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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Share-based Compensation, Stock Options, Activity

The following table summarizes information about the Company’s stock option awards during 2018:



	Number of Shares		Weighted-Average Exercise Price
Outstanding, January 1, 2018	618,780		$	33.15
Granted	102,400		59.28
Exercised	(37,031	)	18.18
Forfeited	—		—
Outstanding, December 31, 2018	684,149		37.87

Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range

The following table summarizes information about stock options outstanding at December 31, 2018:



	Options Outstanding				Options Exercisable
Range of Exercise Prices	Number of Shares	Average Remaining Life (Years)	Average Exercise Price		Number of Shares	Average Exercise Price
$11.45 to $15.83	44,760	0.76	$	14.19	44,760	$	14.19
$20.69 to $26.32	73,460	3.39	23.73		73,460	23.73
$26.59 to $34.92	164,117	6.88	31.11		111,425	30.98
$36.31 to $38.93	171,247	5.75	36.64		169,900	36.62
$38.93 to $63.38	230,565	8.50	52.71		43,861	45.98

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The fair value of each stock option grant on the date of grant was estimated using the Black-Scholes option-pricing model based on the following weighted average assumptions:



	2018		2017		2016
Risk-free interest rate	2.60	%	1.90	%	1.20	%
Expected life (years)	5.3		5.3		5.3
Expected volatility	24.1	%	26.1	%	29.1	%
Expected dividend yield	1.74	%	1.82	%	1.94	%

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable

The following table summarizes information about stock options outstanding that are expected to vest and stock options outstanding that are exercisable at December 31, 2018:



Options Outstanding, Expected to Vest						Options Outstanding, Exercisable
Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)	Shares	Weighted- Average Exercise Price		Aggregate Intrinsic Value		Weighted- Average Remaining Term (Years)
666,162	$	37.87	$	11,113	6.37	443,406	$	31.73	$	9,707	5.31

Schedule of Share-based Compensation, Restricted Stock Units, Activity

The following table summarizes information about the Company’s Rights during 2018:



	Service Based Rights				Service and Performance Based Rights				Service and Market Based Rights
	Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value		Number of Units		Weighted-Average Grant Date Fair Value
Outstanding, January 1, 2018	310,524		$	36.90	155,894		$	37.41	128,392		$	58.19
Granted	128,295		59.06		46,670		59.28		23,335		88.98
Forfeited	(15,653	)	46.28		(492	)	68.08		(408	)	68.10
Additional Earned	—		—		15,826		36.28		30,614		54.53
Issued	(159,185	)	65.85		(70,847	)	36.28		(57,995	)	54.53
Outstanding, December 31, 2018	263,981				147,051				123,938