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Stock-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement [Abstract]  
Summary of Activity
The following table summarizes the weighted-average assumptions used to determine the awards grant date fair value:
Six Months Ended June 30,
Restricted Shares and Performance Based Shares20212020
Expected quarterly dividends per share$0.3275 $0.3075 
Risk-free interest rate0.32 %0.72 %
Market-Based Shares
Dividend yield2.76 %2.51 %
Expected volatility33.69 %19.41 %
Risk-free interest rate0.29 %0.72 %

The following table summarizes activity in restricted stock awards, including performance-based and market-based shares for the six months ended June 30, 2021:
Restricted Stock
SharesWeighted-
Average
Grant Date Fair Value
Outstanding at December 31, 2020168,061 $40.77 
Granted
213,515 44.08 
Exercised
(207,913)39.78 
Forfeited
(1,741)43.72 
Outstanding at June 30, 2021171,922 $43.72 
The following table provides additional information concerning restricted stock activity, including performance-based and market-based shares, and stock options:
Six Months Ended June 30,
Restricted Stock20212020
Weighted-average grant date fair value$44.08 $36.73 
Total fair value of restricted shares that vested (in thousands)$9,890 $11,740 
Stock Options
Total intrinsic value of options exercised (in thousands)$— $84