
Granted	360		$	89
Vested	(140	)	$	88
Forfeited	(63	)	$	89
Nonvested at December 31, 2018	563		$	91