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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Time Vested Restricted Stock Awards During the nine months ended September 30, 2016, the Company made the following awards of restricted stock:
Date |  | Shares Granted |  | Plan |  | Grant Date Fair Value Per Share |  | Vesting Period
2/11/2016 |  | 51,475 |  |  | 2005 Employee Stock Plan |  | $ | 41.96 |  |  | Ratably over 5 years from grant date
3/1/2016 |  | 600 |  |  | 2005 Employee Stock Plan |  | $ | 44.37 |  |  | Ratably over 5 years from grant date
5/24/2016 |  | 8,700 |  |  | 2010 NonEmployee Director Stock Plan |  | $ | 48.34 |  |  | Cliff vest 5 years from grant date
9/19/2016 |  | 800 |  |  | 2005 Employee Stock Plan |  | $ | 52.92 |  |  | Ratably over 5 years from grant date
The fair value of the restricted stock awards is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of restricted stock awards participate fully in the rewards of stock ownership of the Company, including voting and dividend rights. Performance-Based Restricted Stock Awards On February 11, 2016, the Company granted 20,450 performance-based restricted stock awards to certain executive level employees. These performance-based restricted stock awards were issued from the 2005 Employee Stock Plan and were determined to have a grant date fair value per share of $41.96. The number of shares to be vested will be contingent upon the Company's attainment of certain performance measures outlined in the award agreement and will be measured as of the end of the three year performance period (January 1, 2016 - December 31, 2018). These awards will be accounted for as equity awards due to the nature of these awards and the fact that these shares will not be settled in cash. The fair value of the performance-based restricted stock awards, assuming achievement at target, is based upon the average of the high and low price at which the Company’s common stock traded on the date of grant. The holders of these awards are not entitled to receive dividends or vote until the shares are vested. Stock Options The Company has made the following awards of nonqualified options to purchase shares of common stock during the nine months ended September 30, 2016:
| Nine Months Ended
| September 30, 2016
Date of grant | 7/14/2016 |  | 2/20/2016 |
Plan | 2010 |  | 2010 |
Options granted | 5,000 |  | 5,000 |
Vesting period (beginning on grant date) | 18 months |  | 22 months |
Expiration date | 7/14/2026 |  | 2/20/2026 |
Expected volatility | 32.28 | % | 32.44 | %
Expected life (years) | 5.5 |  | 5.5 |
Expected dividend yield | 2.37 | % | 2.28 | %
Risk free interest rate | 1.14 | % | 1.29 | %
Fair value per option | $ | 11.46 |  | $ | 10.59 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=65895303&loc=d3e17540-113929 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=68057994&loc=d3e25284-112666 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 14) -URI http://asc.fasb.org/extlink&oid=27013229&loc=d3e301413-122809 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 + Details
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