Share-based Arrangements (Tables)

Stock option activity was as follows:


	For the Three Months Ended
	April 2, 2021
	Options	Weighted - average exercise price
Options outstanding at beginning of period	772,625	$	54.87
Granted	4,990	$	55.85
Exercised	(11,095)	$	38.74
Forfeited or expired	—	$	—
Options outstanding at April 2, 2021	766,520	$	55.11

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:


	For the Three Months Ended
	April 2, 2021		April 3, 2020
Expected option term (years)	4.9		4.9
Expected volatility	35.7	%	20.2	%
Risk-free interest rate	0.5	%	1.4	%
Expected dividend yield	1.6	%	1.3	%
Per share fair value of options granted	$14.89		$10.74

Restricted stock award and restricted stock unit activity were as follows:


	For the Three Months Ended
	April 2, 2021
	Restricted Stock	Weighted- average grant date fair value
Restricted Stock outstanding at beginning of period	109,514	$	53.66
Granted	66,975	$	55.88
Vested	(26,151)	$	57.56
Forfeited or expired	—	$	—
Restricted Stock outstanding at April 2, 2021	150,338	$	53.97

Performance stock unit activity was as follows:


	For the Three Months Ended
	April 2, 2021
	Performance Stock	Weighted- average grant date fair value
Performance Stock outstanding at beginning of period	—	$	—
Granted(1)	82,460	$	70.17
Vested	—	$	—
Forfeited or expired	—	$	—
Performance Stock outstanding at April 2, 2021	82,460	$	70.17

(1) The PSUs granted in the first quarter of 2021 assumed a 100% achievement level.