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Share-Based Payments (Tables)
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3 Months Ended |
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Mar. 31, 2013
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Employee Stock Option [Member]
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| 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 three months ended March 31, 2013 and 2012 were as follows:
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Three months ended |
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March 31,
2013 |
|
March 31,
2012 |
Expected dividend yield |
1.2 |
% |
|
0.9 |
% |
Expected stock price volatility |
43.7 |
% |
|
46.6 |
% |
Weighted average risk-free interest rate |
0.9 |
% |
|
0.8 |
% |
Expected life of options (years) |
5.3 |
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|
4.2 |
|
Weighted average grant date fair value |
$ |
13 |
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|
$ |
13 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended March 31, 2013 |
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Weighted- |
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Weighted- |
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Aggregate |
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Average |
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Average |
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Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
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(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2012 |
2,874 |
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|
$ |
26 |
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Granted |
109 |
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|
37 |
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Exercised |
(722 |
) |
|
25 |
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Forfeited |
— |
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— |
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Outstanding at March 31, 2013 |
2,261 |
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|
$ |
27 |
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$ |
22,645 |
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|
2.8 |
Exercisable at March 31, 2013 |
2,050 |
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|
$ |
27 |
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$ |
22,231 |
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2.5 |
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Three months ended |
|
March 31,
2013 |
|
March 31,
2012 |
Shared-based compensation for options |
$ |
424 |
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|
$ |
822 |
|
Tax benefit for option compensation |
$ |
136 |
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|
$ |
217 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,488 |
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$ |
3,265 |
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Employee Non-vested Shares [Member]
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|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| 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 March 31, 2013 |
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Weighted- |
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Aggregate |
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Non-vested |
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Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2012 |
168 |
|
|
$ |
33 |
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|
Granted |
97 |
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|
37 |
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Vested |
(68 |
) |
|
37 |
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Forfeited |
— |
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|
— |
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Outstanding and non-vested at March 31, 2013 |
197 |
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|
$ |
35 |
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|
$ |
6,991 |
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Three months ended |
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March 31,
2013 |
|
March 31,
2012 |
Shared-based compensation for non-vested shares |
$ |
743 |
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|
$ |
445 |
|
Tax benefit for non-vested share compensation |
$ |
284 |
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|
$ |
174 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
6,398 |
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$ |
5,319 |
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Key Employee Performance Share Based Plan [Member]
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| 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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Three months ended |
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March 31,
2013 |
|
March 31,
2012 |
Expected stock price volatility |
34.5 |
% |
|
40.8 |
% |
Weighted average risk-free interest rate |
0.4 |
% |
|
0.4 |
% |
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 March 31, 2013 |
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Weighted- |
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Aggregate |
|
Performance |
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Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2012 |
62 |
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|
$ |
36 |
|
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Granted |
26 |
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|
40 |
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Vested |
— |
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— |
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Outstanding and non-vested at March 31, 2013 |
88 |
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$ |
37 |
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$ |
3,278 |
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Three months ended |
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March 31,
2013 |
|
March 31,
2012 |
Shared-based compensation for performance shares |
$ |
233 |
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|
$ |
147 |
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Tax benefit for performance share compensation |
$ |
89 |
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$ |
57 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,012 |
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|
$ |
1,724 |
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Nonemployee Director Nonvested Shares Granted Member
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|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| 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:
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Three months ended March 31, 2013 |
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Weighted- |
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Aggregate |
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Non-vested |
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Average |
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Grant Date |
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Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2012 |
20 |
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|
$ |
32 |
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Granted |
— |
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— |
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Vested |
— |
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— |
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Outstanding and non-vested at March 31, 2013 |
20 |
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|
$ |
32 |
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$ |
640 |
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Three months ended |
|
March 31,
2013 |
|
March 31,
2012 |
Shared-based compensation for non-vested shares |
$ |
157 |
|
|
$ |
192 |
|
Tax benefit for non-vested share compensation |
$ |
60 |
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|
$ |
75 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
67 |
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$ |
78 |
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