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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Dec. 31, 2016

The following table illustrates the valuation assumptions used for the 2018, 2017 and 2016 grants:



	2018	2017	2016
Expected volatility	25%	25 - 26%	29 -32%
Weighted-average expected volatility	25%	26%	32%
Expected dividend yield	1.2%	1.2 - 1.3%	1.3 - 1.5%
Weighted-average expected dividend yield	1.2%	1.3%	1.3%
Expected term, in years	5	5	5
Risk-free interest rate	2.6 - 2.9%	1.7 - 2.0%	1.1 - 1.4%

The following table summarizes the activity during the year ended December 31, 2018 for stock option awards:



	Shares		Weighted-Average Exercise Price
Outstanding at beginning of year	1,135,608		$	47.47
Granted	202,623		67.85
Exercised	(223,352	)	26.33
Forfeited	(30,312	)	66.06
Outstanding at end of year	1,084,567		$	55.11
Exercisable at end of year	711,499		$	48.94

The following table summarizes the activity during the year ended December 31, 2018 for nonvested restricted share awards:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	99,789		$	53.11
Granted	16,377		67.70
Vested	(14,384	)	68.00
Forfeited	(1,561	)	67.39
Nonvested at end of year	100,221		$	53.52

The following table summarizes the activity during the year ended December 31, 2018 for nonvested performance share awards:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	123,024		$	63.09
Granted	47,997		67.84
Forfeited	(43,974	)	66.23
Nonvested at end of year	127,047		$	63.80

The following table summarizes the activity during the year ended December 31, 2018 for nonvested restricted stock units:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	43,125		$	64.67
Granted	83,380		66.83
Vested	(15,427	)	58.27
Forfeited	(9,123	)	66.60
Nonvested at end of year	101,955		$	67.23