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Stock Option Plans (Tables)
 9 Months Ended
Sep. 30, 2019
Share-based Payment Arrangement [Abstract]  
Stock Options Issued
The following table summarizes the assumptions used in the valuation of the 2018 and 2019 option grants. During the nine months ended September 30, 2019, stock option expense totaling $1.3 million was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2019, the estimated future expense related to unvested stock options was $2.9 million.
  
Directors
 
Officers
Grant date
May 11, 2018
May 3, 2019
 
May 11, 2018
May 3, 2019
Exercise price
$
49.46

$
55.71

 
$
49.46

$
55.71

Volatility
0.192

0.236

 
0.177

0.206

Expected life (years)
5.0

5.0

 
7.0

7.0

Assumed yield
3.70
%
3.75
%
 
3.75
%
3.80
%
Risk-free rate
2.84
%
2.33
%
 
2.94
%
2.43
%
Summary of Option Activity
The table below summarizes the option activity for the nine months ended September 30, 2019:
 
 
Number of
Shares
 
Weighted
Average
Exercise Price
per share
 
Aggregate
Intrinsic Value
Outstanding at January 1
 
1,114,169

 
$
52.40

 
$
543,662

Granted
 
260,000

 
55.71

 
—

Exercised
 
(47,055
)
 
45.11

 
512,322

Expired/Forfeited
 
(7,500
)
 
56.07

 
—

Outstanding at September 30
 
1,319,614

 
53.29

 
3,712,807

Exercisable at September 30
 
773,614

 
52.29

 
2,889,025