Share-Based Payments (Tables)
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3 Months Ended |
Mar. 31, 2016 |
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| Employee Stock Option [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| Schedule of Share-based Compensation, Activity [Table Text Block] |
The weighted-average fair value of options granted and assumptions used to estimate their fair value during the three months ended March 31, 2016 and 2015 were as follows:
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Three months ended |
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March 31,
2016 |
|
March 31,
2015 |
Expected dividend yield |
1.0 |
% |
|
1.0 |
% |
Expected stock price volatility |
29.0 |
% |
|
33.9 |
% |
Weighted average risk-free interest rate |
1.3 |
% |
|
1.6 |
% |
Expected life of options (years) |
6.0 |
|
|
6.1 |
|
Weighted average grant date fair value |
$ |
12 |
|
|
$ |
16 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended March 31, 2016 |
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Weighted- |
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Weighted- |
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Aggregate |
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Average |
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Average |
|
Intrinsic |
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Remaining |
|
Options |
|
Exercise |
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Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2015 |
786 |
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|
$ |
32 |
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Granted |
122 |
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|
44 |
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|
Exercised |
(38 |
) |
|
23 |
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Forfeited |
(2 |
) |
|
38 |
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Outstanding at March 31, 2016 |
868 |
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|
$ |
34 |
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$ |
6,709 |
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|
3.3 |
Exercisable at March 31, 2016 |
633 |
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|
$ |
30 |
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$ |
7,481 |
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2.3 |
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Three months ended |
|
March 31,
2016 |
|
March 31,
2015 |
Share-based compensation for options |
$ |
348 |
|
|
$ |
336 |
|
Tax benefit for option compensation |
$ |
129 |
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|
$ |
129 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,789 |
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|
$ |
2,609 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.2 |
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| Employee Non-vested Shares [Member] |
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| 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 March 31, 2016 |
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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, 2015 |
191 |
|
|
$ |
46 |
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|
|
Granted |
125 |
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|
44 |
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Vested |
(92 |
) |
|
44 |
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Forfeited |
(2 |
) |
|
47 |
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|
Outstanding and non-vested at March 31, 2016 |
222 |
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|
$ |
46 |
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|
$ |
10,092 |
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Three months ended |
|
March 31,
2016 |
|
March 31,
2015 |
Share-based compensation for non-vested shares |
$ |
1,082 |
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|
$ |
988 |
|
Tax benefit for non-vested share compensation |
$ |
403 |
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|
$ |
380 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
9,363 |
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|
$ |
8,398 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.3 |
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| Key Employee Performance Share Based Plan [Member] |
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| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
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| 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 estimate were as follows:
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Three months ended |
|
March 31,
2016 |
|
March 31,
2015 |
Expected stock price volatility |
22.3 |
% |
|
23.5 |
% |
Weighted average risk-free interest rate |
0.8 |
% |
|
1.0 |
% |
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 March 31, 2016 |
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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, 2015 |
77 |
|
|
$ |
52 |
|
|
|
Granted |
29 |
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|
49 |
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Additional shares awarded based on performance |
7 |
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|
40 |
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Vested |
(33 |
) |
|
40 |
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Outstanding and non-vested at March 31, 2016 |
80 |
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|
$ |
55 |
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$ |
4,373 |
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Three months ended |
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March 31,
2016 |
|
March 31,
2015 |
Share-based compensation for performance shares |
$ |
351 |
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|
$ |
302 |
|
Tax benefit for performance share compensation |
$ |
131 |
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|
$ |
116 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,805 |
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|
$ |
2,733 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.2 |
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| Nonemployee Director Nonvested Shares Granted Member |
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| 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:
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Three months ended March 31, 2016 |
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Weighted- |
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Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2015 |
15 |
|
|
$ |
51 |
|
|
|
Granted |
— |
|
|
— |
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Vested |
— |
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|
— |
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Outstanding and non-vested at March 31, 2016 |
15 |
|
|
$ |
51 |
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|
$ |
740 |
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Three months ended |
|
March 31,
2016 |
|
March 31,
2015 |
Share-based compensation for non-vested shares |
$ |
171 |
|
|
$ |
160 |
|
Tax benefit for non-vested share compensation |
$ |
64 |
|
|
$ |
61 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
114 |
|
|
$ |
96 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.3 |
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