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Share-Based Payments (Tables)
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3 Months Ended |
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Mar. 31, 2014
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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, 2014 and 2013 were as follows:
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Three months ended |
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March 31,
2014 |
|
March 31,
2013 |
Expected dividend yield |
1.2 |
% |
|
1.2 |
% |
Expected stock price volatility |
40.6 |
% |
|
43.7 |
% |
Weighted average risk-free interest rate |
1.6 |
% |
|
0.9 |
% |
Expected life of options (years) |
5.4 |
|
|
5.3 |
|
Weighted average grant date fair value |
$ |
15 |
|
|
$ |
13 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended March 31, 2014 |
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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, 2013 |
1,732 |
|
|
$ |
27 |
|
|
|
|
|
Granted |
91 |
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|
43 |
|
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|
Exercised |
(341 |
) |
|
28 |
|
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Forfeited |
(8 |
) |
|
38 |
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Outstanding at March 31, 2014 |
1,474 |
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|
$ |
28 |
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|
$ |
23,812 |
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|
2.8 |
Exercisable at March 31, 2014 |
1,277 |
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|
$ |
26 |
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|
$ |
22,948 |
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|
2.2 |
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Three months ended |
|
March 31,
2014 |
|
March 31,
2013 |
Shared-based compensation for options |
$ |
314 |
|
|
$ |
424 |
|
Tax benefit for option compensation |
120 |
|
|
136 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
2,561 |
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|
2,488 |
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Employee Non-vested Shares [Member]
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|
| 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 March 31, 2014 |
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Weighted- |
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Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2013 |
186 |
|
|
$ |
35 |
|
|
|
Granted |
97 |
|
|
42 |
|
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Vested |
(93 |
) |
|
43 |
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Forfeited |
— |
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|
— |
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Outstanding and non-vested at March 31, 2014 |
190 |
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|
$ |
40 |
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|
$ |
7,559 |
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Three months ended |
|
March 31,
2014 |
|
March 31,
2013 |
Shared-based compensation for non-vested shares |
$ |
925 |
|
|
$ |
743 |
|
Tax benefit for non-vested share compensation |
352 |
|
|
284 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
6,982 |
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|
6,398 |
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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] |
|
| 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 |
|
March 31,
2014 |
|
March 31,
2013 |
Expected stock price volatility |
32.5 |
% |
|
34.5 |
% |
Weighted average risk-free interest rate |
0.7 |
% |
|
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, 2014 |
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Weighted- |
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Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2013 |
88 |
|
|
$ |
37 |
|
|
|
Granted |
23 |
|
|
48 |
|
|
|
Additional shares awarded based on performance |
19 |
|
|
30 |
|
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|
Vested |
(56 |
) |
|
30 |
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Outstanding and non-vested at March 31, 2014 |
74 |
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|
$ |
44 |
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$ |
3,279 |
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Three months ended |
|
March 31,
2014 |
|
March 31,
2013 |
Shared-based compensation for performance shares |
$ |
275 |
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|
$ |
233 |
|
Tax benefit for performance share compensation |
105 |
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|
89 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
2,048 |
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|
2,012 |
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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] |
|
| 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, 2014 |
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Weighted- |
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Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2013 |
15 |
|
|
$ |
38 |
|
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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, 2014 |
15 |
|
|
$ |
38 |
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|
$ |
560 |
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Three months ended |
|
March 31,
2014 |
|
March 31,
2013 |
Shared-based compensation for non-vested shares |
$ |
138 |
|
|
$ |
157 |
|
Tax benefit for non-vested share compensation |
53 |
|
|
60 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
57 |
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|
67 |
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