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Share-based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted | The fair value of each stock option or LTIP Unit granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the years ended December 31, 2018 and 2017. There were no grants during the year ended December 31, 2019.
| 2019 |  | 2018 |  | 2017
Dividend yield | none |  | 2.85 | % |  | 2.51 | %
Expected life | zero years |  | 3.5 years |  |  | 4.4 years |
Risk-free interest rate | none |  | 2.48 | % |  | 1.73 | %
Expected stock price volatility | none |  | 22.00 | % |  | 28.10 | %
Summary of the status of stock options and changes during the period | A summary of the status of the Company's stock options as of December 31, 2019, 2018, and 2017 and changes during the years ended December 31, 2019, 2018, and 2017 are as follows:
| 2019 |  | 2018 |  | 2017
| Options Outstanding |  | Weighted Average Exercise Price |  | Options Outstanding |  | Weighted Average Exercise Price |  | Options Outstanding |  | Weighted Average Exercise Price
Balance at beginning of year | $ | 1,137,017 |  |  | $ | 103.54 |  |  | $ | 1,548,719 |  |  | $ | 101.48 |  |  | $ | 1,737,213 |  |  | $ | 98.44 |
Granted | — |  |  | — |  |  | 6,000 |  |  | 97.91 |  |  | 174,000 |  |  | 105.66 |
Exercised | — |  |  | — |  |  | (316,302 | ) |  | 90.22 |  |  | (292,193 | ) |  | 81.07 |
Lapsed or canceled | (99,949 | ) |  | 115.81 |  |  | (101,400 | ) |  | 113.22 |  |  | (70,301 | ) |  | 121.68 |
Balance at end of year | $ | 1,037,068 |  |  | $ | 102.36 |  |  | $ | 1,137,017 |  |  | $ | 103.54 |  |  | $ | 1,548,719 |  |  | $ | 101.48 |
Options exercisable at end of year | 914,929 |  |  | $ | 101.69 |  |  | 783,035 |  |  | $ | 101.28 |  |  | 800,902 |  |  | $ | 94.33 |
Weighted average fair value of options granted during the year | $ | — |  |  |  |  |  | $ | 84,068 |  |  |  |  |  | $ | 3,816,652 |  |  |  |
Schedule of other share-based compensation, activity | A summary of the Company's restricted stock as of December 31, 2019, 2018, and 2017 and charges during the years ended December 31, 2019, 2018, and 2017 are as follows:
| 2019 |  | 2018 |  | 2017
Balance at beginning of year | 3,452,016 |  |  | 3,298,216 |  |  | 3,202,031 |
Granted | 126,350 |  |  | 162,900 |  |  | 96,185 |
Canceled | (11,900 | ) |  | (9,100 | ) |  | — |
Balance at end of year | 3,566,466 |  |  | 3,452,016 |  |  | 3,298,216 |
Vested during the year | 113,259 |  |  | 92,114 |  |  | 95,736 |
Compensation expense recorded | $ | 12,892,249 |  |  | $ | 12,757,704 |  |  | $ | 9,809,749 |
Total fair value of restricted stock granted during the year | $ | 11,131,181 |  |  | $ | 13,440,503 |  |  | $ | 9,905,986 |

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