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Stock Based Compensation | 6 Months Ended
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Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Time Vested Restricted Stock Awards During the six months ended June 30, 2018, the Company made the following awards of restricted stock:
Date |  | Shares Granted |  | Plan |  | Grant Date Fair Value Per Share |  | Vesting Period
2/15/2018 |  | 39,950 |  |  | 2005 Employee Stock Plan |  | $ | 71.75 |  |  | Ratably over 5 years from grant date
2/27/2018 |  | 1,150 |  |  | 2005 Employee Stock Plan |  | $ | 72.60 |  |  | Ratably over 5 years from grant date
5/15/2018 |  | 530 |  |  | 2005 Employee Stock Plan |  | $ | 74.00 |  |  | Ratably over 5 years from grant date
5/22/2018 |  | 6,000 |  |  | 2018 Non-Employee Director Stock Plan |  | $ | 76.58 |  |  | Shares vested immediately
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 are entitled to receive dividends and to vote from and as of the date of grant. Performance-Based Restricted Stock Awards On February 15, 2018, the Company granted 16,300 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 $71.75, determined by the average of the high and low price at which the Company's common stock traded on the date of grant. 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, 2018 through December 31, 2020. The awards will vest upon the earlier of the date on which it is determined if the performance goal is achieved subsequent to the performance period or March 31, 2021. 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 holders of these awards are not entitled to receive dividends or vote until the shares are vested. On February 27, 2018, the performance-based restricted stock awards that were awarded on February 12, 2015 vested at 100% of the maximum target shares awarded, or 16,427 shares. Stock Options The Company has made the following awards of nonqualified options to purchase shares of common stock during the six months ended June 30, 2018:
| Six Months Ended June 30, 2018
Date of grant | 4/3/2018 |
Plan | 2010 Non-Employee Director Stock Plan |
Options granted | 5,000 |
Vesting period (1) | 21 months |
Expiration date | 4/3/2028 |
Expected volatility | 21.15 | %
Expected life (years) | 5.5 |
Expected dividend yield | 1.94 | %
Risk free interest rate | 2.62 | %
Fair value per option | $ | 13.46 |
(1) Vesting period began on the grant date.

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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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