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Share-Based Payments (Tables)
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9 Months Ended |
|
Sep. 30, 2013
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|
Employee Stock Option [Member]
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| 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 calculate their fair value during the three and nine months ended September 30, 2013 and 2012 were as follows:
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Three months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Expected dividend yield |
1.2 |
% |
|
- |
Expected stock price volatility |
43.4 |
% |
|
- |
Weighted average risk-free interest rate |
1.5 |
% |
|
- |
Expected life of options (years) |
4.5 |
|
|
- |
Weighted average grant date fair value |
$ |
13 |
|
|
- |
|
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Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Expected dividend yield |
1.2 |
% |
|
0.9 |
% |
Expected stock price volatility |
43.7 |
% |
|
46.6 |
% |
Weighted average risk-free interest rate |
0.9 |
% |
|
0.8 |
% |
Expected life of options (years) |
5.3 |
|
|
4.2 |
|
Weighted average grant date fair value |
$ |
13 |
|
|
$ |
13 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended September 30, 2013 |
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Weighted- |
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|
Weighted- |
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Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at June 30, 2013 |
1,902 |
|
|
$ |
27 |
|
|
|
|
|
Granted |
5 |
|
|
37 |
|
|
|
|
|
Exercised |
(69 |
) |
|
24 |
|
|
|
|
|
Forfeited |
— |
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|
— |
|
|
|
|
|
Outstanding at September 30, 2013 |
1,838 |
|
|
$ |
27 |
|
|
$ |
19,715 |
|
|
2.6 |
Exercisable at September 30, 2013 |
1,622 |
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|
$ |
26 |
|
|
$ |
19,159 |
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|
2.2 |
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Three months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for options |
$ |
329 |
|
|
$ |
575 |
|
Tax benefit for option compensation |
124 |
|
|
167 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
1,899 |
|
|
2,052 |
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Nine months ended September 30, 2013 |
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Weighted- |
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|
Weighted- |
|
Aggregate |
|
Average |
|
|
|
Average |
|
Intrinsic |
|
Remaining |
|
Options |
|
Exercise |
|
Value |
|
Contractual |
|
(000) |
|
Price |
|
(000) |
|
Term |
Outstanding at December 31, 2012 |
2,874 |
|
|
$ |
26 |
|
|
|
|
|
Granted |
114 |
|
|
37 |
|
|
|
|
|
Exercised |
(1,150 |
) |
|
26 |
|
|
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Forfeited |
— |
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|
$ |
— |
|
|
|
|
|
|
Outstanding at September 30, 2013 |
1,838 |
|
|
$ |
27 |
|
|
$ |
19,715 |
|
|
2.6 |
Exercisable at September 30, 2013 |
1,622 |
|
|
$ |
26 |
|
|
$ |
19,159 |
|
|
2.2 |
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Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for options |
$ |
1,076 |
|
|
$ |
1,994 |
|
Tax benefit for option compensation |
381 |
|
|
546 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
1,899 |
|
|
2,052 |
|
|
|
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 September 30, 2013 |
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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 June 30, 2013 |
189 |
|
|
$ |
35 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Forfeited |
(2 |
) |
|
35 |
|
|
|
Outstanding and non-vested at September 30, 2013 |
187 |
|
|
$ |
35 |
|
|
$ |
6,638 |
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Three months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
781 |
|
|
$ |
506 |
|
Tax benefit for non-vested share compensation |
297 |
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|
196 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
4,508 |
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|
4,035 |
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Nine months ended September 30, 2013 |
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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, 2012 |
168 |
|
|
$ |
33 |
|
|
|
Granted |
98 |
|
|
37 |
|
|
|
Vested |
(68 |
) |
|
37 |
|
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|
Forfeited |
(11 |
) |
|
36 |
|
|
|
Outstanding and non-vested at September 30, 2013 |
187 |
|
|
$ |
35 |
|
|
$ |
6,638 |
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Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
2,289 |
|
|
$ |
1,502 |
|
Tax benefit for non-vested share compensation |
872 |
|
|
581 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
4,508 |
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|
4,035 |
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|
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 calculation were as follows:
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Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Expected stock price volatility |
34.5 |
% |
|
40.8 |
% |
Weighted average risk-free interest rate |
0.4 |
% |
|
0.4 |
% |
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 September 30, 2013 |
|
|
|
Weighted- |
|
Aggregate |
|
Performance |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2013 |
88 |
|
|
$ |
37 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2013 |
88 |
|
|
$ |
37 |
|
|
$ |
3,278 |
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Three months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for performance shares |
$ |
275 |
|
|
$ |
185 |
|
Tax benefit for performance share compensation |
105 |
|
|
72 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
1,465 |
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|
1,356 |
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Nine months ended September 30, 2013 |
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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, 2012 |
62 |
|
|
$ |
36 |
|
|
|
Granted |
26 |
|
|
40 |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2013 |
88 |
|
|
$ |
37 |
|
|
$ |
3,278 |
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Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for performance shares |
$ |
780 |
|
|
$ |
515 |
|
Tax benefit for performance share compensation |
297 |
|
|
199 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
1,465 |
|
|
1,356 |
|
|
|
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 September 30, 2013 |
|
|
|
Weighted- |
|
Aggregate |
|
Non-vested |
|
Average |
|
Grant Date |
|
Shares |
|
Grant Date |
|
Fair Value |
|
(000) |
|
Fair Value |
|
(000) |
Outstanding and non-vested at June 30, 2013 |
15 |
|
|
$ |
38 |
|
|
|
Granted |
— |
|
|
— |
|
|
|
Vested |
— |
|
|
— |
|
|
|
Outstanding and non-vested at September 30, 2013 |
15 |
|
|
$ |
38 |
|
|
$ |
560 |
|
|
|
|
|
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|
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|
Three months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
141 |
|
|
$ |
161 |
|
Tax benefit for non-vested share compensation |
54 |
|
|
62 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
335 |
|
|
385 |
|
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|
Nine months ended September 30, 2013 |
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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, 2012 |
20 |
|
|
$ |
32 |
|
|
|
Granted |
15 |
|
|
38 |
|
|
|
Vested |
(20 |
) |
|
32 |
|
|
|
Outstanding and non-vested at September 30, 2013 |
15 |
|
|
$ |
38 |
|
|
$ |
560 |
|
|
|
|
|
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|
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|
Nine months ended |
|
September 30,
2013 |
|
September 30,
2012 |
Shared-based compensation for non-vested shares |
$ |
448 |
|
|
$ |
526 |
|
Tax benefit for non-vested share compensation |
171 |
|
|
204 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
335 |
|
|
385 |
|
|