|
Share-Based Payments (Tables)
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9 Months Ended |
|
Sep. 30, 2014
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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 three and nine months ended September 30, 2014 and 2013 were as follows:
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|
Three months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Expected dividend yield |
— |
% |
|
1.2 |
% |
Expected stock price volatility |
— |
% |
|
43.4 |
% |
Weighted average risk-free interest rate |
— |
% |
|
1.5 |
% |
Expected life of options (years) |
0.0 |
|
|
4.5 |
|
Weighted average grant date fair value |
$ |
— |
|
|
$ |
13 |
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2014 |
|
September 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 September 30, 2014 |
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|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at June 30, 2014 |
1,431 |
|
|
$ |
28 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
|
|
|
|
Exercised |
(51 |
) |
|
29 |
|
|
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
|
|
Outstanding at September 30, 2014 |
1,380 |
|
|
$ |
28 |
|
|
$ |
25,745 |
|
|
2.4 |
Exercisable at September 30, 2014 |
1,174 |
|
|
$ |
26 |
|
|
$ |
24,377 |
|
|
1.8 |
|
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|
Three months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for options |
$ |
343 |
|
|
$ |
329 |
|
Tax benefit for option compensation |
$ |
131 |
|
|
$ |
124 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,971 |
|
|
$ |
1,899 |
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|
Nine months ended September 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 |
(445 |
) |
|
28 |
|
|
|
|
|
Forfeited |
(8 |
) |
|
38 |
|
|
|
|
|
Outstanding at September 30, 2014 |
1,380 |
|
|
$ |
28 |
|
|
$ |
25,745 |
|
|
2.4 |
Exercisable at September 30, 2014 |
1,174 |
|
|
$ |
26 |
|
|
$ |
24,377 |
|
|
1.8 |
|
|
|
|
|
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|
Nine months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for options |
$ |
989 |
|
|
$ |
1,076 |
|
Tax benefit for option compensation |
$ |
377 |
|
|
$ |
381 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,971 |
|
|
$ |
1,899 |
|
|
|
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, 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 June 30, 2014 |
189 |
|
|
$ |
40 |
|
|
|
Granted |
2 |
|
|
47 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2014 |
191 |
|
|
$ |
40 |
|
|
$ |
7,606 |
|
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|
Three months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
906 |
|
|
$ |
781 |
|
Tax benefit for non-vested share compensation |
$ |
345 |
|
|
$ |
297 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
5,241 |
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|
$ |
4,508 |
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|
Nine months ended September 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 |
99 |
|
|
43 |
|
|
|
Vested |
(94 |
) |
|
43 |
|
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|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2014 |
191 |
|
|
$ |
40 |
|
|
$ |
7,606 |
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Nine months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
2,726 |
|
|
$ |
2,289 |
|
Tax benefit for non-vested share compensation |
$ |
1,039 |
|
|
$ |
872 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
5,241 |
|
|
$ |
4,508 |
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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,
2014 |
|
September 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 September 30, 2014 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2014 |
74 |
|
|
$ |
44 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2014 |
74 |
|
|
$ |
44 |
|
|
$ |
3,279 |
|
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|
Three months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for performance shares |
$ |
275 |
|
|
$ |
275 |
|
Tax benefit for performance share compensation |
$ |
105 |
|
|
$ |
105 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,500 |
|
|
$ |
1,465 |
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|
Nine months ended September 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 September 30, 2014 |
74 |
|
|
$ |
44 |
|
|
$ |
3,279 |
|
|
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Nine months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for performance shares |
$ |
822 |
|
|
$ |
780 |
|
Tax benefit for performance share compensation |
$ |
313 |
|
|
$ |
297 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,500 |
|
|
$ |
1,465 |
|
|
|
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, 2014 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2014 |
14 |
|
|
$ |
43 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2014 |
14 |
|
|
$ |
43 |
|
|
$ |
602 |
|
|
|
|
|
|
|
|
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|
Three months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
152 |
|
|
$ |
141 |
|
Tax benefit for non-vested share compensation |
$ |
58 |
|
|
$ |
54 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
363 |
|
|
$ |
335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 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 September 30, 2014 |
14 |
|
|
$ |
43 |
|
|
$ |
602 |
|
|
|
|
|
|
|
|
|
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|
Nine months ended |
|
September 30,
2014 |
|
September 30,
2013 |
Shared-based compensation for non-vested shares |
$ |
433 |
|
|
$ |
448 |
|
Tax benefit for non-vested share compensation |
$ |
165 |
|
|
$ |
171 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
363 |
|
|
$ |
335 |
|
|