Share-Based Arrangements (Tables)

Stock option activity is as follows:


	Options	Weighted average- exercise price
Options outstanding at December 31, 2019	736,364	$	49.67
Granted	157,860	64.48
Exercised	(113,369)	34.92
Forfeited or expired	(8,230)	48.74
Options outstanding at December 31, 2020	772,625	$	54.87

The following table presents information regarding options outstanding as of December 31, 2020:


Weighted-average remaining contractual term - options outstanding (years)	6.1
Aggregate intrinsic value - options outstanding (in thousands)	$	4,283
Weighted-average exercise price - options outstanding	$	54.87
Options exercisable	387,738
Weighted-average remaining contractual term - options exercisable (years)	4.8
Aggregate intrinsic value - options exercisable (in thousands)	$	3,592
Weighted-average exercise price - options exercisable	$	49.80

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value:


	2020			2019			2018
Expected option term (years)	4.9			4.9			4.9
Expected volatility	20.2		%	19.4		%	18.1		%
Risk-free interest rate	1.4		%	2.5		%	2.6		%
Expected dividend yield	1.3		%	1.3		%	1.5		%
Per share fair value of options granted	$	10.74		$	11.18		$	10.65

Restricted Stock Award and Restricted Stock Unit activity is as follows:


	Restricted Stock Awards	Weighted- average grant date fair value
Restricted Stock outstanding at December 31, 2019	92,800	$	53.63
Granted	84,242	50.60
Vested	(65,638)	49.49
Forfeited or expired	(1,890)	60.97
Restricted Stock outstanding at December 31, 2020	109,514	$	53.66