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Stock Option Plans (Tables) | 9 Months Ended
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Sep. 30, 2020
Share-based Payment Arrangement [Abstract] |
Stock Options Issued | The following table summarizes the assumptions used in the valuation of the 2020 and 2019 option grants. During the nine months ended September 30, 2020, stock option expense totaling $969,200 was included in general and administrative expense in the Consolidated Statements of Operations. As of September 30, 2020, the estimated future expense related to unvested stock options was $1.9 million.
|  | Directors |  |  | Officers |  |
Grant date |  | May 3, 2019 | April 24, 2020 |  |  | May 3, 2019 | April 24, 2020 |  |
Exercise price |  | $ | 55.71 |  | $ | 50.00 |  |  |  | $ | 55.71 |  | $ | 50.00 |  |  |
Volatility |  | 0.236 |  | 0.258 |  |  |  | 0.206 |  | 0.240 |  |  |
Expected life (years) |  | 5.0 | 5.0 |  |  | 7.0 | 7.0 |  |
Assumed yield |  | 3.75 | % | 3.80 | % |  |  | 3.80 | % | 3.85 | % |  |
Risk-free rate |  | 2.33 | % | 0.36 | % |  |  | 2.43 | % | 0.51 | % |  |
Summary of Option Activity | The table below summarizes the option activity for the nine months ended September 30, 2020:
|  | Number of Shares |  | Weighted Average Exercise Price per share |  | Aggregate Intrinsic Value
Outstanding at January 1 |  | 1,309,614 |  |  | $ | 53.38 |  |  | $ | 2,528,463 |
Granted |  | 238,000 |  |  | 50.00 |  |  | — |
Exercised |  | (10,749) |  |  | 49.19 |  |  | 85,268 |
Expired/Forfeited |  | (21,250) |  |  | 53.96 |  |  | — |
Outstanding at September 30 |  | 1,515,615 |  |  | 52.87 |  |  | — |
Exercisable at September 30 |  | 978,240 |  |  | 53.03 |  |  | — |

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- Definition Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the change in stock options. + References No definition available. + Details
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