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Stock-Based Compensation Plans (Tables) | 9 Months Ended
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Sep. 30, 2016
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 Company’s 1994 Stock Option and Incentive Plan (the “1994 Plan”) and its 2009 Stock Option and Incentive Plan (the “2009 Plan”) 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, 2015 |  | 249,178 |  |  | $ | 122.17 |  |  | 82,195 |  |  | $ | 103.27 |
Exercised |  | (68,538 | ) |  | 116.37 |  |  | (59,654 | ) |  | 112.85 |
Forfeited |  | — |  |  | — |  |  | — |  |  | — |
Options Outstanding, September 30, 2016 (1) |  | 180,640 |  |  | $ | 124.37 |  |  | 22,541 |  |  | $ | 77.91 |
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, 2015 |  | 238,266 |  |  | $ | 119.65 |
Granted (1) |  | 94,054 |  |  | 141.92 |
Change in units based on performance (2) |  | 36,091 |  |  | 101.52 |
Converted to restricted stock |  | (115,618 | ) |  | 94.67 |
Forfeited |  | (1,630 | ) |  | 141.98 |
Outstanding at September 30, 2016 |  | 251,163 |  |  | $ | 136.74 |
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(1) | The amount of restricted stock that ultimately may be earned is based on the total shareholder return metrics related to the Company’s common stock for 61,039 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 33,015 performance awards.
(2) | Represents the change in the number of performance awards earned based on performance achievement.
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:
|  | 2016
Dividend yield |  | 3.3%
Estimated volatility over the life of the plan (1) |  | 15.2% - 22.8%
Risk free rate |  | 0.44% - 0.88%
Estimated performance award value based on total shareholder return measure |  | $131.24
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(1) | Estimated volatility over the life of the plan is using 50% historical volatility and 50% implied volatility.
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, 2015 |  | 147,884 |  |  | $ | 146.21 |  |  | 98,347 |
Granted - restricted stock shares |  | 80,873 |  |  | 162.34 |  |  | 115,618 |
Vested - restricted stock shares |  | (84,623 | ) |  | 141.49 |  |  | (36,872 | )
Forfeited |  | (3,453 | ) |  | 162.34 |  |  | (395 | )
Outstanding at September 30, 2016 |  | 140,681 |  |  | $ | 157.49 |  |  | 176,698 |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in restricted stock units (RSUs). + References No definition available. + Details
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