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Stock-Based Compensation Plans
 6 Months Ended
Jun. 30, 2020
Share-based Payment Arrangement [Abstract]  
Stock-Based Compensation Plans Stock-Based Compensation Plans

As part of its long-term compensation plans, the Company has granted stock options, performance awards and restricted stock.

Information with respect to performance awards granted is as follows:
 
 
Performance awards
 
Weighted average grant date fair value per award
Outstanding at December 31, 2019
 
253,432

 
$
176.27

  Granted (1)
 
76,164

 
238.86

  Change in awards based on performance (2)
 
18,112

 
177.26

  Converted to restricted stock
 
(96,317
)
 
177.26

  Forfeited
 
(8,004
)
 
183.45

Outstanding at June 30, 2020
 
243,387

 
$
195.31

__________________________________
(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 38,314 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 37,850 performance awards.
(2)
Represents the change in the number of performance awards earned based on performance achievement for the performance period.

The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2020 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
 
 
2020
Dividend yield
 
2.8%
Estimated volatility over the life of the plan (1)
 
11.1% - 15.5%
Risk free rate
 
1.45% - 1.62%
Estimated performance award value based on total shareholder return measure
 
$254.72
__________________________________
(1)
Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.

For the portion of the performance awards granted in 2020 for which achievement will be determined by using financial metrics, the compensation cost was based on a grant date value of $225.59, and the Company's estimate of corporate achievement for the financial metrics.

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, 2019
 
148,326

 
$
181.29

 
163,111

  Granted - restricted stock shares
 
68,209

 
222.12

 
96,317

  Vested - restricted stock shares
 
(76,893
)
 
178.57

 
(109,758
)
  Forfeited
 
(3,456
)
 
191.73

 
(594
)
Outstanding at June 30, 2020
 
136,186

 
$
203.00

 
149,076



Total employee stock-based compensation cost recognized in income was $11,624,000 and $13,129,000 for the six months ended June 30, 2020 and 2019, respectively, and total capitalized stock-based compensation cost was $6,174,000 and $5,374,000 for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020, there was a total unrecognized compensation cost of $39,406,000 for unvested restricted stock and performance awards, which does not include forfeitures, and is expected to be recognized over a weighted average period of 2.1 years.