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Stock-Based Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 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 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, 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 |
Exercised | (71,845 | ) |  | 117.04 |  |  | (59,654 | ) |  | 112.85 |
Granted | — |  |  | — |  |  | — |  |  | — |
Forfeited | — |  |  | — |  |  | — |  |  | — |
Options Outstanding, December 31, 2016 (1) | 177,333 |  |  | $ | 124.25 |  |  | 22,541 |  |  | $ | 77.91 |
Options Exercisable: |  |  |  |  |  |  |  |  |  |  |
December 31, 2014 | 185,227 |  |  | $ | 116.71 |  |  | 272,402 |  |  | $ | 104.96 |
December 31, 2015 | 188,081 |  |  | $ | 119.98 |  |  | 82,195 |  |  | $ | 103.27 |
December 31, 2016 | 177,333 |  |  | $ | 124.25 |  |  | 22,541 |  |  | $ | 77.91 |
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, 2016:
2009 Plan Number of Options |  | Range—Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
10,607 |  | $70.00 | - |  | $79.99 |  | 3.1
32,445 |  | $110.00 | - |  | $119.99 |  | 4.1
29,862 |  | $120.00 | - |  | $129.99 |  | 6.2
104,419 |  | $130.00 | - |  | $139.99 |  | 5.6
177,333 |  |  |  |  |  |  |
1994 Plan Number of Options |  | Range—Exercise Price |  | Weighted Average Remaining Contractual Term (in years)
9,854 |  | $40.00 | - |  | $49.99 |  | 2.1
9,506 |  | $80.00 | - |  | $89.99 |  | 1.1
3,181 |  | $140.00 | - |  | $149.99 |  | 0.1
22,541 |  |  |  |  |  |  |
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, 2013 |  | 189,765 |  |  | $ | 70.00 |
Granted (1) |  | 136,276 |  |  | 117.43 |
Change in awards based on performance (2) |  | (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 (3) |  | 85,636 |  |  | 148.49 |
Change in awards based on performance (2) |  | 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 |
Granted (4) |  | 94,054 |  |  | 141.92 |
Change in awards based on performance (2) |  | 36,091 |  |  | 101.52 |
Converted to restricted stock |  | (115,618 | ) |  | 94.67 |
Forfeited |  | (1,630 | ) |  | 141.98 |
Outstanding at December 31, 2016 |  | 251,163 |  |  | $ | 136.74 |
_________________________________
(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 60,391 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 75,885 performance awards.
(2) | Represents the change in the number of performance awards earned based on performance achievement.
(3) | 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 55,162 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 30,474 performance awards.
(4) | 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.
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, 2013 |  | 182,083 |  |  | $ | 124.35 |  |  | — |
Granted - restricted stock shares |  | 98,954 |  |  | 129.35 |  |  | 16,209 |
Vested - restricted stock shares |  | (93,963 | ) |  | 120.81 |  |  | (5,073 | )
Forfeited |  | (7,767 | ) |  | 128.62 |  |  | (203 | )
Outstanding at December 31, 2014 |  | 179,307 |  |  | $ | 129.06 |  |  | 10,933 |
Granted - restricted stock shares |  | 61,953 |  |  | 173.04 |  |  | 95,826 |
Vested - restricted stock shares |  | (91,847 | ) |  | 130.75 |  |  | (8,412 | )
Forfeited |  | (1,529 | ) |  | 151.86 |  |  | — |
Outstanding at December 31, 2015 |  | 147,884 |  |  | $ | 146.21 |  |  | 98,347 |
Granted - restricted stock shares |  | 81,400 |  |  | 162.38 |  |  | 115,618 |
Vested - restricted stock shares |  | (88,712 | ) |  | 141.38 |  |  | (36,872 | )
Forfeited |  | (3,867 | ) |  | 162.43 |  |  | (395 | )
Outstanding at December 31, 2016 |  | 136,705 |  |  | $ | 158.51 |  |  | 176,698 |
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of valuation options | There were no stock options granted in 2016, 2015 and 2014.
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:
|  | 2016 |  | 2015 |  | 2014
Dividend yield |  | 3.3% |  | 3.0% |  | 3.6%
Estimated volatility over the life of the plan (1) |  | 15.2% - 22.8% |  | 12.0% - 17.3% |  | 17.6% - 18.6%
Risk free rate |  | 0.44% - 0.88% |  | 0.07% - 1.09% |  | 0.04% - 0.72%
Estimated performance award value based on total shareholder return measure |  | $131.24 |  | $139.18 |  | $103.20
_________________________________
(1) | Estimated volatility of the life of the plan is using 50% historical volatility and 50% implied volatility.

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