Quarterly report pursuant to Section 13 or 15(d)

STOCK-BASED COMPENSATION (Tables)

v3.20.1
STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2020
Share-based Payment Arrangement [Abstract]  
Fair Value of Employee Stock Options Granted and Determined by Black-Scholes Valuation Model Assumptions
The weighted-average assumptions used and the calculated weighted-average fair values of the RTSR portion of the LTIP awards granted in 2019 are as follows:
2019
Risk-free interest rate 2.23  %
Expected volatility 19.64  %
Weighted-average fair value of units granted $ 123.44   
Share payout 115.04  %
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 2020 and 2019 are as follows:
2020 2019
Expected dividend yield 3.47  % 2.94  %
Risk-free interest rate 1.50  % 2.60  %
Expected life (in years) 7.5 7.5
Expected volatility 18.64  % 17.79  %
Weighted-average fair value of options granted $ 11.93    $ 16.34