Share-Based Payments (Tables)

3 Months Ended

Mar. 31, 2019

Share-based Payment Arrangement [Abstract]

Schedule of nonvested share activity

The following table sets forth information with respect to nonvested options for the three month period ended March 31, 2019:

	Number of Shares			Weighted Average Grant Date Fair Value
Nonvested options – beginning of period		485,360		$	10.72
Nonvested options granted		6,000		$	14.83
Nonvested options vested or forfeited		(20,790	)	$	9.31
Nonvested options – end of period		470,570		$	10.84

Schedule of stock options, activity

The following table summarizes stock option information as of March 31, 2019:

	Shares			Weighted Average Exercise Price
Outstanding at January 1, 2019		776,171		$	41.33
Options granted		6,000			66.46
Options forfeited		(13,440	)		43.67
Options exercised		(66,938	)		33.57
Outstanding at March 31, 2019		701,793		$	42.24
Options exercisable		231,223		$	31.18
Options available for future grants		751,655

Schedule of cash proceeds received from share-based payment awards

Cash proceeds, tax benefits and intrinsic value related to stock options exercised during the three months ended March 31, 2019 and March 31, 2018 were as follows:

(In thousands)	March 31, 2019		March 31, 2018
Cash proceeds from stock options exercised	$	2,251	$	1,003
Tax benefits		300		157
Intrinsic value of stock options exercised		2,226		897

Schedule of valuation assumptions in Black-Scholes pricing

The assumptions used in the Black-Scholes pricing model for the periods ended March 31, 2019 and 2018 are set forth in the following table:

	March 31, 2019			March 31, 2018
Weighted average expected stock-price volatility		27	%		28	%
Weighted average expected option life		5 years			5 years
Weighted average risk-free interest rate		2.5	%		2.5	%
Weighted average dividend yield		2.0	%		2.0	%