Share-Based Payments (Tables)
|
3 Months Ended |
Mar. 31, 2017 |
|---|
| 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 March 31, 2017 |
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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, 2016 |
222 |
|
|
$ |
45 |
|
|
|
Granted |
126 |
|
|
48 |
|
|
|
Vested |
(101 |
) |
|
45 |
|
|
|
Forfeited |
(5 |
) |
|
46 |
|
|
|
Outstanding and non-vested at March 31, 2017 |
242 |
|
|
$ |
47 |
|
|
$ |
11,320 |
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Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Share-based compensation for non-vested shares |
$ |
1,246 |
|
|
$ |
1,082 |
|
Tax benefit for non-vested share compensation |
$ |
459 |
|
|
$ |
403 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
10,470 |
|
|
$ |
9,363 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.3 |
|
|
|
|
| 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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Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Expected stock price volatility |
24.7 |
% |
|
22.3 |
% |
Weighted average risk-free interest rate |
1.4 |
% |
|
0.8 |
% |
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, 2017 |
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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, 2016 |
80 |
|
|
$ |
55 |
|
|
|
Granted |
25 |
|
|
56 |
|
|
|
Forfeited |
(29 |
) |
|
$ |
50 |
|
|
|
Outstanding and non-vested at March 31, 2017 |
76 |
|
|
$ |
57 |
|
|
$ |
4,327 |
|
|
|
|
|
|
|
|
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|
Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Share-based compensation for performance shares |
$ |
184 |
|
|
$ |
351 |
|
Tax benefit for performance share compensation |
$ |
68 |
|
|
$ |
131 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,612 |
|
|
$ |
2,805 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.2 |
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|
|
|
| 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:
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|
Three months ended March 31, 2017 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2016 |
16 |
|
|
$ |
44 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at March 31, 2017 |
16 |
|
|
$ |
44 |
|
|
$ |
688 |
|
|
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Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Share-based compensation for non-vested shares |
$ |
169 |
|
|
$ |
171 |
|
Tax benefit for non-vested share compensation |
$ |
63 |
|
|
$ |
64 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
77 |
|
|
$ |
114 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
0.1 |
|
|
|
|
| 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 months ended March 31, 2017 and 2016 were as follows:
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Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Expected dividend yield |
1.3 |
% |
|
1.0 |
% |
Expected stock price volatility |
28.7 |
% |
|
29.0 |
% |
Weighted average risk-free interest rate |
2.0 |
% |
|
1.3 |
% |
Expected life of options (years) |
6.0 |
|
|
6.0 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
12 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended March 31, 2017 |
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|
Weighted- |
|
|
|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2016 |
564 |
|
|
$ |
41 |
|
|
|
|
|
Granted |
118 |
|
|
48 |
|
|
|
|
|
Exercised |
(47 |
) |
|
32 |
|
|
|
|
|
Forfeited |
(13 |
) |
|
46 |
|
|
|
|
|
Outstanding at March 31, 2017 |
622 |
|
|
$ |
42 |
|
|
$ |
3,765 |
|
|
4.4 |
Exercisable at March 31, 2017 |
381 |
|
|
$ |
40 |
|
|
$ |
3,334 |
|
|
3.2 |
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|
Three months ended |
|
March 31,
2017 |
|
March 31,
2016 |
Share-based compensation for options |
$ |
363 |
|
|
$ |
348 |
|
Tax benefit for option compensation |
$ |
134 |
|
|
$ |
129 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,683 |
|
|
$ |
2,789 |
|
Weighted average period over which unrecognized compensation will be recognized (years) |
2.3 |
|
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|