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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Stock Option Activity
The following table summarizes stock option activity under our share-based plans for the year ended December 31, 2019:

 SharesWeighted Average
Exercise Price
Weighted Average
Remaining
Contractual Term
(Years)
Aggregate
Intrinsic Value
Balance at December 31, 20181,879,151  $48.19    
Granted65,525  160.67    
Less: Exercised
640,475  26.29    
           Forfeited2,150  150.29    
Balance at December 31, 20191,302,051  $64.46  4.12$192,600,967  
Exercisable at December 31, 2019877,812  $42.05  2.71$149,516,227  
Stock options outstanding and exercisable by exercise price range
The following table presents information about stock options outstanding and exercisable at December 31, 2019:

 Outstanding
Stock Options
Exercisable
Stock Options
Range of Exercise PricesSharesWeighted Average
Remaining
Contractual Term
(Years)
Weighted Average Exercise PriceSharesWeighted Average Exercise Price
$ 20.32 to $ 37.13478,102  1.51$29.12  478,102  $29.12  
$ 37.14 to $ 69.85436,266  4.1057.19  345,202  53.84  
$ 69.86 to $ 181.60387,683  7.35116.22  54,508  80.80  
 1,302,051  4.12$64.46  877,812  $42.05  
Summary of cash proceeds and tax benefits realized from stock option exercise.
The following table summarizes the cash proceeds and tax benefits realized from the exercise of stock options:

 Year Ended December 31,
(in thousands, except share amounts)201920182017
Options exercised640,475  491,448  364,984  
Cash proceeds$16,839  $11,779  $9,809  
Intrinsic value of options exercised$97,007  $61,469  $33,302  
Tax benefits realized$24,252  $15,367  $12,809  
Summary of assumptions for estimated fair value of employee stock option awards at grant date
We estimated the fair value of employee stock option awards at the grant date based on the assumptions summarized in the following table:
 
 Year Ended December 31,
(Weighted average)201920182017
Expected volatility21.4 %23.7 %26.6 %
Expected term7.0years7.3years7.3years
Risk-free interest rate2.52 %2.87 %2.44 %
Expected dividend yield1.3 %1.5 %1.5 %
Grant date fair value$37.75   $35.71   $32.00   
Summary of restricted share actvity
The table below presents restricted stock award activity under our share-based plans for the year ended December 31, 2019:

 SharesWeighted Average
Grant Date Fair Value
Balance unvested at December 31, 2018307,773  $101.93  
Granted (at market price) (1)
71,494  162.81  
Less: Vested75,143  74.45  
Forfeited
820  109.93  
Balance unvested at December 31, 2019303,304  $123.13  
Total restricted stock awards that vested for the past three years and related fair value
The table below presents the total number of restricted stock awards that vested for the past three years and the related fair value of those awards (in thousands, except share amounts):

 201920182017
Restricted stock awards - shares vested75,143  68,149  79,224  
Fair value of restricted stock awards vested$12,316  $9,642  $9,260  
Number of shares purchased by employees under the employee stock purchase plan For the two six month offering periods in 2019, 2018 and 2017, our employees purchased the following aggregate number of shares:
201920182017
12,716  15,966  16,610  
Restricted [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for restricted stock awards for the past three years (in thousands):

 201920182017
Restricted stock awards share-based compensation expense$10,026  $9,151  $8,547  
Options [Member]  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of share-based compensation expense and recognized tax benefits [Table Text Block]
The following table presents the total share-based compensation expense for stock option awards for the past three years (in thousands):

 201920182017
Option grants share-based compensation expense$3,021  $3,218  $3,553  
Option grants share-based compensation tax benefits755  805  888