XML 32 R29.htm IDEA: XBRL DOCUMENT v3.19.3.a.u2
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Company's Option Activity

A summary of the Company’s option activity and related information for the three years ended December 31, 2019 is as follows:

 

 

 

Number of

options

 

 

Weighted-

average

price

 

 

Weighted-

average

remaining

contractual

term

(in years)

 

 

Aggregate

intrinsic

value

(in millions)

 

Balance at December 31, 2016

 

 

1,584,435

 

 

$

28.14

 

 

 

 

 

 

 

 

 

Options granted

 

 

299,600

 

 

 

34.66

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(398,275

)

 

 

28.94

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(276,900

)

 

 

28.04

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

1,208,860

 

 

 

28.14

 

 

 

 

 

 

 

 

 

Options granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(332,810

)

 

 

29.49

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(30,450

)

 

 

28.27

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

845,600

 

 

 

28.14

 

 

 

 

 

 

 

 

 

Options granted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(260,860

)

 

 

29.55

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(4,600

)

 

 

30.59

 

 

 

 

 

 

 

 

 

Balance at December 31, 2019

 

 

580,140

 

 

$

29.57

 

 

 

3.31

 

 

$

27.2

 

Exercisable at December 31, 2019

 

 

289,350

 

 

$

29.35

 

 

 

3.00

 

 

$

13.6

 

Expected to vest after December 31, 2019

 

 

289,003

 

 

$

29.80

 

 

 

3.61

 

 

$

13.5

 

Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price

The following table indicates the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2019:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise price

 

Number outstanding at December 31, 2019

 

 

Weighted-average

remaining contractual life

(Years)

 

 

Weighted-average grant date value

 

 

Number exercisable at December 31, 2019

 

 

Weighted-average grant date value

 

$20 – 25

 

 

256,640

 

 

 

3.17

 

 

$

24.60

 

 

 

128,440

 

 

$

24.60

 

$25 – 30

 

 

6,150

 

 

 

3.13

 

 

$

25.13

 

 

 

1,120

 

 

$

25.14

 

$30 – 35

 

 

306,810

 

 

 

3.40

 

 

$

33.48

 

 

 

155,710

 

 

$

33.04

 

$35 – 40

 

 

6,800

 

 

 

4.00

 

 

$

39.19

 

 

 

4,080

 

 

$

39.19

 

$40 – 45

 

 

3,740

 

 

 

4.67

 

 

$

40.37

 

 

 

 

 

$

 

$20 – 45

 

 

580,140

 

 

 

3.31

 

 

$

29.57

 

 

 

289,350

 

 

$

29.35

 

Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Expected term (in years)

 

 

 

 

 

 

 

 

5.0

 

Expected volatility

 

 

 

 

 

 

 

 

26.1

%

Expected dividend yields

 

 

 

 

 

 

 

 

3.0

%

Risk-free interest rates

 

 

 

 

 

 

 

 

2.0

%

Summary of Company's Restricted Stock Units Activity

The following table summarizes the activity of the Company’s RSUs, which includes service-based and performance-based awards, for the three years ended December 31, 2019:

 

 

 

 

 

 

 

Weighted-

 

 

Aggregate

 

 

 

 

 

 

 

average

 

 

intrinsic

 

 

 

Number

 

 

grant date

 

 

value

 

 

 

of shares

 

 

fair value

 

 

(in millions)

 

Balance at December 31, 2016

 

 

125,240

 

 

 

30.66

 

 

 

 

 

RSUs granted

 

 

70,960

 

 

 

34.53

 

 

 

 

 

RSUs vested

 

 

(36,336

)

 

 

26.99

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(66,200

)

 

 

32.63

 

 

 

 

 

Balance at December 31, 2017

 

 

93,664

 

 

 

33.62

 

 

 

 

 

RSUs granted

 

 

97,260

 

 

 

49.47

 

 

 

 

 

RSUs vested

 

 

(30,214

)

 

 

33.16

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(21,200

)

 

 

33.88

 

 

 

 

 

Balance at December 31, 2018

 

 

139,510

 

 

 

44.73

 

 

 

 

 

RSUs granted

 

 

83,440

 

 

 

59.98

 

 

 

 

 

RSUs vested

 

 

(25,862

)

 

 

48.31

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(840

)

 

 

59.84

 

 

 

 

 

Balance at December 31, 2019

 

 

196,248

 

 

$

50.68

 

 

$

15.0