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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2017

Summary of RSUs

A summary of the RSUs for the year ended December 31, 2017 is as follows:

		Restricted Share Awards
		Performance								Total				Weighted-Average
		and Service				Service				Restricted				Grant-Date
		Required				Required				Awards				Fair Value
Nonvested as of January 1, 2017			130,168				15,974				146,142			$	38.46
Granted			80,247				10,560				90,807				54.60
Vested			0				(5,859	)			(5,859	)			45.85
Forfeited			(9,843	)			(2,461	)			(12,304	)			46.86
Nonvested as of December 31, 2017			200,572				18,214				218,786			$	52.68

Weighted-Average Assumptions for Estimating Fair Values

The fair values for the stock options granted were estimated at the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions:

	2017				2016		2015
Risk-free interest rate		2.0	%		N/A			2.1	%
Dividend yield		1.7	%		N/A			1.6	%
Expected life (years)	5				N/A		5
Expected volatility		36.8	%		N/A			37.9	%

Long Term Incentive Plan [Member]

Stock Option Activity in Company's Plan

Activity in the Company’s LTIP for the year ended December 31, 2017 was as follows:

		Number of Shares				Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at January 1, 2017			52,750			$	54.54
Granted			5,000			$	48.00
Exercised			(28,500	)		$	46.90
Forfeited			0			$	0.00
Outstanding (vested and expected to vest) at    December 31, 2017			29,250			$	56.84				7.1			$	423
Exercisable at December 31, 2017			21,625			$	60.69				6.5			$	231

Stock Options [Member]

Stock Option Activity in Company's Plan

Activity in the Company’s 1999 Stock Option Plan for the year ended December 31, 2017 was as follows:

		Number of Shares				Weighted Average Exercise Price per Share				Weighted Average Remaining Contractual Term (Years)				Aggregate Intrinsic Value
Outstanding at January 1, 2017			5,550			$	48.35
Exercised			(4,800	)		$	49.79
Forfeited			0			$	0.00
Outstanding (exercisable and vested) at December 31, 2017			750			$	39.10				1.8			$	24

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- Definition

Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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-SubTopic 10
-Section 50
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