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Share and Unit-based Plans (Tables)
 12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Activity of Non-vested Stock Awards
The following table summarizes the activity of non-vested stock awards during the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Balance at beginning of year
—

 
$
—

 
—

 
$
—

 
1,612

 
$
62.01

Granted
—

 
—

 
—

 
—

 
—

 
—

Vested
—

 
—

 
—

 
—

 
(1,612
)
 
62.01

Balance at end of year
—

 
$
—

 
—

 
$
—

 
—

 
$
—
Summary of Activity of Non-vested Stock Units
The following table summarizes the activity of non-vested stock units during the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Units
 
Weighted
Average
Grant Date
Fair Value
 
Units
 
Weighted
Average
Grant Date
Fair Value
 
Units
 
Weighted
Average
Grant Date
Fair Value
Balance at beginning of year
151,355

 
$
73.32

 
148,428

 
$
78.53

 
132,086

 
$
74.58

Granted
87,983

 
58.79

 
86,827

 
66.46

 
85,601

 
79.22

Vested
(108,991
)
 
74.04

 
(81,205
)
 
75.62

 
(69,259
)
 
71.82

Forfeited
(890
)
 
68.81

 
(2,695
)
 
69.57

 
—

 
—

Balance at end of year
129,457

 
$
64.21

 
151,355

 
$
73.32

 
148,428

 
$
78.53
Summary of Activity of SARs Awards
The following table summarizes the activity of SARs awards during the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Units
 
Weighted
Average
Exercise
Price
 
Units
 
Weighted
Average
Exercise
Price
 
Units
 
Weighted
Average
Exercise
Price
Balance at beginning of year
235,439

 
$
53.83

 
284,146

 
$
53.85

 
417,783

 
$
55.13

Granted
—

 
—

 
—

 
—

 
—

 
—

Exercised
(235,439
)
 
53.83

 
(48,707
)
 
53.95

 
(143,822
)
 
53.73

Special dividend adjustment
—

 
—

 
—

 
—

 
10,185

 
53.88

Balance at end of year
—

 
$
—

 
235,439

 
$
53.83

 
284,146

 
$
53.85
Schedule of LTIP Units Granted
The Company has granted the following LTIP units during the years ended December 31, 2018, 2017 and 2016:
Grant Date
 
Units
 
Type
 
Fair Value per LTIP Unit
 
Vest Date
1/1/2016
 
58,786

 
Service-based
 
$
80.69

 
12/31/2018
1/1/2016
 
266,899

 
Market-indexed
 
$
53.32

 
12/31/2018
3/4/2016
 
154,686

 
Service-based
 
$
79.20

 
3/4/2016
 
 
480,371

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1/1/2017
 
66,079

 
Service-based
 
$
70.84

 
12/31/2019
1/1/2017
 
297,849

 
Market-indexed
 
$
47.15

 
12/31/2019
3/3/2017
 
134,742

 
Service-based
 
$
66.57

 
3/3/2017
6/1/2017
 
1,522

 
Service-based
 
$
58.31

 
5/29/2020
6/1/2017
 
6,714

 
Market-indexed
 
$
39.66

 
5/29/2020
 
 
506,906

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1/1/2018
 
65,466

 
Service-based
 
$
65.68

 
12/31/2020
1/1/2018
 
291,326

 
Market-indexed
 
$
44.28

 
12/31/2020
1/29/2018
 
13,632

 
Service-based
 
$
66.02

 
2/1/2022
1/29/2018
 
1,893

 
Service-based
 
$
66.02

 
12/31/2020
1/29/2018
 
7,775

 
Market-indexed
 
$
48.23

 
12/31/2020
3/2/2018
 
99,407

 
Service-based
 
$
59.04

 
3/2/2018
4/26/2018
 
89,637

 
Service-based
 
$
55.78

 
4/26/2018
 
 
569,136

 
 
 
 
 
 
Schedule LTIP Units Valuation Assumptions
The fair value of the market-indexed LTIP Units (Level 3) were estimated on the date of grant using a Monte Carlo Simulation model that based on the following assumptions
Grant Date
 
Risk Free Interest Rate
 
Expected Volatility
1/1/2016
 
1.32
%
 
20.31
%
1/1/2017
 
1.49
%
 
20.75
%
6/1/2017
 
1.45
%
 
21.40
%
1/1/2018
 
1.98
%
 
23.38
%
1/29/2018
 
2.25
%
 
23.86
%
Summary of Activity of Stock Options
The following table summarizes the activity of the non-vested LTIP Units during the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Units
 
Weighted
Average
Grant Date
Fair Value
 
Units
 
Weighted
Average
Grant Date
Fair Value
 
Units
 
Weighted
Average
Grant Date
Fair Value
Balance at beginning of year
636,632

 
$
52.36

 
322,572

 
$
58.18

 
56,315

 
$
73.24

Granted
569,136

 
51.78

 
506,906

 
55.33

 
480,371

 
65.00

Vested
(253,625
)
 
61.17

 
(192,846
)
 
69.93

 
(214,114
)
 
77.45

Forfeited
(290,565
)
 
52.58

 
—

 
—

 
—

 
—

Balance at end of year
661,578

 
$
48.38

 
636,632

 
$
52.36

 
322,572

 
$
58.18

The following table summarizes the activity of stock options for the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
 
Options
 
Weighted
Average
Exercise
Price
Balance at beginning of year
35,565

 
$
57.32

 
10,565

 
$
56.77

 
10,314

 
$
58.15

Granted
—

 
—

 
25,000

 
57.55

 
—

 
—

Exercised
—

 
—

 
—

 
—

 
—

 
—

Special dividend adjustment
—

 
—

 
—

 
—

 
251

 
56.77

Balance at end of year
35,565

 
$
57.32

 
35,565

 
$
57.32

 
10,565

 
$
56.77
Summary of Activity of Non-vested Phantom Stock Units
The following table summarizes the activity of the non-vested phantom stock units for the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
 
Stock Units
 
Weighted
Average
Grant Date
Fair Value
Balance at beginning of year
4,054

 
$
79.82

 
5,845

 
$
81.47

 
—

 
$
—

Granted
10,380

 
49.55

 
8,760

 
68.93

 
21,088

 
80.21

Vested
(12,193
)
 
54.40

 
(10,551
)
 
71.69

 
(15,243
)
 
79.73

Forfeited
(2,241
)
 
77.91

 
—

 
—

 
—

 
—

Balance at end of year
—

 
$
—

 
4,054

 
$
79.82

 
5,845

 
$
81.47
Compensation Cost Under the Share and Unit-based Plans
The following summarizes the compensation cost under the share and unit-based plans for the years ended December 31, 2018, 2017 and 2016:
 
2018
 
2017
 
2016
Stock awards
$
—

 
$
—

 
$
20

Stock units
6,355

 
6,045

 
6,305

LTIP units
26,311

 
30,161

 
32,957

Stock options
125

 
85

 
16

Phantom stock units
760

 
714

 
1,231

 
$
33,551

 
$
37,005

 
$
40,529