Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following summarizes the significant assumptions used to determine the fair value of performance shares and related compensation expense as well as the resulting estimated fair value of performance shares granted:

	2019		2018
Risk-free interest rate	2.47	%	2.30	%
Expected life, in years	3		3
Expected volatility	16.4% to 20.9%		16.5% to 21.9%
Dividend yield	3.5	%	4.2	%

Schedule of Nonvested Share Activity

A summary of nonvested shares as of and changes during the year ended December 31, 2019, are as follows:

	Performance Unit Awards
	Shares		Weighted-Average Grant-Date Fair Value
Beginning nonvested grants	197,703		$	47.99
Granted	73,366		60.41
Vested	(86,712	)	47.99
Forfeited	(6,112	)	51.12
Remaining nonvested grants	178,245		$	53.00

Share-based Compensation Arrangement by Share-based Payment Award

Schedule of Nonvested Restricted Stock Units Activity

A summary of nonvested shares as of and changes during the year ended December 31, 2019, are as follows:

	Shares		Weighted-Average Grant-Date Fair Value
Beginning nonvested grants	73,391		$	48.19
Granted	13,425		60.73
Vested	(13,958	)	43.79
Forfeited	—		—
Remaining nonvested grants	72,858		$	51.35