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Share-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Fair Value of Options Granted | The fair value of options granted is estimated on the date of the grant using an option-pricing model with the following weighted-average assumptions:
|  | Years Ended December 31 |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Dividend yields |  |  | 2.39 | % |  |  | 1.99 | % |  |  | 1.75 | %
Volatility factors of expected market price of common stock |  |  | 28.67 | % |  |  | 28.60 | % |  |  | 28.52 | %
Risk-free interest rates |  |  | 2.61 | % |  |  | 2.85 | % |  |  | 2.42 | %
Expected life of options |  |  | 8 years |  |  |  | 8 years |  |  |  | 8 years |
Summary of Status of Non-vested, Restricted and Performance Shares | A summary of the status of Horizon’s non-vested restricted and performance shares as of December 31, 2019 are presented below:
|  | Shares |  |  | Weighted Average Grant Date Fair Value |
Non-vested, beginning of year |  |  | 176,538 |  |  | $ | 16.90 |
Vested |  |  | (43,358 | ) |  |  | 11.17 |
Granted |  |  | 84,526 |  |  |  | 16.74 |
Forfeited |  |  | (4,137 | ) |  |  | 18.23 |
Non-vested, end of year |  |  | 213,569 |  |  |  | 17.97 |
Stock Options 2003 Plan [Member] |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2003 Plan as of December 31, 2019, and changes during the year then ended, is presented below:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding, beginning of year |  |  | 21,300 |  |  | $ | 5.03 |  |  |  |  |  |  |  |  |
Granted |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Exercised |  |  | (8,625 | ) |  |  | 4.45 |  |  |  |  |  |  |  |  |
Forfeited |  |  | — |  |  |  | — |  |  |  |  |  |  |  |  |
Outstanding, end of year |  |  | 12,675 |  |  |  | 5.42 |  |  |  | 1.04 |  |  | $ | 172,096 |
Exercisable, end of year |  |  | 12,675 |  |  |  | 5.42 |  |  |  | 1.04 |  |  |  | 172,096 |
Stock Options 2013 Plan [Member] |
Summary of Option Activity under 2003 Plan | A summary of option activity under the 2013 Plan as of December 31, 2019, and changes during the year then ended, is presented below:
|  | Shares |  |  | Weighted- Average Exercise Price |  |  | Weighted- Average Remaining Contractual Term |  |  | Aggregate Intrinsic Value |
Outstanding, beginning of year |  |  | 307,317 |  |  | $ | 12.28 |  |  |  |  |  |  |  |  |
Granted |  |  | 35,966 |  |  |  | 16.74 |  |  |  |  |  |  |  |  |
Exercised |  |  | (24,256 | ) |  |  | 9.75 |  |  |  |  |  |  |  |  |
Forfeited |  |  | (2,250 | ) |  |  | 10.38 |  |  |  |  |  |  |  |  |
Outstanding, end of year |  |  | 316,777 |  |  |  | 12.99 |  |  |  | 6.37 |  |  | $ | 1,822,924 |
Exercisable, end of year |  |  | 242,814 |  |  |  | 11.58 |  |  |  | 5.74 |  |  |  | 1,802,010 |
The weighted average grant-date fair value of options granted during the years 2019, 2018 and 2017 was $4.44, $5.54 and $4.83.

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- Definition Tabular disclosure of activity for award under share-based payment arrangement. Includes, but is not limited to, outstanding award at beginning and end of year, granted, exercised, forfeited, 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 (e) -URI http://asc.fasb.org/extlink&oid=116856206&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 (c)(2) -URI http://asc.fasb.org/extlink&oid=116856206&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 (d) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=116856206&loc=d3e5070-113901 + Details
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