Quarterly report pursuant to Section 13 or 15(d)

Share-Based Payments (Tables)

v3.2.0.727
Share-Based Payments (Tables)
6 Months Ended
Jun. 30, 2015
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 six months ended June 30, 2015 and 2014 were as follows:


Three months ended

June 30,
2015

June 30,
2014
Expected dividend yield
%

1.2
%
Expected stock price volatility
%

31.6
%
Weighted average risk-free interest rate
%

1.5
%
Expected life of options (years)
0.0


4.5

Weighted average grant date fair value
$


$
11

 
 
 
 

Six months ended

June 30,
2015

June 30,
2014
Expected dividend yield
1.0
%

1.2
%
Expected stock price volatility
33.9
%

38.8
%
Weighted average risk-free interest rate
1.6
%

1.6
%
Expected life of options (years)
6.1


5.3

Weighted average grant date fair value
$
16


$
14


The following tables summarize the Company’s employee stock option activity and related information:


Three months ended June 30, 2015







Weighted-



Weighted-

Aggregate

Average



Average

Intrinsic

Remaining

Options

Exercise

Value

Contractual

(000)

Price

(000)

Term
Outstanding at March 31, 2015
950


$
30





Granted







Exercised
(48
)

25





Forfeited







Outstanding at June 30, 2015
902


$
31


$
19,747


2.9
Exercisable at June 30, 2015
712


$
27


$
18,363


2.1
 

Three months ended

June 30,
2015

June 30,
2014
Shared-based compensation for options
$
342


$
331

Tax benefit for option compensation
$
132


$
126

Unrecognized compensation cost for options, net of estimated forfeitures
$
2,266


$
2,314

 
 
 
 
 
 
 
 

Six months ended June 30, 2015







Weighted-



Weighted-

Aggregate

Average



Average

Intrinsic

Remaining

Options

Exercise

Value

Contractual

(000)

Price

(000)

Term
Outstanding at December 31, 2014
1,363


$
28





Granted
82


51





Exercised
(529
)

27





Forfeited
(14
)

29





Outstanding at June 30, 2015
902


$
31


$
19,747


2.9
Exercisable at June 30, 2015
712


$
27


$
18,363


2.1

 
 
 
 

Six months ended

June 30,
2015

June 30,
2014
Shared-based compensation for options
$
678


$
646

Tax benefit for option compensation
$
261


$
246

Unrecognized compensation cost for options, net of estimated forfeitures
$
2,266


$
2,314

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:


Three months ended June 30, 2015



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at March 31, 2015
197


$
46



Granted





Vested





Forfeited
(3
)

46



Outstanding and non-vested at June 30, 2015
194


$
46


$
8,872



Three months ended

June 30,
2015

June 30,
2014
Shared-based compensation for non-vested shares
$
1,022


$
895

Tax benefit for non-vested share compensation
$
393


$
341

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
7,231


$
6,087


 
 
 
 
 
 

Six months ended June 30, 2015



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2014
190


$
40



Granted
100


51



Vested
(92
)

39



Forfeited
(4
)

44



Outstanding and non-vested at June 30, 2015
194


$
46


$
8,872

 
 
 
 

Six months ended

June 30,
2015

June 30,
2014
Shared-based compensation for non-vested shares
$
2,010


$
1,820

Tax benefit for non-vested share compensation
$
772


$
693

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
7,231


$
6,087

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:


Six months ended

June 30,
2015

June 30,
2014
Expected stock price volatility
23.5
%

32.5
%
Weighted average risk-free interest rate
1.0
%

0.7
%

The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:

Three months ended June 30, 2015



Weighted-

Aggregate

Performance

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at March 31, 2015
77


$
52



Granted





Additional shares awarded based on performance





Vested





Outstanding and non-vested at June 30, 2015
77


$
52


$
4,016



Three months ended

June 30,
2015

June 30,
2014
Shared-based compensation for performance shares
$
333


$
272

Tax benefit for performance share compensation
$
128


$
104

Unrecognized compensation cost for performance shares, net of estimated forfeitures
$
2,399


$
1,775


 
 
 
 
 
 

Six months ended June 30, 2015



Weighted-

Aggregate

Performance

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2014
74


$
44



Granted
27


67



Additional shares awarded based on performance





Vested
(24
)

45



Outstanding and non-vested at June 30, 2015
77


$
52


$
4,016

 
 
 
 

Six months ended

June 30,
2015

June 30,
2014
Shared-based compensation for performance shares
$
635


$
547

Tax benefit for performance share compensation
$
244


$
209

Unrecognized compensation cost for performance shares, net of estimated forfeitures
$
2,399


$
1,775

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, 2015



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at March 31, 2015
15


$
44



Granted
11


52



Vested
(14
)

43



Outstanding and non-vested at June 30, 2015
12


$
52


$
650



Three months ended

June 30,
2015

June 30,
2014
Shared-based compensation for non-vested shares
$
156


$
144

Tax benefit for non-vested share compensation
$
60


$
55

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
541


$
515


 
 
 
 
 
 

Six months ended June 30, 2015



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2014
15


$
44



Granted
11


52



Vested
(14
)

43



Forfeited





Outstanding and non-vested at June 30, 2015
12


$
52


$
650


 
 
 
 

Six months ended

June 30,
2015

June 30,
2014
Shared-based compensation for non-vested shares
$
316


$
281

Tax benefit for non-vested share compensation
$
122


$
107

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
541


$
515