Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement, Noncash Expense [Abstract]

uring the three months ended March 31, 2020 and 2019, shares were granted as follow:



Grant Period	Type	Plan	Shares Granted		Grant Date Fair Value Per Share			Vesting Type	Vesting Anniversary	Percentage

2020	Key Employees	2015 Equity Incentive Plan	51,790		$	162.42	₍₁₎	Time Based	20.0% annually over 5 years
2020	Executive Officers	2015 Equity Incentive Plan	46,000		$	165.97	₍₁₎	Time Based	20.0% annually over 5 years
2020	Executive Officers	2015 Equity Incentive Plan	69,000	₍₂₎	$	125.47	₍₂₎	Market Condition	3rd	100.0	%
2020	Directors	2004 Non-Employee Director Option Plan	10,200		$	147.97	₍₁₎	Time Based	3rd	100.0	%
2019	Executive Officers	2015 Equity Incentive Plan	44,000		$	115.39	₍₁₎	Time Based	20.0% annually over 5 years
2019	Executive Officers	2015 Equity Incentive Plan	66,000	₍₃₎	$	115.39	₍₃₎	Market Condition	3rd	100.0	%
2019	Directors	2004 Non-Employee Director Option Plan	18,000		$	113.68	₍₁₎	Time Based	3rd	100.0	%

⁽¹⁾The fair values of the grants were determined by using the average closing price of our common stock on the dates the shares were issued.

⁽²⁾Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $165.97. Based on the Monte Carlo simulation we expect 75.6% of the 69,000 shares to vest.

⁽³⁾Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. At the grant date our common stock price was $115.39. Based on the Monte Carlo simulation we expect 75.1% of the 66,000 shares to vest.