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Share-Based Payments (Tables)
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3 Months Ended |
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Mar. 31, 2012
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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 calculate their fair value during the three months ended March 31, 2012 and 2011 were as follows:
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Three months ended |
|
March 31,
2012 |
|
March 31,
2011 |
Expected dividend yield |
0.9 |
% |
|
1.0 |
% |
Expected stock price volatility |
46.6 |
% |
|
44.9 |
% |
Weighted average risk-free interest rate |
0.8 |
% |
|
2.4 |
% |
Expected life of options (years) |
4.2 |
|
|
4.6 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
11 |
|
The following tables summarize the Company’s employee stock option activity and related information for the three months ended March 31, 2012 and 2011:
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Three months ended March 31, 2012 |
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Weighted- |
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Weighted- |
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Aggregate |
|
Average |
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|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2011 |
3,363 |
|
|
$ |
26 |
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|
|
|
|
Granted |
93 |
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|
37 |
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Exercised |
(308 |
) |
|
27 |
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Outstanding at March 31, 2012 |
3,148 |
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|
$ |
27 |
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|
$ |
25,704 |
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|
3.2 |
|
Exercisable at March 31, 2012 |
2,755 |
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|
$ |
26 |
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|
$ |
22,678 |
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|
2.9 |
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Three months ended |
|
March 31,
2012 |
|
March 31,
2011 |
Shared-based compensation for options |
$ |
822 |
|
|
$ |
1,115 |
|
Tax benefit for option compensation |
$ |
217 |
|
|
$ |
307 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
3,265 |
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|
$ |
5,678 |
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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 for the three months ended March 31, 2012 and 2011:
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Three months ended March 31, 2012 |
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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, 2011 |
108 |
|
|
$ |
29 |
|
|
|
Granted |
103 |
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|
37 |
|
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|
Vested |
(36 |
) |
|
29 |
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|
Outstanding and non-vested at March 31, 2012 |
175 |
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|
$ |
33 |
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|
$ |
5,813 |
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Three months ended |
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March 31,
2012 |
|
March 31,
2011 |
Shared-based compensation for non-vested shares |
$ |
445 |
|
|
$ |
137 |
|
Tax benefit for non-vested share compensation |
$ |
174 |
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|
$ |
55 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
5,319 |
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|
$ |
2,939 |
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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] |
|
| 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 calculation were as follows:
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Three months ended |
|
March 31,
2012 |
|
March 31,
2011 |
Expected stock price volatility |
40.8 |
% |
|
47.7 |
% |
Weighted average risk-free interest rate |
0.4 |
% |
|
1.4 |
% |
The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information for the three months ended March 31, 2012 and 2011:
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Three months ended March 31, 2012 |
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Weighted- |
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Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2011 |
38 |
|
|
$ |
30 |
|
|
|
Granted |
24 |
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|
45 |
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|
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Vested |
— |
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|
— |
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Outstanding and non-vested at March 31, 2012 |
62 |
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|
$ |
36 |
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|
$ |
2,205 |
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Three months ended |
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March 31,
2012 |
|
March 31,
2011 |
Shared-based compensation for performance shares |
$ |
147 |
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|
$ |
53 |
|
Tax benefit for performance share compensation |
$ |
57 |
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|
$ |
21 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
1,724 |
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|
$ |
1,164 |
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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 for the three months ended March 31, 2012 and 2011:
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Three months ended March 31, 2012 |
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Weighted- |
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Aggregate |
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Non-vested |
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Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at December 31, 2011 |
24 |
|
|
$ |
33 |
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|
Granted |
— |
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|
— |
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Vested |
(2 |
) |
|
31 |
|
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|
Outstanding and non-vested at March 31, 2012 |
22 |
|
|
$ |
33 |
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|
$ |
720 |
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Three months ended |
|
March 31,
2012 |
|
March 31,
2011 |
Shared-based compensation for non-vested shares |
$ |
192 |
|
|
$ |
138 |
|
Tax benefit for non-vested share compensation |
$ |
75 |
|
|
$ |
55 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
78 |
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|
$ |
120 |
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