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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2019
Share-based Payment Arrangement [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, 2019
2,142,743

Awarded:

Time-vesting
406,145

Performance-based
202,876

Released:

Time-vesting
(387,628
)
Performance-based

Forfeitures:
 
Time-vesting
(132,275
)
Performance-based
(129,207
)
Non-vested shares outstanding at December 31, 2019
2,102,654


Summary of Average Grant-Date Fair Value of Restricted Stock
The average grant-date fair value of restricted stock awarded in 2019, 2018 and 2017 follows:
 
2019
 
2018
 
2017
Time-vested
$
56.06

 
$
44.48

 
$
55.55

Performance-based
46.08

 
57.24

 
51.90


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:
 
2019
 
2018
 
2017
Risk-free interest rate
2.5
%
 
2.0
%
 
1.4
%
Expected term (years)
3

 
3

 
3

Expected stock price volatility
21.4
%
 
19.9
%
 
21.1
%