Share-Based Payments (Tables)
|
3 Months Ended |
Mar. 31, 2020 |
|---|
| Employee Stock Option [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Compensation, Activity [Table Text Block] |
The weighted-average fair value of options granted and assumptions used to estimate their fair value during the three months ended March 31, 2020 were as follows:
|
|
|
|
|
|
Three months ended |
|
March 31, 2020 |
Expected dividend yield |
1.1 |
% |
Expected stock price volatility |
24.1 |
% |
Weighted average risk-free interest rate |
1.5 |
% |
Expected life of options (years) |
5.9 |
|
Weighted average grant date fair value |
$ |
14.79 |
|
The following tables summarize the Company’s employee stock option activity and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2020 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
|
|
Average |
|
|
|
Average |
|
Aggregate |
|
Remaining |
|
|
|
Exercise |
|
Intrinsic |
|
Contractual |
|
Options |
|
Price |
|
Value |
|
Term |
Outstanding at December 31, 2019 |
431 |
|
|
$ |
53 |
|
|
|
|
|
Granted |
36 |
|
|
66 |
|
|
|
|
|
Exercised |
— |
|
|
— |
|
|
|
|
|
Forfeited |
(2 |
) |
|
60 |
|
|
|
|
|
Outstanding at March 31, 2020 |
465 |
|
|
$ |
54 |
|
|
$ |
3,017 |
|
|
4.1 |
Exercisable at March 31, 2020 |
330 |
|
|
$ |
51 |
|
|
$ |
3,364 |
|
|
3.5 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31,
2020 |
|
March 31,
2019 |
Share-based compensation for options |
$ |
327 |
|
|
$ |
439 |
|
Tax benefit for option compensation |
$ |
75 |
|
|
$ |
105 |
|
Unrecognized compensation cost for options |
$ |
1,671 |
|
|
$ |
2,768 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.7 |
|
|
|
|
| Employee Non-vested Shares [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
The following tables summarize the Company’s employee non-vested share activity and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Non-vested |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
Outstanding and non-vested at December 31, 2019 |
277 |
|
|
$ |
58 |
|
|
|
Granted |
117 |
|
|
66 |
|
|
|
Vested |
(104 |
) |
|
67 |
|
|
|
Forfeited |
(6 |
) |
|
62 |
|
|
|
Outstanding and non-vested at March 31, 2020 |
284 |
|
|
$ |
63 |
|
|
$ |
17,758 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31,
2020 |
|
March 31,
2019 |
Share-based compensation for non-vested shares |
$ |
1,938 |
|
|
$ |
2,042 |
|
Tax benefit for non-vested share compensation |
$ |
442 |
|
|
$ |
486 |
|
Unrecognized compensation cost for non-vested shares |
$ |
13,963 |
|
|
$ |
15,251 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.2 |
|
|
|
|
| Key Employee Performance Share Based Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] |
The fair value of the performance shares granted based on the three-year performance of the Company’s total shareholder return was estimated using a Monte Carlo simulation. The following table contains the weighted-average assumptions used to estimate the fair value of performance shares granted using the Monte Carlo simulation. These assumptions are subjective and changes in these assumptions can materially affect the fair value estimate.
|
|
|
|
|
|
|
|
Three months ended |
|
March 31,
2020 |
|
March 31,
2019 |
Expected stock price volatility |
23.5 |
% |
|
23.4 |
% |
Weighted average risk-free interest rate |
1.4 |
% |
|
2.5 |
% |
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Performance |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
Outstanding and non-vested at December 31, 2019 |
62 |
|
|
$ |
62 |
|
|
|
Granted |
40 |
|
|
69 |
|
|
|
Additional shares awarded based on performance |
13 |
|
|
51 |
|
|
|
Vested |
(35 |
) |
|
51 |
|
|
|
Forfeited |
(4 |
) |
|
66 |
|
|
|
Outstanding and non-vested at March 31, 2020 |
76 |
|
|
$ |
67 |
|
|
$ |
5,135 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31,
2020 |
|
March 31,
2019 |
Share-based compensation for performance shares |
$ |
740 |
|
|
$ |
348 |
|
Tax benefit for performance share compensation |
$ |
169 |
|
|
$ |
83 |
|
Unrecognized compensation cost for performance shares |
$ |
3,695 |
|
|
$ |
2,806 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.5 |
|
|
|
|
| Nonemployee Director Nonvested Shares Granted Member |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] |
The following tables summarize the Company’s non-employee non-vested share activity and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, 2020 |
|
|
|
Weighted- |
|
|
|
|
|
Average |
|
Aggregate |
|
Non-vested |
|
Grant Date |
|
Grant Date |
|
Shares |
|
Fair Value |
|
Fair Value |
Outstanding and non-vested at December 31, 2019 |
16 |
|
|
$ |
62 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at March 31, 2020 |
16 |
|
|
$ |
62 |
|
|
$ |
990 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
March 31,
2020 |
|
March 31,
2019 |
Share-based compensation for non-vested shares |
$ |
261 |
|
|
$ |
218 |
|
Tax benefit for non-vested share compensation |
$ |
60 |
|
|
$ |
52 |
|
Unrecognized compensation cost for non-vested shares |
$ |
106 |
|
|
$ |
142 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.1 |
|
|
|
|