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Share-Based Payments (Tables)
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6 Months Ended |
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Jun. 30, 2013
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|
Employee Stock Option [Member]
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| 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 six months ended June 30, 2013 and 2012 were as follows:
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Six months ended |
|
June 30,
2013 |
|
June 30,
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 |
|
|
4.2 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
13 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended June 30, 2013 |
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Weighted- |
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Weighted- |
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Aggregate |
|
Average |
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|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at March 31, 2013 |
2,261 |
|
|
$ |
27 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
|
|
|
|
Exercised |
(359 |
) |
|
29 |
|
|
|
|
|
Forfeited |
— |
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|
— |
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|
|
|
|
Outstanding at June 30, 2013 |
1,902 |
|
|
$ |
27 |
|
|
$ |
20,296 |
|
|
2.8 |
Exercisable at June 30, 2013 |
1,692 |
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|
$ |
26 |
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|
$ |
19,787 |
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|
2.4 |
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|
Three months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for options |
$ |
324 |
|
|
$ |
596 |
|
Tax benefit for option compensation |
122 |
|
|
164 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
2,164 |
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|
2,669 |
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Six months ended June 30, 2013 |
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Weighted- |
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|
Weighted- |
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Aggregate |
|
Average |
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|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2012 |
2,874 |
|
|
$ |
26 |
|
|
|
|
|
Granted |
108 |
|
|
37 |
|
|
|
|
|
Exercised |
(1,080 |
) |
|
26 |
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Forfeited |
— |
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|
$ |
— |
|
|
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|
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|
Outstanding at June 30, 2013 |
1,902 |
|
|
$ |
27 |
|
|
$ |
20,296 |
|
|
2.8 |
Exercisable at June 30, 2013 |
1,692 |
|
|
$ |
26 |
|
|
$ |
19,787 |
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|
2.4 |
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Six months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for options |
$ |
747 |
|
|
$ |
1,418 |
|
Tax benefit for option compensation |
258 |
|
|
378 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
2,164 |
|
|
2,669 |
|
|
|
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 June 30, 2013 |
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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 March 31, 2013 |
197 |
|
|
$ |
35 |
|
|
|
Granted |
1 |
|
|
37 |
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|
|
Vested |
— |
|
|
— |
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|
Forfeited |
(9 |
) |
|
36 |
|
|
|
Outstanding and non-vested at June 30, 2013 |
189 |
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|
$ |
35 |
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|
$ |
6,689 |
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Three months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
765 |
|
|
$ |
552 |
|
Tax benefit for non-vested share compensation |
292 |
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|
212 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
5,338 |
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|
4,735 |
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Six months ended June 30, 2013 |
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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, 2012 |
168 |
|
|
$ |
33 |
|
|
|
Granted |
98 |
|
|
37 |
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|
|
Vested |
(68 |
) |
|
37 |
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Forfeited |
(9 |
) |
|
36 |
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|
|
Outstanding and non-vested at June 30, 2013 |
189 |
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|
$ |
35 |
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|
$ |
6,689 |
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Six months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
1,508 |
|
|
$ |
997 |
|
Tax benefit for non-vested share compensation |
576 |
|
|
384 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
5,338 |
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|
4,735 |
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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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Six months ended |
|
June 30,
2013 |
|
June 30,
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 June 30, 2013 |
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|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at March 31, 2013 |
88 |
|
|
$ |
37 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2013 |
88 |
|
|
$ |
37 |
|
|
$ |
3,278 |
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Three months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for performance shares |
$ |
272 |
|
|
$ |
183 |
|
Tax benefit for performance share compensation |
104 |
|
|
70 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
1,740 |
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|
1,541 |
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Six months ended June 30, 2013 |
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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, 2012 |
62 |
|
|
$ |
36 |
|
|
|
Granted |
26 |
|
|
40 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2013 |
88 |
|
|
$ |
37 |
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|
$ |
3,278 |
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Six months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for performance shares |
$ |
505 |
|
|
$ |
330 |
|
Tax benefit for performance share compensation |
193 |
|
|
127 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
1,740 |
|
|
1,541 |
|
|
|
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 June 30, 2013 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at March 31, 2013 |
20 |
|
|
$ |
32 |
|
|
|
Granted |
15 |
|
|
38 |
|
|
|
Vested |
(20 |
) |
|
32 |
|
|
|
Outstanding and non-vested at June 30, 2013 |
15 |
|
|
$ |
38 |
|
|
$ |
560 |
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|
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|
Three months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
151 |
|
|
$ |
173 |
|
Tax benefit for non-vested share compensation |
58 |
|
|
67 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
476 |
|
|
546 |
|
|
|
|
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|
Six months ended June 30, 2013 |
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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, 2012 |
20 |
|
|
$ |
32 |
|
|
|
Granted |
15 |
|
|
38 |
|
|
|
Vested |
(20 |
) |
|
32 |
|
|
|
Outstanding and non-vested at June 30, 2013 |
15 |
|
|
$ |
38 |
|
|
$ |
560 |
|
|
|
|
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|
Six months ended |
|
June 30,
2013 |
|
June 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
308 |
|
|
$ |
365 |
|
Tax benefit for non-vested share compensation |
118 |
|
|
141 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
476 |
|
|
546 |
|
|