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Stock-based Payment Arrangements (Tables)

12 Months Ended

Dec. 31, 2019

Share-based Payment Arrangement [Abstract]

Assumptions Used in Computing Fair Value of All Options Granted

The fair value of each option granted is estimated on the grant date using the Black-Scholes option pricing model. This model requires management to make certain assumptions, including the expected life of the option, the risk-free rate of interest, the expected volatility and the expected dividend yield. The following assumptions were made in estimating 2019 fair values:

Expected dividends			2.34		%
Expected volatility			21.44		%
Risk-free interest rate			2.2		%
Expected term (in years)			6.5

Summary of Stock Option Activity

The following table represents stock option activity for the years indicated.

Options						Number of Options						Weighted- Average Exercise Price						Weighted- Average Grant Date Fair Value						Weighted- Average Remaining Contractual Term (Years)
Outstanding as of December 31, 2016						484,688						$	14.55					$	4.17
Granted						28,290						35.25						7.14
Exercised						(103,240)						11.73						3.81
Forfeited						(1,260)						30.56						5.95
Outstanding as of December 31, 2017						408,478						$	16.64					$	4.46					3.7
Granted						28,790						44.88						10.35
Exercised						(83,348)						12.90						3.99
Forfeited						(1,550)						28.34						5.59
Outstanding as of December 31, 2018						352,370						$	19.78					$	5.05					3.6
Granted						37,780						35.78						6.52
Exercised						(198,786)						12.52						3.85
Forfeited						(10,834)						33.13						6.79
Outstanding as of December 31, 2019						180,530						$	30.32					$	6.57					6.6
Exercisable as of December 31, 2017						315,912						$	13.23					$	4.09					2.3
Exercisable as of December 31, 2018						258,319						14.65						4.27						2.0
Exercisable as of December 31, 2019						86,401						24.73						5.94						5.1

Unvested Restricted Stock Activity

The following table represents unvested restricted stock activity for the years indicated.

Restricted Stock						Number of Shares						Weighted-Average Grant Date Fair Value
Balance, December 31, 2016						48,557						$	24.89
Granted						18,660						37.02
Forfeited						(400)						28.84
Released						(12,182)						23.76
Balance, December 31, 2017						54,635						$	29.26
Granted						16,345						44.88
Forfeited						(195)						30.79
Released						(15,405)						27.46
Balance, December 31, 2018						55,380						$	34.36
Granted						18,745						35.84
Forfeited						(4,251)						36.01
Released						(18,711)						31.79
Balance, December 31, 2019						51,163						$	35.71

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
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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.

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Tabular disclosure of the change in restricted stock units (RSUs).

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