Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.19.3
STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 30, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions
The fair value of each option grant is estimated using the Black-Scholes option pricing model. The weighted-average assumptions used and the calculated weighted-average fair values of options granted in 2019 and 2018 are as follows:
 
2019
 
2018
Expected dividend yield
2.93
%
 
2.93
%
Risk-free interest rate
2.60
%
 
2.84
%
Expected life (in years)
7.5

 
7.5

Expected volatility
17.79
%
 
16.72
%
Weighted-average fair value of options granted
$
16.39

 
$
15.23



The weighted-average assumptions used and the calculated weighted-average fair values of the RTSR portion of the LTIP awards granted in 2019 and 2018 are as follows:
 
2019
 
2018
Risk-free interest rate
2.23
%
 
2.61
%
Expected volatility
19.64
%
 
16.51
%
Weighted-average fair value of units granted
$
123.44

 
$
137.57

Share payout
115.04
%
 
123.47
%