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Stock-Based Compensation Plans (Tables) | 3 Months Ended
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Mar. 31, 2019
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 Second Amended and Restated 2009 Equity Incentive Plan (the "2009 Plan") for the three months ended March 31, 2019, is as follows:
|  | 2009 Plan shares |  | Weighted average exercise price per share
Options Outstanding, December 31, 2018 |  | 124,212 |  |  | $ | 128.84 |
Exercised |  | (66,949 | ) |  | 129.06 |
Granted |  | — |  |  | — |
Forfeited |  | — |  |  | — |
Options Outstanding, March 31, 2019 |  | 57,263 |  |  | $ | 128.58 |
Options Exercisable, March 31, 2019 |  | 52,598 |  |  | $ | 125.70 |
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, 2018 |  | 267,129 |  |  | $ | 157.21 |
Granted (1) |  | 79,840 |  |  | 200.69 |
Change in awards based on performance (2) |  | (16,760 | ) |  | 142.03 |
Converted to restricted stock or options |  | (73,072 | ) |  | 142.03 |
Forfeited |  | (248 | ) |  | 167.71 |
Outstanding at March 31, 2019 |  | 256,889 |  |  | $ | 176.03 |
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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 47,091 performance awards and financial metrics related to operating performance and leverage metrics of the Company for 32,749 performance awards.
(2) | Represents the change in the number of performance awards earned based on actual performance achievement for the performance period.
Summary of valuation options | The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2019 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
|  | 2019
Dividend yield |  | 3.1%
Estimated volatility over the life of the plan (1) |  | 13.9% - 18.8%
Risk free rate |  | 2.46% - 2.57%
Estimated performance award value based on total shareholder return measure |  | $204.15
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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, 2018 |  | 160,411 |  |  | $ | 166.33 |  |  | 209,238 |
Granted - restricted stock shares |  | 74,932 |  |  | 195.72 |  |  | 73,072 |
Vested - restricted stock shares |  | (76,396 | ) |  | 166.53 |  |  | (110,366 | )
Forfeited |  | (616 | ) |  | 165.33 |  |  | — |
Outstanding at March 31, 2019 |  | 158,331 |  |  | $ | 180.14 |  |  | 171,944 |

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- Definition Tabular disclosure of the changes in outstanding nonvested performance-based units. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=109197908&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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=109197908&loc=d3e5070-113901 + Details
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