Annual report pursuant to Section 13 and 15(d)

Accounting Policies Stock Option Assumptions (Tables)

v2.4.1.9
Accounting Policies Stock Option Assumptions (Tables)
12 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block]
The following table contains the weighted-average assumptions used to estimate the fair value of options granted.  These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate.

December 31,
2014

December 31,
2013

December 31,
2012
Expected dividend yield
1.2
%

1.2
%

0.9
%
Expected stock price volatility
38.5
%

43.7
%

46.6
%
Weighted average risk-free interest rate
1.6
%

0.9
%

0.8
%
Expected life of options (years)
5.3


5.2


4.2


The fair value of non-vested shares issued were estimated using the closing market prices for the business day of the grant. The share-based compensation for the non-vested shares is recognized, net of estimated forfeitures, ratably over the requisite service period or vesting period. Forfeitures are estimated based on our historical experience, but will be adjusted for future changes in forfeiture experience.

The fair value of the performance shares was estimated using a Monte Carlo simulation. The share-based compensation for performance shares are recognized, net of estimated forfeitures, ratably over the requisite service period, or vesting period. The following table contains the weighted-average assumptions used to estimate the fair value of performance shares granted.  These assumptions are highly subjective and changes in these assumptions can materially affect the fair value estimate.

 
 
Year ended
 
 

December 31,
2014
 
December 31,
2013

December 31,
2012
Expected stock price volatility
32.5
%
 
34.5
%

40.8
%
Weighted average risk-free interest rate
0.7
%
 
0.4
%

0.4
%