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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [Abstract]  
Schedule of information with respect to stock options granted
Information with respect to stock options granted under the 2009 and 1994 Plans 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, 2016
177,333

 
$
124.25

 
22,541

 
$
77.91

Exercised
(27,360
)
 
110.47

 
(14,763
)
 
93.35

Granted
—

 
—

 
—

 
—

Forfeited
—

 
—

 
—

 
—

Options Outstanding, December 31, 2017
149,973

 
$
126.77

 
7,778

 
$
48.60

Exercised
(32,756
)
 
126.24

 
(7,778
)
 
48.60

Granted (1)
6,995

 
161.10

 
—

 
—

Forfeited
—

 
—

 
—

 
—

Options Outstanding, December 31, 2018
124,212

 
$
128.84

 
—

 
$
—

Exercised
(109,804
)
 
129.47

 
—

 
—

Granted
—

 
—

 
—

 
—

Forfeited
—

 
—

 
—

 
—

Options Outstanding, December 31, 2019
14,408

 
$
124.05

 
—

 
$
—

Options Exercisable:
 

 
 

 
 

 
 

December 31, 2017
149,973

 
$
126.77

 
7,778

 
$
48.60

December 31, 2018
117,217

 
$
126.91

 
—

 
$
—

December 31, 2019
14,408

 
$
124.05

 
—

 
$
—
Summary of exercise prices and contractual lives of options outstanding
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2019:

2009 Plan
Number of Options
 
Range—Exercise Price
 
Weighted Average
Remaining Contractual Term
(in years)
1,218
 
$70.00
-
 
$79.99
 
0.1
2,071
 
$110.00
-
 
$119.99
 
1.1
11,119
 
$130.00
-
 
$139.99
 
2.8
14,408
 
 
 
 
 
 
 
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, 2016
 
251,163

 
$
136.74

  Granted (1)
 
81,708

 
176.59

  Change in awards based on performance (2)
 
49,323

 
119.26

  Converted to restricted stock
 
(128,482
)
 
118.75

  Forfeited
 
(1,942
)
 
159.39

Outstanding at December 31, 2017
 
251,770

 
$
155.25

  Granted (3)
 
100,965

 
155.31

  Change in awards based on performance (2)
 
5,990

 
148.79

  Converted to restricted stock
 
(88,477
)
 
148.79

  Forfeited
 
(3,119
)
 
160.33

Outstanding at December 31, 2018
 
267,129

 
$
157.21

  Granted (4)
 
80,512

 
200.75

  Change in awards based on performance (2)
 
(16,760
)
 
142.03

  Converted to restricted stock
 
(73,072
)
 
142.03

  Forfeited
 
(4,377
)
 
166.44

Outstanding at December 31, 2019
 
253,432

 
$
176.27

_________________________________
(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 49,374 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,334 performance awards.
(2)
Represents the change in the number of performance awards earned based on performance achievement for the performance period.
(3)
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 62,043 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 38,922 performance awards.
(4)
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 47,502 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,010 performance awards.
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 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:

 
 
2019
 
2018
 
2017
Dividend yield
 
3.1%
 
3.7%
 
3.2%
Estimated volatility over the life of the plan (1)
 
13.9% - 18.8%
 
11.8% - 18.7%
 
15.3% - 19.7%
Risk free rate
 
2.46% - 2.57%
 
1.86% - 2.46%
 
0.69% - 1.61%
Estimated performance award value based on total shareholder return measure
 
$204.15
 
$151.67
 
$175.86
_________________________________
(1)
Estimated volatility of 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, 2016
 
136,705

 
$
158.51

 
176,698

  Granted - restricted stock shares
 
73,342

 
179.58

 
128,482

  Vested - restricted stock shares
 
(73,683
)
 
153.86

 
(70,595
)
  Forfeited
 
(2,731
)
 
173.42

 
(657
)
Outstanding at December 31, 2017
 
133,633

 
$
172.33

 
233,928

  Granted - restricted stock shares
 
98,713

 
161.58

 
88,297

  Vested - restricted stock shares
 
(67,832
)
 
171.22

 
(112,230
)
  Forfeited
 
(4,103
)
 
166.40

 
(757
)
Outstanding at December 31, 2018
 
160,411

 
$
166.33

 
209,238

  Granted - restricted stock shares
 
79,430

 
196.43

 
73,072

  Vested - restricted stock shares
 
(89,289
)
 
168.06

 
(119,064
)
  Forfeited
 
(2,226
)
 
174.45

 
(135
)
Outstanding at December 31, 2019
 
148,326

 
$
181.29

 
163,111