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Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Assumptions Used in Calculation of Fair Value
Below were the assumptions used in the Monte Carlo calculation:
 
 
March 31,
2017
 
March 31,
2016
Expected volatility
 
33.6%
 
29.6%
Expected term (in years)
 
3.0
 
3.0
Risk-free interest rate
 
1.38%
 
0.93%
Summary of Activity Under Stock Option Plans
A summary of the activity under our stock option plans as of March 31, 2017 and changes during the three months then ended, is presented below:
 
Options Outstanding
 
Weighted- Average Exercise Price Per Share
 
Weighted-Average Remaining Contractual Life in Years
 
Aggregate Intrinsic Value
Options outstanding at December 31, 2016
116,575

 
$
37.76

 
3.2
 
$
4,552,580

Options exercised
(22,300
)
 
$
34.30

 
 
 
 

Options forfeited

 
$

 
 
 
 

Options outstanding at March 31, 2017
94,275

 
$
37.46

 
3.1
 
$
4,563,655

Options exercisable at March 31, 2017
94,275

 
$
37.46

 
3.1
 
$
4,563,655

Options vested at March 31, 2017
94,275

 
$
37.46

 
3.1
 
$
4,563,655

Time Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock Activities
The following table summarizes the change in number of non-vested time-based restricted stock awards outstanding since March 31, 2017:
 
Time-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2016
239,189

Awards granted
75,710

Stock issued
(67,183
)
Awards forfeited
(4,385
)
Non-vested awards outstanding at March 31, 2017
243,331

Performance-Based Restricted Stock  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock Activities
The following table summarizes the change in number of non-vested performance-based restricted stock awards outstanding since March 31, 2017:
 
Performance-Based Restricted Stock Awards
Non-vested awards outstanding at December 31, 2016
151,769

Awards granted
56,147

Stock issued
(33,887
)
Awards forfeited
(3,205
)
Non-vested awards outstanding at March 31, 2017
170,824

Deferred Stock Units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Restricted Stock Activities
The following table summarizes the change in number of deferred stock units outstanding since March 31, 2017:
 
Deferred Stock
Units
Awards outstanding at December 31, 2016
11,900

Awards granted

Stock issued

Awards outstanding at March 31, 2017
11,900