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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2018
Stock Options Plan [Member]  
Assumptions Used to Determine Grant-Date Fair Value of Options

The following weighted average assumptions were used to determine the grant-date fair value of options:

 

     2018     2017     2016  

Dividend yield

     1.11     0.96     1.38

Expected life

     5 years       5 years       5 years  

Volatility

     25.6     25.3     25.1

Risk free interest rate

     2.74     1.50     0.91

Summary of Transactions of Company's Stock Option Plans

The following table summarizes the transactions of the Company’s stock option plans for the year ended December 31, 2018:

 

     Number of
Options
    Weighted
Average
Exercise
Price
     Weighted
Average

Grant-Date
Fair Value
 

Outstanding at December 31, 2017

     357,666     $ 13.74      $ 35.69  

Granted – at discount

     287,966     $ 45.21      $ 34.98  

      – at market value

     18,850     $ 68.20      $ 16.23  

Exercised

     (103,562   $ 11.00      $ 29.78  

Forfeited

     (15,671   $ 24.35      $ 25.38  
  

 

 

      

Outstanding at December 31, 2018

     545,249     $ 32.46      $ 36.06  
  

 

 

      

Stock Equivalent Units [Member]  
Assumptions Used to Determine Fair Value of SEUs

The following assumptions were used to determine the fair value of SEUs at the balance sheet dates:

 

         2018             2017             2016      

Dividend yield

     1.44     1.09     0.98

Volatility

     27.2     25.4     25.2

Risk free interest rate

     2.46     1.98     1.47

Summarizes Transactions of SEUs

The following table summarizes the transactions of the Company’s SEUs for the year ended December 31, 2018:

 

     Number
of SEUs
    Weighted
Average
Exercise Price
     Weighted
Average
Grant-Date
Fair Value
 

Outstanding at December 31, 2017

     400,342     $ 3.10      $ 46.65  

Granted – at discount

     115,229     $ 2.36      $ 57.16  

      – at market value

     5,658     $ 68.20      $ 16.23  

Exercised

     (78,239   $ 5.40      $ 30.44  

Forfeited

     (24,054   $ 0.96      $ 41.58  
  

 

 

      

Outstanding at December 31, 2018

     418,936     $ 3.47      $ 52.45