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Employee Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Summarizes of Company's Non-Vested ESP/EIP Awards
The following table summarizes the status of the Company's non-vested restricted Class A Stock awards under the OIP for the year ended December 31, 2019:
 
Number of Class
A Shares
Subject to
Restricted Stock  Awards
 
Weighted
Average Fair
Value
 
Remaining
Contractual
Life
Nonvested at beginning of year
1,289,224

 
$
18.72

 
1.8 Years

Granted
379,728

 
25.32

 
3.1 Years

Vested
(112,465
)
 
17.92

 
—

Forfeited
(22,209
)
 
23.75

 
—

Nonvested at end of year
1,534,278

 
$
20.34

 
1.4 Years
Schedule of Stock Option Activity
There were 14,974 and 15,573 options outstanding as of December 31, 2019 and 2018, respectively.
Stock Appreciation Rights
The following table summarizes the status of the Company's outstanding OARs awards as of December 31, 2019:
Grant Date
 
Number of
OARs
Outstanding
 
Strike Price
 
Remaining
Contractual
Life
 
Fair Value as of December 31, 2019
January 9, 2015
 
405,950

 
$
21.94

 
8 Days
 
$
5.54

January 6, 2016
 
404,040

 
15.89

 
1 Year
 
11.40

January 6, 2017
 
387,980

 
18.90

 
2 Years
 
8.81

January 5, 2018
 
458,010

 
27.05

 
3 Years
 
4.72

January 11, 2019
 
535,366

 
26.45

 
4 Years
 
6.17

Total OARs Outstanding
 
2,191,346

 
 
 
 
 
 
Total weighted average values
 
 
 
$
22.46

 
2.9 Years
 
$
7.18
Schedule of Assumptions Used
The fair value as of December 31, 2019 for each of the OARs was estimated using the Black-Scholes model with the following assumptions:
 
 
Grant Date
 
 
January 9, 2015
 
January 6, 2016
 
January 6, 2017
 
January 5, 2018
 
January 11, 2019
Expected term (1)
 
8 Days

 
1 Year

 
2 Years

 
3 Years

 
4 Years

Expected volatility factor (2)
 
6.6
%
 
26.0
%
 
24.9
%
 
25.7
%
 
28.7
%
Risk-free interest rate (3)
 
0.7
%
 
1.6
%
 
1.6
%
 
1.6
%
 
1.7
%
Actual dividends (4)
 
$
0.46

 
$
0.46

 
$
0.46

 
$
0.46

 
$
0.46

(1) The expected term was determined based on the remaining life of the actual awards.
(2) The volatility factor was measured using the weighted average of historical daily price changes of the
Company's Class A Stock over a historical period commensurate to the expected term of the awards.
(3) The risk-free interest rate was based on periods equal to the expected term of the awards based on the
U.S. Treasury yield curve in effect at December 31, 2019.
(4) Actual dividends were used to compute the expected annual dividend yield.