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Share-Based Payments (Tables)
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6 Months Ended |
|
Jun. 30, 2014
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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 three and six months ended June 30, 2014 and 2013 were as follows:
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Three months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Expected dividend yield |
1.2 |
% |
|
— |
|
Expected stock price volatility |
31.6 |
% |
|
— |
|
Weighted average risk-free interest rate |
1.5 |
% |
|
— |
|
Expected life of options (years) |
4.5 |
|
|
— |
|
Weighted average grant date fair value |
$ |
11 |
|
|
— |
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|
|
|
|
|
|
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|
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|
Six months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Expected dividend yield |
1.2 |
% |
|
1.2 |
% |
Expected stock price volatility |
38.8 |
% |
|
43.7 |
% |
Weighted average risk-free interest rate |
1.6 |
% |
|
0.9 |
% |
Expected life of options (years) |
5.3 |
|
|
5.3 |
|
Weighted average grant date fair value |
$ |
14 |
|
|
$ |
13 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended June 30, 2014 |
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Weighted- |
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|
Weighted- |
|
Aggregate |
|
Average |
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|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at March 31, 2014 |
1,474 |
|
|
$ |
28 |
|
|
|
|
|
Granted |
10 |
|
|
45 |
|
|
|
|
|
Exercised |
(53 |
) |
|
29 |
|
|
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
|
|
Outstanding at June 30, 2014 |
1,431 |
|
|
$ |
28 |
|
|
$ |
23,931 |
|
|
2.6 |
Exercisable at June 30, 2014 |
1,224 |
|
|
$ |
26 |
|
|
$ |
22,942 |
|
|
2.0 |
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Three months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for options |
$ |
331 |
|
|
$ |
324 |
|
Tax benefit for option compensation |
$ |
126 |
|
|
$ |
122 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,314 |
|
|
$ |
2,164 |
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|
Six months ended June 30, 2014 |
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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, 2013 |
1,732 |
|
|
$ |
27 |
|
|
|
|
|
Granted |
101 |
|
|
43 |
|
|
|
|
|
Exercised |
(394 |
) |
|
28 |
|
|
|
|
|
Forfeited |
(8 |
) |
|
38 |
|
|
|
|
|
Outstanding at June 30, 2014 |
1,431 |
|
|
$ |
28 |
|
|
$ |
23,931 |
|
|
2.6 |
Exercisable at June 30, 2014 |
1,224 |
|
|
$ |
26 |
|
|
$ |
22,942 |
|
|
2.0 |
|
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Six months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for options |
$ |
646 |
|
|
$ |
747 |
|
Tax benefit for option compensation |
$ |
246 |
|
|
$ |
258 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,314 |
|
|
$ |
2,164 |
|
|
|
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, 2014 |
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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, 2014 |
190 |
|
|
$ |
40 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
(1 |
) |
|
43 |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2014 |
189 |
|
|
$ |
40 |
|
|
$ |
7,559 |
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|
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Three months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
895 |
|
|
$ |
765 |
|
Tax benefit for non-vested share compensation |
$ |
341 |
|
|
$ |
292 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
6,087 |
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|
$ |
5,338 |
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|
Six months ended June 30, 2014 |
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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, 2013 |
186 |
|
|
$ |
35 |
|
|
|
Granted |
97 |
|
|
42 |
|
|
|
Vested |
(94 |
) |
|
43 |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2014 |
189 |
|
|
$ |
40 |
|
|
$ |
7,559 |
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Six months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
1,820 |
|
|
$ |
1,508 |
|
Tax benefit for non-vested share compensation |
$ |
693 |
|
|
$ |
576 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
6,087 |
|
|
$ |
5,338 |
|
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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,
2014 |
|
June 30,
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 June 30, 2014 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at March 31, 2014 |
74 |
|
|
$ |
44 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2014 |
74 |
|
|
$ |
44 |
|
|
$ |
3,279 |
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|
Three months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for performance shares |
$ |
272 |
|
|
$ |
272 |
|
Tax benefit for performance share compensation |
$ |
104 |
|
|
$ |
104 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,775 |
|
|
$ |
1,740 |
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|
Six months ended June 30, 2014 |
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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, 2013 |
88 |
|
|
$ |
37 |
|
|
|
Granted |
23 |
|
|
48 |
|
|
|
Additional shares awarded based on performance |
19 |
|
|
30 |
|
|
|
Vested |
(56 |
) |
|
30 |
|
|
|
Outstanding and non-vested at June 30, 2014 |
74 |
|
|
$ |
44 |
|
|
$ |
3,279 |
|
|
|
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|
Six months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for performance shares |
$ |
547 |
|
|
$ |
505 |
|
Tax benefit for performance share compensation |
$ |
209 |
|
|
$ |
193 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,775 |
|
|
$ |
1,740 |
|
|
|
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, 2014 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at March 31, 2014 |
15 |
|
|
$ |
38 |
|
|
|
Granted |
14 |
|
|
43 |
|
|
|
Vested |
(15 |
) |
|
38 |
|
|
|
Outstanding and non-vested at June 30, 2014 |
14 |
|
|
$ |
43 |
|
|
$ |
602 |
|
|
|
|
|
|
|
|
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|
Three months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
144 |
|
|
$ |
151 |
|
Tax benefit for non-vested share compensation |
$ |
55 |
|
|
$ |
58 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
515 |
|
|
$ |
476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended June 30, 2014 |
|
|
|
Weighted- |
|
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 |
|
|
|
Granted |
14 |
|
|
43 |
|
|
|
Vested |
(15 |
) |
|
38 |
|
|
|
Outstanding and non-vested at June 30, 2014 |
14 |
|
|
$ |
43 |
|
|
$ |
602 |
|
|
|
|
|
|
|
|
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|
Six months ended |
|
June 30,
2014 |
|
June 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
281 |
|
|
$ |
308 |
|
Tax benefit for non-vested share compensation |
$ |
107 |
|
|
$ |
118 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
515 |
|
|
$ |
476 |
|
|