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Stock Options (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Black-Scholes-Merton option valuation model assumptions

​

​	​	​	​	​	​
​		2019		2018
Expected Life (Years)		7.00	​	7.00	​
Dividend yield		2.93	%	1.73	%
Interest rate		1.97	%	2.68	%
Volatility		26.97	%	31.65	%
​	​	​	​	​	​
​			​	​	​

Summary of option activity under stock option plans

​

​	​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted			​	​
​	​	​	​	Weighted		​	average	​	​	​	​
​	​	​	​	average		​	remaining	​	Aggregate		​
​	​	Number of	​	exercise		​	contractual	​	intrinsic		​
​	​	options	​	price		​	term (years)	​	value ($)		​
​	​	​	​	​	​	​	​	​	(in Thousands)		​
Options outstanding at December 31, 2018		788,977	​	$	25.91	​	​	​	​	​	​
Plus: Options granted		16,500	​		35.34	​	​	​	​	​	​
Less:	​	​	​	​	​	​	​	​	​	​	​
Options exercised		110,938	​		17.29	​	​	​	​	​	​
Options expired		—	​		—	​	​	​	​	​	​
Options forfeited		35,951	​		26.74	​	​	​	​	​	​
Options outstanding at December 31, 2019		658,588	​		27.55		5.76	​	$	10,219	​
​	​	​	​	​	​	​	​	​	​	​	​
Options fully vested and exercisable at December 31, 2019		319,085	​	$	22.14		4.38	​	$	6,680	​

Schedule of other information pertaining to option activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	Twelve Months Ended December 31,
​	​	2019		​	2018		​	2017
Weighted average grant date fair value of stock options granted		$	7.38		$	11.78		$	—	​
Total fair value of stock options vested	​	$	1,333,000	​	$	1,077,000	​	$	1,182,000	​
Total intrinsic value of stock options exercised	​	$	2,373,000	​	$	2,045,000	​	$	2,595,000	​
​	​	​	​	​	​	​	​	​	​	​
(1)    No stock options were granted during the twelve months ended December 31, 2017.										​

X

- Definition

Tabular disclosure of the total intrinsic value of options exercised (or share units converted), share-based liabilities paid, and the total fair value of shares vested during the year.

+ References

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- Definition

Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

+ References

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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.

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