Share-Based Payments (Tables)
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9 Months Ended |
Sep. 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 nine months ended September 30, 2015 and 2014 were as follows:
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Three months ended |
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September 30,
2015 |
|
September 30,
2014 |
Expected dividend yield |
1.2 |
% |
|
— |
% |
Expected stock price volatility |
29.8 |
% |
|
— |
% |
Weighted average risk-free interest rate |
1.4 |
% |
|
— |
% |
Expected life of options (years) |
4.5 |
|
|
0.0 |
|
Weighted average grant date fair value |
$ |
12 |
|
|
$ |
— |
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Nine months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Expected dividend yield |
1.0 |
% |
|
1.2 |
% |
Expected stock price volatility |
33.7 |
% |
|
38.8 |
% |
Weighted average risk-free interest rate |
1.6 |
% |
|
1.6 |
% |
Expected life of options (years) |
6.0 |
|
|
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 September 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 June 30, 2015 |
902 |
|
|
$ |
31 |
|
|
|
|
|
Granted |
5 |
|
|
52 |
|
|
|
|
|
Exercised |
— |
|
|
— |
|
|
|
|
|
Forfeited |
(1 |
) |
|
23 |
|
|
|
|
|
Outstanding at September 30, 2015 |
906 |
|
|
$ |
31 |
|
|
$ |
14,819 |
|
|
2.7 |
Exercisable at September 30, 2015 |
713 |
|
|
$ |
27 |
|
|
$ |
14,507 |
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|
1.9 |
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Three months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for options |
$ |
352 |
|
|
$ |
343 |
|
Tax benefit for option compensation |
$ |
137 |
|
|
$ |
131 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,977 |
|
|
$ |
1,971 |
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Nine months ended September 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 |
87 |
|
|
51 |
|
|
|
|
|
Exercised |
(530 |
) |
|
27 |
|
|
|
|
|
Forfeited |
(14 |
) |
|
29 |
|
|
|
|
|
Outstanding at September 30, 2015 |
906 |
|
|
$ |
31 |
|
|
$ |
14,819 |
|
|
2.7 |
Exercisable at September 30, 2015 |
713 |
|
|
$ |
27 |
|
|
$ |
14,507 |
|
|
1.9 |
|
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Nine months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for options |
$ |
1,029 |
|
|
$ |
989 |
|
Tax benefit for option compensation |
$ |
403 |
|
|
$ |
377 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
1,977 |
|
|
$ |
1,971 |
|
|
| 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, 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 June 30, 2015 |
194 |
|
|
$ |
46 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(1 |
) |
|
48 |
|
|
|
Outstanding and non-vested at September 30, 2015 |
193 |
|
|
$ |
46 |
|
|
$ |
8,808 |
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Three months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for non-vested shares |
$ |
1,031 |
|
|
$ |
906 |
|
Tax benefit for non-vested share compensation |
$ |
403 |
|
|
$ |
345 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
6,148 |
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|
$ |
5,241 |
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Nine months ended September 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 |
(5 |
) |
|
45 |
|
|
|
Outstanding and non-vested at September 30, 2015 |
193 |
|
|
$ |
46 |
|
|
$ |
8,808 |
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Nine months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for non-vested shares |
$ |
3,042 |
|
|
$ |
2,726 |
|
Tax benefit for non-vested share compensation |
$ |
1,190 |
|
|
$ |
1,039 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
6,148 |
|
|
$ |
5,241 |
|
|
| 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,
2015 |
|
September 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 September 30, 2015 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2015 |
77 |
|
|
$ |
52 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2015 |
77 |
|
|
$ |
52 |
|
|
$ |
4,016 |
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Three months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for performance shares |
$ |
337 |
|
|
$ |
275 |
|
Tax benefit for performance share compensation |
$ |
132 |
|
|
$ |
105 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,062 |
|
|
$ |
1,500 |
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|
Nine months ended September 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 September 30, 2015 |
77 |
|
|
$ |
52 |
|
|
$ |
4,016 |
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Nine months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for performance shares |
$ |
972 |
|
|
$ |
822 |
|
Tax benefit for performance share compensation |
$ |
380 |
|
|
$ |
313 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,062 |
|
|
$ |
1,500 |
|
|
| 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, 2015 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2015 |
12 |
|
|
$ |
52 |
|
|
|
Granted |
1 |
|
|
45 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2015 |
13 |
|
|
$ |
52 |
|
|
$ |
699 |
|
|
|
|
|
|
|
|
|
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|
Three months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for non-vested shares |
$ |
166 |
|
|
$ |
152 |
|
Tax benefit for non-vested share compensation |
$ |
65 |
|
|
$ |
58 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
424 |
|
|
$ |
363 |
|
|
|
|
|
|
|
|
|
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|
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|
Nine months ended September 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 |
12 |
|
|
52 |
|
|
|
Vested |
(14 |
) |
|
43 |
|
|
|
Outstanding and non-vested at September 30, 2015 |
13 |
|
|
$ |
52 |
|
|
$ |
699 |
|
|
|
|
|
|
|
|
|
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|
|
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|
Nine months ended |
|
September 30,
2015 |
|
September 30,
2014 |
Share-based compensation for non-vested shares |
$ |
482 |
|
|
$ |
433 |
|
Tax benefit for non-vested share compensation |
$ |
189 |
|
|
$ |
165 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
424 |
|
|
$ |
363 |
|
|