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Stock-based Employee Compensation, Stock Option Plans, and Deferred Compensation Plan for Directors (Tables) | 9 Months Ended
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Sep. 30, 2021
Share-based Payment Arrangement [Abstract] |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award |
|  | Directors |  |  | Officers |  |
Grant date |  | April 24, 2020 | May 7, 2021 |  |  | April 24, 2020 | May 7, 2021 |  |
Exercise price |  | $ | 50.00 |  | $ | 43.89 |  |  |  | $ | 50.00 |  | $ | 43.89 |  |  |
Volatility |  | 0.258 |  | 0.297 |  |  |  | 0.240 |  | 0.275 |  |  |
Expected life (years) |  | 5.0 | 5.0 |  |  | 7.0 | 7.0 |  |
Assumed yield |  | 3.80 | % | 4.96 | % |  |  | 3.85 | % | 4.97 | % |  |
Risk-free rate |  | 0.36 | % | 0.77 | % |  |  | 0.51 | % | 1.24 | % |  |
Summary of Option Activity | The table below summarizes the option activity for the nine months ended September 30, 2021:
|  | Number of Shares |  | Weighted Average Exercise Price per share |  | Aggregate Intrinsic Value
Outstanding at January 1 |  | 1,502,670 |  |  | $ | 52.86 |  |  | $ | — |
Granted |  | 250,500 |  |  | 43.89 |  |  | — |
Exercised |  | (3,000) |  |  | 41.82 |  |  | 3,450 |
Expired/Forfeited |  | (87,000) |  |  | 53.60 |  |  | — |
Outstanding at September 30 |  | 1,663,170 |  |  | 51.49 |  |  | 171,250 |
Exercisable at September 30 |  | 1,137,295 |  |  | 52.89 |  |  | 133,340 |

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