Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2018

Deferred Compensation Arrangements [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

The fair value of each grant is estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:



	2018	2017
Dividend yield	6.5%	5.3%
Expected volatility	19.4%	19.8%
Expected lives	3.3 years	2.9 years
Risk-free interest rate	2.39%	1.49%

Schedule of Stock Option Activity

The following table summarizes our outstanding stock options:



	Three Months Ended
	March 31,
	2018		2017
Options outstanding January 1,	859,182		541,679
Options granted under 2012 Plan	560,000		485,000
Options exercised under 2012 Plan	—		(25,833	)
Options forfeited under 2012 Plan	(15,000	)	(6,668	)
Options exercised under 2005 Plan	—		(15,000	)
Options outstanding, March 31,	1,404,182		979,178

Exercisable at March 31,	949,160		585,827