Share-Based Payments (Tables)
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9 Months Ended |
Sep. 30, 2018 |
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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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| 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 nine months ended September 30, 2018 and 2017 were as follows:
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Nine months ended |
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September 30,
2018 |
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September 30,
2017 |
Expected dividend yield |
1.1 |
% |
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1.3 |
% |
Expected stock price volatility |
24.4 |
% |
|
28.7 |
% |
Weighted average risk-free interest rate |
2.7 |
% |
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2.0 |
% |
Expected life of options (years) |
6.1 |
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|
6.0 |
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Weighted average grant date fair value |
$ |
16 |
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$ |
13 |
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The following tables summarize the Company’s employee stock option activity and related information:
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Nine months ended September 30, 2018 |
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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 |
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Intrinsic |
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Remaining |
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Options |
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Exercise |
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Value |
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Contractual |
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(000) |
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Price |
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(000) |
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Term |
Outstanding at December 31, 2017 |
440 |
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$ |
45 |
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Granted |
193 |
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62 |
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Exercised |
(89 |
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41 |
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Forfeited |
— |
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— |
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Outstanding at September 30, 2018 |
544 |
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$ |
51 |
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$ |
6,689 |
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4.9 |
Exercisable at September 30, 2018 |
228 |
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$ |
45 |
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$ |
4,294 |
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3.4 |
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Nine months ended |
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September 30,
2018 |
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September 30,
2017 |
Share-based compensation for options |
$ |
1,085 |
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$ |
993 |
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Tax benefit for option compensation |
$ |
271 |
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$ |
354 |
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Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
3,621 |
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$ |
1,909 |
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Weighted average period over which unrecognized compensation will be recognized (years) |
2.3 |
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| Employee Non-vested Shares [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, 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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Nine months ended September 30, 2018 |
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Weighted- |
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Aggregate |
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Non-vested |
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Average |
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Grant Date |
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Shares |
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Grant Date |
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Fair Value |
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(000) |
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Fair Value |
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(000) |
Outstanding and non-vested at December 31, 2017 |
227 |
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$ |
47 |
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Granted |
202 |
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60 |
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Vested |
(108 |
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56 |
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Forfeited |
(3 |
) |
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52 |
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Outstanding and non-vested at September 30, 2018 |
318 |
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$ |
55 |
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$ |
17,467 |
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Nine months ended |
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September 30,
2018 |
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September 30,
2017 |
Share-based compensation for non-vested shares |
$ |
4,902 |
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$ |
3,762 |
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Tax benefit for non-vested share compensation |
$ |
1,225 |
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$ |
1,343 |
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Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
13,146 |
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$ |
7,410 |
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Weighted average period over which unrecognized compensation will be recognized (years) |
2.0 |
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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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| Share-based Compensation Arrangements 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 |
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September 30,
2018 |
|
September 30,
2017 |
Expected stock price volatility |
24.3 |
% |
|
24.7 |
% |
Weighted average risk-free interest rate |
2.2 |
% |
|
1.4 |
% |
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:
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Nine months ended September 30, 2018 |
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Weighted- |
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Aggregate |
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Performance |
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Average |
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Grant Date |
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Shares |
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Grant Date |
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Fair Value |
|
(000) |
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Fair Value |
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(000) |
Outstanding and non-vested at December 31, 2017 |
69 |
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$ |
58 |
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Granted |
18 |
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|
72 |
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Additional shares awarded based on performance |
— |
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— |
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Vested |
— |
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— |
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Forfeited |
(22 |
) |
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67 |
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Outstanding and non-vested at September 30, 2018 |
65 |
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$ |
58 |
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$ |
3,795 |
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Nine months ended |
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September 30,
2018 |
|
September 30,
2017 |
Share-based compensation for performance shares |
$ |
953 |
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$ |
689 |
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Tax benefit for performance share compensation |
$ |
238 |
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$ |
246 |
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Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,725 |
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$ |
1,740 |
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Weighted average period over which unrecognized compensation will be recognized (years) |
1.9 |
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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] |
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| 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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Nine months ended September 30, 2018 |
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Weighted- |
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Aggregate |
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Non-vested |
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Average |
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Grant Date |
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Shares |
|
Grant Date |
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Fair Value |
|
(000) |
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Fair Value |
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(000) |
Outstanding and non-vested at December 31, 2017 |
11 |
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$ |
52 |
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Granted |
15 |
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|
58 |
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Vested |
(12 |
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|
52 |
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Forfeited |
— |
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— |
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Outstanding and non-vested at September 30, 2018 |
14 |
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$ |
58 |
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$ |
805 |
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Nine months ended |
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September 30,
2018 |
|
September 30,
2017 |
Share-based compensation for non-vested shares |
$ |
553 |
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|
$ |
470 |
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Tax benefit for non-vested share compensation |
$ |
138 |
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$ |
167 |
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Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
501 |
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$ |
430 |
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Weighted average period over which unrecognized compensation will be recognized (years) |
0.6 |
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