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Stock-based Compensation Expense (Tables)
 12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement, Noncash Expense [Abstract]  
Fixed-Price Stock Options
The following table summarizes information about the Company’s fixed-price stock options as of and for the year ended December 31, 2019:
 
Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term (Years)
 
Aggregate Intrinsic Value
(in thousands)
Outstanding at December 31, 2018
1,316,733

 
$
59.55

 
4.3
 
$
26,438

Granted
95,639

 
91.00

 
 
 
 
Exercised
(161,909
)
 
29.73

 
 
 
 
Forfeited
(5,932
)
 
95.47

 
 
 
 
Outstanding at December 31, 2019
1,244,531

 
$
65.67

 
4.2
 
$
14,593

Exercisable at December 31, 2019
980,865

 
$
59.47

 
3.3
 
$
13,583
Weighted-Average Assumptions used to Estimate Fair Value of Each Option Granted The calculation used the following weighted-average assumptions:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Volatility
30.11
%
 
29.92
%
 
30.34
%
Risk-free interest rate
2.43
%
 
2.36
%
 
1.34
%

The fair value of each option granted during the years ended December 31, 2019, 2018 and 2017 was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Dividend yield
1.58
%
 
1.44
%
 
1.56
%
Volatility
32.50
%
 
32.48
%
 
32.70
%
Average expected life (years)
6

 
6

 
6

Risk-free interest rate
2.81
%
 
3.06
%
 
2.51
%
Fair value of options granted
$
27.71

 
$
37.35

 
$
27.99
Activity in Performance Unit Awards
The following table summarizes activity in performance unit awards as of and for the year ended December 31, 2019:
 
Shares
 
Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period
317,437

 
$
97.39

Granted
100,288

 
107.68

Vested
(139,034
)
 
66.93

Forfeited
(18,958
)
 
124.45

Nonvested, end of period
259,733

 
115.69
Activity in Non-Performance Based Restricted Stock Awards
The following table summarizes activity in non-performance based restricted stock and restricted stock unit awards as of and for the year ended December 31, 2019:
 
Shares
 
Weighted-Average Grant Date Fair Value Per Share
Nonvested, beginning of period
257,518

 
$
85.44

Granted
131,365

 
79.27

Vested
(89,548
)
 
73.61

Forfeited
(26,775
)
 
89.23

Nonvested, end of period
272,560

 
85.98