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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Restricted and Deferred Stock Activity
A summary of restricted and deferred stock activity follows:
 
Number of shares
Non-vested shares outstanding at January 1, 2018
1,053,842

Awarded:

Time-vesting
1,515,700

Performance-based
150,069

Released:

Time-vesting
(353,555
)
Performance-based

Forfeitures:
 
Time-vesting
(63,575
)
Performance-based
(159,738
)
Non-vested shares outstanding at December 31, 2018
2,142,743

Summary of Average Grant-Date Fair Value of Restricted Stock
The average grant-date fair value of restricted stock awarded in 2018, 2017 and 2016 follows:
 
2018
 
2017
 
2016
Time-vested
$
44.48

 
$
55.55

 
$
51.04

Performance-based
57.24

 
51.90

 
51.18

Schedule of Weighted Average Assumptions on Performance-Based Shares
The fair values of the performance-based awards that include a market condition were calculated using a Monte Carlo valuation model and the following weighted average assumptions:
 
2018
 
2017
 
2016
Risk-free interest rate
2.0
%
 
1.4
%
 
1.2
%
Expected term (years)
3

 
3

 
3

Expected stock price volatility
19.9
%
 
21.1
%
 
19.8
%