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Stock-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

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:

		2019				2018				2017
Dividend yield			1.09	%			1.11	%			0.96	%
Expected life			5 years				5 years				5 years
Volatility			26.8	%			25.6	%			25.3	%
Risk free interest rate			2.48	%			2.74	%			1.50	%

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, 2019:

		Number of Options				Weighted Average Exercise Price				Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018			545,249			$	32.46			$	36.06
Granted – at discount			67,230			$	0.00			$	71.54
– at market value			12,539			$	81.07			$	22.69
Exercised			(103,633	)		$	11.92			$	32.12
Forfeited			(16,926	)		$	47.69			$	33.50
Outstanding at December 31, 2019			504,459			$	33.05			$	41.35

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:

		2019				2018				2017
Dividend yield			0.99	%			1.44	%			1.09	%
Expected life			5 years				5 years				5 years
Volatility			26.6	%			27.2	%			25.4	%
Risk free interest rate			1.62	%			2.46	%			1.98	%

Summarizes Transactions of SEUs

The following table summarizes the transactions of the Company’s SEUs for the year ended December 31, 2019:

		Number of SEUs				Weighted Average Exercise Price				Weighted Average Grant-Date Fair Value
Outstanding at December 31, 2018			418,936			$	3.47			$	52.45
Granted – at discount			123,815			$	0.00			$	71.47
– at market value			4,359			$	81.07			$	22.69
Exercised			(142,035	)		$	2.22			$	46.45
Forfeited			(14,259	)		$	3.42			$	63.76
Outstanding at December 31, 2019			390,816			$	3.69			$	59.91

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