Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2018

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of information with respect to stock options granted

Information with respect to stock options granted under the Company's 1994 Stock Option and Incentive Plan (the "1994 Plan") and its Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") for the three months ended March 31, 2018, is as follows:

	2009 Plan shares	Weighted average exercise price per share		1994 Plan shares	Weighted average exercise price per share
Options Outstanding, December 31, 2017	149,973	$	126.77	7,778	$	48.60
Exercised	—	—		—	—
Granted (1)	6,995	161.10		—	—
Forfeited	—	—		—	—
Options Outstanding, March 31, 2018	156,968	$	128.30	7,778	$	48.60
Options Exercisable, March 31, 2018	149,973	$	126.77	7,778	$	48.60

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(1) Options granted during the three months ended March 31, 2018, are a result of recipient elections to receive a portion of earned performance awards and time-vesting restricted stock in the form of stock options.

Schedule of nonvested performance awards granted

Information with respect to performance awards granted is as follows:

	Performance awards		Weighted average grant date fair value per award
Outstanding at December 31, 2017	251,770		$	155.25
Granted (1)	100,501		155.31
Change in awards based on performance (2)	5,990		148.79
Converted to restricted stock or options	(88,477	)	148.79
Forfeited	(1,271	)	157.06
Outstanding at March 31, 2018	268,513		$	157.25

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(1) The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 61,746 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,755 performance awards.

(2) Represents the change in the number of performance awards earned based on actual performance achievement for the performance period.

Summary of valuation options

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2018 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

	2018
Dividend yield	3.7%
Estimated volatility over the life of the plan (1)	11.8% - 18.7%
Risk free rate	1.86% - 2.46%
Estimated performance award value based on total shareholder return measure	$151.67

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(1) Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.

Schedule of restricted stock granted

Information with respect to restricted stock granted is as follows:

	Restricted stock shares		Restricted stock shares weighted average grant date fair value per share		Restricted stock shares converted from performance awards
Outstanding at December 31, 2017	133,633		$	172.33	233,928
Granted - restricted stock shares	94,701		161.32		88,297
Vested - restricted stock shares	(64,224	)	171.20		(112,076	)
Forfeited	(1,257	)	168.68		(572	)
Outstanding at March 31, 2018	162,853		$	166.40	209,577