Share-Based Payments (Tables)
|
9 Months Ended |
Sep. 30, 2016 |
|---|
| 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 September 30, 2016 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2016 |
228 |
|
|
$ |
45 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
(1 |
) |
|
47 |
|
|
|
Forfeited |
(3 |
) |
|
45 |
|
|
|
Outstanding and non-vested at September 30, 2016 |
224 |
|
|
$ |
45 |
|
|
$ |
10,173 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for non-vested shares |
$ |
1,176 |
|
|
$ |
1,031 |
|
Tax benefit for non-vested share compensation |
$ |
434 |
|
|
$ |
403 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
7,147 |
|
|
$ |
6,148 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
|
|
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 |
|
|
|
Granted |
134 |
|
|
44 |
|
|
|
Vested |
(94 |
) |
|
44 |
|
|
|
Forfeited |
(7 |
) |
|
46 |
|
|
|
Outstanding and non-vested at September 30, 2016 |
224 |
|
|
$ |
45 |
|
|
$ |
10,173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for non-vested shares |
$ |
3,434 |
|
|
$ |
3,042 |
|
Tax benefit for non-vested share compensation |
$ |
1,270 |
|
|
$ |
1,190 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
7,147 |
|
|
$ |
6,148 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.0 |
|
|
|
|
| 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 estimate were as follows:
|
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|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
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:
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2016 |
80 |
|
|
$ |
55 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2016 |
80 |
|
|
$ |
55 |
|
|
$ |
4,373 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for performance shares |
$ |
367 |
|
|
$ |
337 |
|
Tax benefit for performance share compensation |
$ |
136 |
|
|
$ |
132 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,076 |
|
|
$ |
2,062 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
|
|
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 |
|
|
49 |
|
|
|
Additional shares awarded based on performance |
7 |
|
|
40 |
|
|
|
Vested |
(33 |
) |
|
40 |
|
|
|
Outstanding and non-vested at September 30, 2016 |
80 |
|
|
$ |
55 |
|
|
$ |
4,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for performance shares |
$ |
1,080 |
|
|
$ |
972 |
|
Tax benefit for performance share compensation |
$ |
400 |
|
|
$ |
380 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,076 |
|
|
$ |
2,062 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.8 |
|
|
|
|
| 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, 2016 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2016 |
16 |
|
|
$ |
44 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2016 |
16 |
|
|
$ |
44 |
|
|
$ |
688 |
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for non-vested shares |
$ |
173 |
|
|
$ |
166 |
|
Tax benefit for non-vested share compensation |
$ |
64 |
|
|
$ |
65 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
419 |
|
|
$ |
424 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
|
|
Weighted- |
|
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 |
16 |
|
|
44 |
|
|
|
Vested |
(15 |
) |
|
51 |
|
|
|
Outstanding and non-vested at September 30, 2016 |
16 |
|
|
$ |
44 |
|
|
$ |
688 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for non-vested shares |
$ |
555 |
|
|
$ |
482 |
|
Tax benefit for non-vested share compensation |
$ |
198 |
|
|
$ |
189 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
419 |
|
|
$ |
424 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
|
|
|
|
| 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 estimate their fair value during the three and nine months ended September 30, 2016 and 2015 were as follows:
|
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|
|
|
|
|
|
|
|
|
|
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|
Three months ended |
|
September 30,
2016 |
|
September 30,
2015 |
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 |
|
Weighted average grant date fair value |
$ |
— |
|
|
$ |
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Expected dividend yield |
1.0 |
% |
|
1.0 |
% |
Expected stock price volatility |
29.0 |
% |
|
33.7 |
% |
Weighted average risk-free interest rate |
1.3 |
% |
|
1.6 |
% |
Expected life of options (years) |
6.0 |
|
|
6.0 |
|
Weighted average grant date fair value |
$ |
12 |
|
|
$ |
16 |
|
The following tables summarize the Company’s employee stock option activity and related information:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended September 30, 2016 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at June 30, 2016 |
855 |
|
|
$ |
34 |
|
|
|
|
|
Granted |
— |
|
|
— |
|
|
|
|
|
Exercised |
(263 |
) |
|
23 |
|
|
|
|
|
Forfeited |
— |
|
|
— |
|
|
|
|
|
Outstanding at September 30, 2016 |
592 |
|
|
$ |
40 |
|
|
$ |
3,355 |
|
|
4.0 |
Exercisable at September 30, 2016 |
364 |
|
|
$ |
36 |
|
|
$ |
3,351 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for options |
$ |
377 |
|
|
$ |
352 |
|
Tax benefit for option compensation |
$ |
140 |
|
|
$ |
137 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,036 |
|
|
$ |
1,977 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended September 30, 2016 |
|
|
|
|
|
|
|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2015 |
786 |
|
|
$ |
32 |
|
|
|
|
|
Granted |
122 |
|
|
44 |
|
|
|
|
|
Exercised |
(311 |
) |
|
23 |
|
|
|
|
|
Forfeited |
(5 |
) |
|
38 |
|
|
|
|
|
Outstanding at September 30, 2016 |
592 |
|
|
$ |
40 |
|
|
$ |
3,355 |
|
|
4.0 |
Exercisable at September 30, 2016 |
364 |
|
|
$ |
36 |
|
|
$ |
3,351 |
|
|
2.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
September 30,
2016 |
|
September 30,
2015 |
Share-based compensation for options |
$ |
1,101 |
|
|
$ |
1,029 |
|
Tax benefit for option compensation |
$ |
407 |
|
|
$ |
403 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,036 |
|
|
$ |
1,977 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
|
|
|
|