Share-Based Payments (Tables)
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6 Months Ended |
Jun. 30, 2015 |
|---|
| 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, 2015 and 2014 were as follows:
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Three months ended |
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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 |
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|
4.5 |
|
Weighted average grant date fair value |
$ |
— |
|
|
$ |
11 |
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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:
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Three months ended June 30, 2015 |
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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, 2015 |
950 |
|
|
$ |
30 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
|
|
|
|
Exercised |
(48 |
) |
|
25 |
|
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|
|
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Forfeited |
— |
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|
— |
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|
|
|
Outstanding at June 30, 2015 |
902 |
|
|
$ |
31 |
|
|
$ |
19,747 |
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|
2.9 |
Exercisable at June 30, 2015 |
712 |
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|
$ |
27 |
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|
$ |
18,363 |
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2.1 |
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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 |
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|
$ |
2,314 |
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Six months ended June 30, 2015 |
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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, 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 |
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|
2.1 |
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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 |
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|
$ |
2,314 |
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|
| 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, 2015 |
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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, 2015 |
197 |
|
|
$ |
46 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(3 |
) |
|
46 |
|
|
|
Outstanding and non-vested at June 30, 2015 |
194 |
|
|
$ |
46 |
|
|
$ |
8,872 |
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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 |
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|
$ |
341 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
7,231 |
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|
$ |
6,087 |
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Six months ended June 30, 2015 |
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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, 2014 |
190 |
|
|
$ |
40 |
|
|
|
Granted |
100 |
|
|
51 |
|
|
|
Vested |
(92 |
) |
|
39 |
|
|
|
Forfeited |
(4 |
) |
|
44 |
|
|
|
Outstanding and non-vested at June 30, 2015 |
194 |
|
|
$ |
46 |
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|
$ |
8,872 |
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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:
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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:
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|
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 |
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|
$ |
4,016 |
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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 |
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|
Six months ended June 30, 2015 |
|
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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, 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 |
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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 |
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|
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 |
|
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|
Six months ended June 30, 2015 |
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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, 2014 |
15 |
|
|
$ |
44 |
|
|
|
Granted |
11 |
|
|
52 |
|
|
|
Vested |
(14 |
) |
|
43 |
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
Outstanding and non-vested at June 30, 2015 |
12 |
|
|
$ |
52 |
|
|
$ |
650 |
|
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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 |
|
|