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Stock-Based Compensation Plans (Tables) | 6 Months Ended
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Jun. 30, 2021
Share-based Payment Arrangement [Abstract] |
Share-based Payment Arrangement, Option, Activity |
|  | 2009 Plan shares |  | Weighted average exercise price per share
Options Outstanding, December 31, 2020 |  | 12,506 |  |  | $ | 129.35 |
Exercised |  | (2,126) |  |  | 121.78 |
Granted (1) |  | 294,115 |  |  | 180.32 |
Forfeited |  | (1,571) |  |  | 180.32 |
Options Outstanding, June 30, 2021 |  | 302,924 |  |  | $ | 178.63 |
Options Exercisable, June 30, 2021 |  | 10,380 |  |  | $ | 130.90 |
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, 2020 |  | 241,921 |  |  | $ | 195.13 |
Granted (1) |  | 138,033 |  |  | 191.12 |
Change in awards based on performance (2) |  | (37,469) |  |  | 156.00 |
Converted to common shares |  | (56,545) |  |  | 156.00 |
Forfeited |  | (240) |  |  | 208.35 |
Outstanding at June 30, 2021 |  | 285,700 |  |  | $ | 206.06 |
__________________________________ (1)The amount of common shares that ultimately may be earned is based on the total shareholder return metrics related to the Company's common stock for 69,064 performance awards and financial metrics related to operating performance, net asset value and leverage metrics of the Company for 68,969 performance awards. (2)Represents the change in the number of performance awards earned based on performance achievement for the performance period.
Summary of valuation options | The assumptions used are as follows:
|  | 2021
Dividend yield |  | 3.5%
Estimated volatility |  | 27.1%
Risk free rate |  | 0.81%
Expected life of options |  | 5 years
Estimated fair value |  | $28.64
The Company used a Monte Carlo model to assess the compensation cost associated with the portion of the performance awards granted in 2021 for which achievement will be determined by using total shareholder return measures. The assumptions used are as follows:
|  | 2021
Dividend yield |  | 3.5%
Estimated volatility over the life of the plan (1) |  | 22.0% - 49.0%
Risk free rate |  | 0.06% - 0.38%
Estimated performance award value based on total shareholder return measure |  | $213.16
__________________________________ (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, 2020 |  | 131,724 |  |  | $ | 203.28 |  |  | 146,319 |
Granted - restricted stock shares |  | 94,641 |  |  | 176.32 |  |  | — |
Vested - restricted stock shares |  | (66,038) |  |  | 192.17 |  |  | (71,535) |
Forfeited |  | (709) |  |  | 197.01 |  |  | — |
Outstanding at June 30, 2021 |  | 159,618 |  |  | $ | 191.92 |  |  | 74,784 |

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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=120381028&loc=d3e5070-113901 + Details
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