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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of information with respect to stock options granted
Information with respect to stock options granted under the 2009 and 1994 Plans is as follows:
 
2009 Plan
shares
 
Weighted
average
exercise price
per share
 
1994 Plan
shares
 
Weighted
average
exercise price
per share
Options Outstanding, December 31, 2012
307,554

 
$
112.67

 
719,830

 
$
105.40

Exercised
(19,949
)
 
84.43

 
(24,292
)
 
79.42

Granted
215,230

 
129.03

 
—

 
—

Forfeited
(1,267
)
 
131.56

 
(4,012
)
 
127.56

Options Outstanding, December 31, 2013
501,568

 
$
120.77

 
691,526

 
$
106.19

Exercised
(157,454
)
 
116.40

 
(342,743
)
 
99.03

Granted
—

 
—

 
—

 
—

Forfeited
(4,052
)
 
131.05

 
(76,381
)
 
142.66

Options Outstanding, December 31, 2014
340,062

 
$
122.67

 
272,402

 
$
104.96

Exercised
(90,884
)
 
124.01

 
(190,207
)
 
105.70

Granted
—

 
—

 
—

 
—

Forfeited
—

 
—

 
—

 
—

Options Outstanding, December 31, 2015
249,178

 
$
122.17

 
82,195

 
$
103.27

Options Exercisable:
 

 
 

 
 

 
 

December 31, 2013
184,167

 
$
107.18

 
691,526

 
$
106.19

December 31, 2014
185,227

 
$
116.71

 
272,402

 
$
104.96

December 31, 2015
188,081

 
$
119.98

 
82,195

 
$
103.27
Summary of exercise prices and contractual lives of options outstanding
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2015:
2009 Plan
Number of Options
 
Range—Exercise Price
 
Weighted Average
Remaining Contractual Term
(in years)
25,622
 
$70.00
-
 
$79.99
 
4.1
38,326
 
110.00
-
 
119.99
 
5.1
44,135
 
120.00
-
 
129.99
 
7.2
141,095
 
130.00
-
 
139.99
 
6.6
249,178
 
 
 
 
 
 
 

1994 Plan
Number of Options
 
Range—Exercise Price
 
Weighted Average
Remaining Contractual Term
(in years)
9,854
 
$40.00
-
 
$49.99
 
3.1
35,511
 
80.00
-
 
89.99
 
2.1
7,174
 
90.00
-
 
99.99
 
0.1
29,656
 
140.00
-
 
149.99
 
1.1
82,195
 
 
 
 
 
 
 
Schedule of nonvested performance awards granted
Information with respect to performance awards granted is as follows:
 
 
Performance awards
 
Weighted average grant date fair value per award
Outstanding at December 31, 2012
 
—

 
$
—

  Granted (1)
 
191,008

 
70.00

  Forfeited
 
(1,243
)
 
70.00

Outstanding at December 31, 2013
 
189,765

 
$
70.00

  Granted (2)
 
136,276

 
117.43

  Change in awards based on performance (3)
 
(46,790
)
 
74.37

  Converted to restricted stock
 
(16,209
)
 
74.37

  Forfeited
 
(23,140
)
 
76.22

Outstanding at December 31, 2014
 
239,902

 
$
95.20

  Granted (4)
 
85,636

 
148.49

  Change in awards based on performance (3)
 
14,697

 
78.50

  Converted to restricted stock
 
(95,826
)
 
78.50

  Forfeited
 
(6,143
)
 
110.34

Outstanding at December 31, 2015
 
238,266

 
$
119.65

_________________________________
(1)
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock.
(2)
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 60,391 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 75,885 performance awards.
(3)
Represents the change in the number of performance awards converted to restricted stock shares based on performance achievement.
(4)
The amount of restricted stock ultimately earned is based on the total shareholder return metrics related to the Company’s common stock for 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards.
Schedule of restricted stock granted
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, 2012
 
202,218

 
$
107.58

 
—

  Granted
 
123,977

 
129.21

 
—

  Vested
 
(141,673
)
 
104.69

 
—

  Forfeited
 
(2,439
)
 
123.05

 
—

Outstanding at December 31, 2013
 
182,083

 
$
124.35

 
—

  Granted
 
98,954

 
129.35

 
16,209

  Vested
 
(93,963
)
 
120.81

 
(5,073
)
  Forfeited
 
(7,767
)
 
128.62

 
(203
)
Outstanding at December 31, 2014
 
179,307

 
$
129.06

 
10,933

  Granted
 
61,953

 
173.04

 
95,826

  Vested
 
(91,847
)
 
130.75

 
(8,412
)
  Forfeited
 
(1,529
)
 
151.86

 
—

Outstanding at December 31, 2015
 
147,884

 
$
146.21

 
98,347
Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of valuation options
The following table summarizes the weighted average fair value of employee stock options for 2013 and the associated assumptions used to calculate the value. There were no stock options granted in 2015 and 2014.
 
 
2013
Weighted average fair value per share
 
$
26.78

Life of options (in years)
 
5.0

Dividend yield
 
3.7
%
Volatility
 
34.00
%
Risk-free interest rate
 
0.91
%
Performance awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Summary of valuation options
The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards determined by using total shareholder return measures. The assumptions used are as follows:
 
 
2015
 
2014
 
2013
 
 
 
 
 
 
 
Dividend yield
 
3.0%
 
3.6%
 
3.3%
Estimated volatility over the life of the plan (1)
 
12.0% - 17.3%
 
17.6% - 18.6%
 
17.0% - 21.0%
Risk free rate
 
0.07% - 1.09%
 
0.04% - 0.72%
 
0.09% - 0.46%
Estimated performance award value based on total shareholder return measure
 
$139.18
 
$103.20
 
$70.00
_________________________________
(1)
Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.