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Share-Based Payments (Tables)
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3 Months Ended |
|
Mar. 31, 2015
|
| 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 calculate their fair value during the three months ended March 31, 2015 and 2014 were as follows:
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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Expected dividend yield |
1.0 |
% |
|
1.2 |
% |
Expected stock price volatility |
33.9 |
% |
|
40.6 |
% |
Weighted average risk-free interest rate |
1.6 |
% |
|
1.6 |
% |
Expected life of options (years) |
6.1 |
|
|
5.4 |
|
Weighted average grant date fair value |
$ |
16 |
|
|
$ |
15 |
|
The following tables summarize the Company’s employee stock option activity and related information:
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Three months ended March 31, 2015 |
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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, 2014 |
1,363 |
|
|
$ |
28 |
|
|
|
|
|
Granted |
82 |
|
|
51 |
|
|
|
|
|
Exercised |
(481 |
) |
|
27 |
|
|
|
|
|
Forfeited |
(14 |
) |
|
29 |
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|
Outstanding at March 31, 2015 |
950 |
|
|
$ |
30 |
|
|
$ |
19,625 |
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|
3.1 |
Exercisable at March 31, 2015 |
757 |
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|
$ |
27 |
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|
$ |
18,515 |
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|
2.3 |
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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Shared-based compensation for options |
$ |
336 |
|
|
$ |
314 |
|
Tax benefit for option compensation |
$ |
129 |
|
|
$ |
120 |
|
Unrecognized compensation cost for options, net of estimated forfeitures |
$ |
2,609 |
|
|
$ |
2,561 |
|
|
| 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, 2015 |
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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, 2014 |
190 |
|
|
$ |
40 |
|
|
|
Granted |
100 |
|
|
51 |
|
|
|
Vested |
(92 |
) |
|
39 |
|
|
|
Forfeited |
(1 |
) |
|
38 |
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|
Outstanding and non-vested at March 31, 2015 |
197 |
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|
$ |
46 |
|
|
$ |
9,017 |
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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Shared-based compensation for non-vested shares |
$ |
988 |
|
|
$ |
925 |
|
Tax benefit for non-vested share compensation |
$ |
380 |
|
|
$ |
352 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
8,398 |
|
|
$ |
6,982 |
|
|
| 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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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Expected stock price volatility |
23.5 |
% |
|
32.5 |
% |
Weighted average risk-free interest rate |
1.0 |
% |
|
0.7 |
% |
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, 2015 |
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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, 2014 |
74 |
|
|
$ |
44 |
|
|
|
Granted |
27 |
|
|
67 |
|
|
|
Additional shares awarded based on performance |
— |
|
|
— |
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|
Vested |
(24 |
) |
|
45 |
|
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|
Outstanding and non-vested at March 31, 2015 |
77 |
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|
$ |
52 |
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|
$ |
4,016 |
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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Shared-based compensation for performance shares |
$ |
302 |
|
|
$ |
275 |
|
Tax benefit for performance share compensation |
$ |
116 |
|
|
$ |
105 |
|
Unrecognized compensation cost for performance shares, net of estimated forfeitures |
$ |
2,733 |
|
|
$ |
2,048 |
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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, 2015 |
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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, 2014 |
15 |
|
|
$ |
44 |
|
|
|
Granted |
— |
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|
— |
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Vested |
— |
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|
— |
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|
Outstanding and non-vested at March 31, 2015 |
15 |
|
|
$ |
44 |
|
|
$ |
650 |
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Three months ended |
|
March 31,
2015 |
|
March 31,
2014 |
Shared-based compensation for non-vested shares |
$ |
160 |
|
|
$ |
138 |
|
Tax benefit for non-vested share compensation |
$ |
61 |
|
|
$ |
53 |
|
Unrecognized compensation cost for non-vested shares, net of estimated forfeitures |
$ |
96 |
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|
$ |
57 |
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