|
Share-Based Payments (Tables)
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9 Months Ended |
|
Sep. 30, 2012
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|
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 calculate their fair value during the nine months ended September 30, 2012 and 2011 were as follows:
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Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Expected dividend yield |
0.9 |
% |
|
1.0 |
% |
Expected stock price volatility |
46.6 |
% |
|
44.9 |
% |
Weighted average risk-free interest rate |
0.8 |
% |
|
2.4 |
% |
Expected life of options (years) |
4.2 |
|
|
4.6 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
11 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended September 30, 2012 |
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Weighted- |
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|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at June 30, 2012 |
3,138 |
|
|
$ |
27 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
|
|
|
|
Exercised |
(252 |
) |
|
28 |
|
|
|
|
|
Forfeited |
(11 |
) |
|
29 |
|
|
|
|
|
Outstanding at September 30, 2012 |
2,875 |
|
|
$ |
26 |
|
|
$ |
20,497 |
|
|
2.8 |
|
Exercisable at September 30, 2012 |
2,487 |
|
|
$ |
26 |
|
|
$ |
17,994 |
|
|
2.4 |
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|
Three months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for options |
$ |
575 |
|
|
$ |
959 |
|
Tax benefit for option compensation |
$ |
167 |
|
|
$ |
252 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,052 |
|
|
$ |
3,769 |
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Nine months ended September 30, 2012 |
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Weighted- |
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|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2011 |
3,363 |
|
|
$ |
26 |
|
|
|
|
|
Granted |
93 |
|
|
37 |
|
|
|
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|
Exercised |
(570 |
) |
|
27 |
|
|
|
|
|
Forfeited |
(11 |
) |
|
$ |
29 |
|
|
|
|
|
|
|
Outstanding at September 30, 2012 |
2,875 |
|
|
$ |
26 |
|
|
$ |
20,497 |
|
|
2.8 |
|
Exercisable at September 30, 2012 |
2,487 |
|
|
$ |
26 |
|
|
$ |
17,994 |
|
|
2.4 |
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Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for options |
$ |
1,994 |
|
|
$ |
3,023 |
|
Tax benefit for option compensation |
$ |
546 |
|
|
$ |
803 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,052 |
|
|
$ |
3,769 |
|
|
|
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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Three months ended September 30, 2012 |
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|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2012 |
174 |
|
|
$ |
33 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
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|
Forfeited |
(6 |
) |
|
$ |
33 |
|
|
|
Outstanding and non-vested at September 30, 2012 |
168 |
|
|
$ |
33 |
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|
$ |
5,579 |
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Three months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for non-vested shares |
$ |
506 |
|
|
$ |
253 |
|
Tax benefit for non-vested share compensation |
$ |
196 |
|
|
$ |
100 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
4,035 |
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|
$ |
2,348 |
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|
Nine months ended September 30, 2012 |
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Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2011 |
108 |
|
|
$ |
29 |
|
|
|
Granted |
103 |
|
|
37 |
|
|
|
Vested |
(36 |
) |
|
29 |
|
|
|
Forfeited |
(7 |
) |
|
33 |
|
|
|
Outstanding and non-vested at September 30, 2012 |
168 |
|
|
$ |
33 |
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|
$ |
5,579 |
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Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for non-vested shares |
$ |
1,502 |
|
|
$ |
641 |
|
Tax benefit for non-vested share compensation |
$ |
581 |
|
|
$ |
252 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
4,035 |
|
|
$ |
2,348 |
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|
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 calculation were as follows:
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Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Expected stock price volatility |
40.8 |
% |
|
47.7 |
% |
Weighted average risk-free interest rate |
0.4 |
% |
|
1.4 |
% |
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, 2012 |
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|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2012 |
62 |
|
|
$ |
36 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2012 |
62 |
|
|
$ |
36 |
|
|
$ |
2,205 |
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Three months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for performance shares |
$ |
185 |
|
|
$ |
95 |
|
Tax benefit for performance share compensation |
$ |
72 |
|
|
$ |
37 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,356 |
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|
$ |
893 |
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Nine months ended September 30, 2012 |
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|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2011 |
38 |
|
|
$ |
30 |
|
|
|
Granted |
24 |
|
|
45 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2012 |
62 |
|
|
$ |
36 |
|
|
$ |
2,205 |
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Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for performance shares |
$ |
515 |
|
|
$ |
240 |
|
Tax benefit for performance share compensation |
$ |
199 |
|
|
$ |
94 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,356 |
|
|
$ |
893 |
|
|
|
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, 2012 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2012 |
20 |
|
|
$ |
32 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2012 |
20 |
|
|
$ |
32 |
|
|
$ |
640 |
|
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Three months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for non-vested shares |
$ |
161 |
|
|
$ |
195 |
|
Tax benefit for non-vested share compensation |
$ |
62 |
|
|
$ |
76 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
385 |
|
|
$ |
465 |
|
|
|
|
|
|
|
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|
Nine months ended September 30, 2012 |
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|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2011 |
24 |
|
|
$ |
33 |
|
|
|
Granted |
20 |
|
|
32 |
|
|
|
Vested |
(24 |
) |
|
33 |
|
|
|
Outstanding and non-vested at September 30, 2012 |
20 |
|
|
$ |
32 |
|
|
$ |
640 |
|
|
|
|
|
|
|
|
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|
Nine months ended |
|
September 30,
2012 |
|
September 30,
2011 |
Shared-based compensation for non-vested shares |
$ |
526 |
|
|
$ |
513 |
|
Tax benefit for non-vested share compensation |
$ |
204 |
|
|
$ |
201 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
385 |
|
|
$ |
465 |
|
|