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Stock Based Compensation | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
STOCK BASED COMPENSATION | STOCK BASED COMPENSATION Time Vested Restricted Stock Awards During the nine months ended September 30, 2020, the Company made the following awards of time vested restricted stock:
Date |  | Shares Granted |  | Plan |  | Grant Date Fair Value Per Share |  | Vesting Period
2/27/2020 |  | 46,550 |  |  | 2005 Employee Stock Plan |  | $ | 70.24 |  |  | Ratably over 5 years from grant date
4/15/2020 |  | 880 |  |  | 2005 Employee Stock Plan |  | $ | 68.14 |  |  | Ratably over 5 years from grant date
5/27/2020 |  | 9,438 |  |  | 2018 Non-Employee Director Stock Plan |  | $ | 72.86 |  |  | 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 27, 2020, the Company granted 17,100 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 $70.24, 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 is 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, 2020 through December 31, 2022. 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, 2023. These awards are 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 March 3, 2020, the performance-based restricted stock awards that were awarded on February 16, 2017 vested at 100% of the maximum target shares awarded, or 14,400 shares. Stock Options The Company did not grant any awards of options to purchase shares of common stock during the nine months ended September 30, 2020.

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- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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