Share-Based Payments (Tables)
|
9 Months Ended |
Sep. 30, 2017 |
|---|
| 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:
|
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|
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|
Three months ended September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2017 |
232 |
|
|
$ |
47 |
|
|
|
Granted |
1 |
|
|
54 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(4 |
) |
|
47 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
229 |
|
|
$ |
47 |
|
|
$ |
10,658 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for non-vested shares |
$ |
1,243 |
|
|
$ |
1,176 |
|
Tax benefit for non-vested share compensation |
$ |
444 |
|
|
$ |
434 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
7,410 |
|
|
$ |
7,147 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2016 |
222 |
|
|
$ |
45 |
|
|
|
Granted |
127 |
|
|
48 |
|
|
|
Vested |
(104 |
) |
|
45 |
|
|
|
Forfeited |
(16 |
) |
|
47 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
229 |
|
|
$ |
47 |
|
|
$ |
10,658 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for non-vested shares |
$ |
3,762 |
|
|
$ |
3,434 |
|
Tax benefit for non-vested share compensation |
$ |
1,343 |
|
|
$ |
1,270 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
7,410 |
|
|
$ |
7,147 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|
| Key Employee Performance Share Based Plan [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest [Table Text Block] |
The fair value of the performance shares was estimated using a Monte Carlo simulation. The weighted average assumptions used in the Monte Carlo estimate were as follows:
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Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Expected stock price volatility |
24.7 |
% |
|
22.3 |
% |
Weighted average risk-free interest rate |
1.4 |
% |
|
0.8 |
% |
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:
|
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|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2017 |
72 |
|
|
$ |
57 |
|
|
|
Granted |
1 |
|
|
54 |
|
|
|
Forfeited |
(4 |
) |
|
$ |
57 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
69 |
|
|
$ |
57 |
|
|
$ |
3,956 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for performance shares |
$ |
249 |
|
|
$ |
367 |
|
Tax benefit for performance share compensation |
$ |
88 |
|
|
$ |
136 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,740 |
|
|
$ |
2,076 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2016 |
80 |
|
|
$ |
55 |
|
|
|
Granted |
26 |
|
|
56 |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(37 |
) |
|
51 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
69 |
|
|
$ |
57 |
|
|
$ |
3,956 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for performance shares |
$ |
689 |
|
|
$ |
1,080 |
|
Tax benefit for performance share compensation |
$ |
246 |
|
|
$ |
400 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,740 |
|
|
$ |
2,076 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.8 |
|
|
|
|
| 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 September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2017 |
10 |
|
|
$ |
51 |
|
|
|
Granted |
4 |
|
|
54 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(1 |
) |
|
$ |
51 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
13 |
|
|
$ |
52 |
|
|
$ |
656 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for non-vested shares |
$ |
153 |
|
|
$ |
173 |
|
Tax benefit for non-vested share compensation |
$ |
54 |
|
|
$ |
64 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
430 |
|
|
$ |
419 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2016 |
16 |
|
|
$ |
44 |
|
|
|
Granted |
14 |
|
|
52 |
|
|
|
Vested |
(16 |
) |
|
44 |
|
|
|
Forfeited |
(1 |
) |
|
51 |
|
|
|
Outstanding and non-vested at September 30, 2017 |
13 |
|
|
$ |
52 |
|
|
$ |
656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for non-vested shares |
$ |
470 |
|
|
$ |
555 |
|
Tax benefit for non-vested share compensation |
$ |
167 |
|
|
$ |
198 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
430 |
|
|
$ |
419 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
|
|
|
|
| Employee Stock Option [Member] |
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
| Schedule of 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 nine months ended September 30, 2017 and 2016 were as follows:
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|
Three months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Expected dividend yield |
1.3 |
% |
|
— |
% |
Expected stock price volatility |
28.7 |
% |
|
— |
% |
Weighted average risk-free interest rate |
2.0 |
% |
|
— |
% |
Expected life of options (years) |
6.0 |
|
|
0 |
|
Weighted average grant date fair value |
$ |
14 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Expected dividend yield |
1.3 |
% |
|
1.0 |
% |
Expected stock price volatility |
28.7 |
% |
|
29.0 |
% |
Weighted average risk-free interest rate |
2.0 |
% |
|
1.3 |
% |
Expected life of options (years) |
6.0 |
|
|
6.0 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
12 |
|
The following tables summarize the Company’s employee stock option activity and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2017 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at June 30, 2017 |
507 |
|
|
$ |
44 |
|
|
|
|
|
Granted |
5 |
|
|
54 |
|
|
|
|
|
Exercised |
(18 |
) |
|
41 |
|
|
|
|
|
Forfeited |
(22 |
) |
|
47 |
|
|
|
|
|
Outstanding at September 30, 2017 |
472 |
|
|
$ |
44 |
|
|
$ |
3,963 |
|
|
4.5 |
Exercisable at September 30, 2017 |
255 |
|
|
$ |
42 |
|
|
$ |
2,671 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for options |
$ |
294 |
|
|
$ |
377 |
|
Tax benefit for option compensation |
$ |
105 |
|
|
$ |
140 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,909 |
|
|
$ |
2,036 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2017 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2016 |
564 |
|
|
$ |
41 |
|
|
|
|
|
Granted |
123 |
|
|
48 |
|
|
|
|
|
Exercised |
(169 |
) |
|
34 |
|
|
|
|
|
Forfeited |
(46 |
) |
|
46 |
|
|
|
|
|
Outstanding at September 30, 2017 |
472 |
|
|
$ |
44 |
|
|
$ |
3,963 |
|
|
4.5 |
Exercisable at September 30, 2017 |
255 |
|
|
$ |
42 |
|
|
$ |
2,671 |
|
|
3.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2017 |
|
September 30,
2016 |
Share-based compensation for options |
$ |
993 |
|
|
$ |
1,101 |
|
Tax benefit for option compensation |
$ |
354 |
|
|
$ |
407 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,909 |
|
|
$ |
2,036 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|