Stock Option Plans (Tables)

9 Months Ended

Sep. 30, 2020

Share-based Payment Arrangement [Abstract]

The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million.


	Directors						Officers
Grant date	May 3, 2019			April 24, 2020			May 3, 2019			April 24, 2020
Exercise price	$	55.71		$	50.00		$	55.71		$	50.00
Volatility	0.236			0.258			0.206			0.240
Expected life (years)	5.0			5.0			7.0			7.0
Assumed yield	3.75		%	3.80		%	3.80		%	3.85		%
Risk-free rate	2.33		%	0.36		%	2.43		%	0.51		%

Summary of Option Activity

The table below summarizes the option activity for the nine months ended September 30, 2020:


	Number of Shares	Weighted Average Exercise Price per share		Aggregate Intrinsic Value
Outstanding at January 1	1,309,614	$	53.38	$	2,528,463
Granted	238,000	50.00		—
Exercised	(10,749)	49.19		85,268
Expired/Forfeited	(21,250)	53.96		—
Outstanding at September 30	1,515,615	52.87		—
Exercisable at September 30	978,240	53.03		—