Quarterly report pursuant to Section 13 or 15(d)

Share-Based Payments (Tables)

v3.7.0.1
Share-Based Payments (Tables)
3 Months Ended
Mar. 31, 2017
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:


Three months ended March 31, 2017



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2016
222


$
45



Granted
126


48



Vested
(101
)

45



Forfeited
(5
)

46



Outstanding and non-vested at March 31, 2017
242


$
47


$
11,320



Three months ended

March 31,
2017

March 31,
2016
Share-based compensation for non-vested shares
$
1,246


$
1,082

Tax benefit for non-vested share compensation
$
459


$
403

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
10,470


$
9,363

Weighted average period over which unrecognized compensation will be recognized (years)
2.3




 
 
 
 
 
 
 
 
 
 
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 estimate were as follows:


Three months ended

March 31,
2017

March 31,
2016
Expected stock price volatility
24.7
%

22.3
%
Weighted average risk-free interest rate
1.4
%

0.8
%

The following tables summarize the Company’s employee performance share activity, assuming median share awards, and related information:

Three months ended March 31, 2017



Weighted-

Aggregate

Performance

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2016
80


$
55



Granted
25


56



Forfeited
(29
)

$
50



Outstanding and non-vested at March 31, 2017
76


$
57


$
4,327



Three months ended

March 31,
2017

March 31,
2016
Share-based compensation for performance shares
$
184


$
351

Tax benefit for performance share compensation
$
68


$
131

Unrecognized compensation cost for performance shares, net of estimated forfeitures
$
2,612


$
2,805

Weighted average period over which unrecognized compensation will be recognized (years)
2.2




 
 
 
 
 
 
 
 
 
 
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:

Three months ended March 31, 2017



Weighted-

Aggregate

Non-vested

Average

Grant Date

Shares

Grant Date

Fair Value

(000)

Fair Value

(000)
Outstanding and non-vested at December 31, 2016
16


$
44



Granted





Vested





Outstanding and non-vested at March 31, 2017
16


$
44


$
688



Three months ended

March 31,
2017

March 31,
2016
Share-based compensation for non-vested shares
$
169


$
171

Tax benefit for non-vested share compensation
$
63


$
64

Unrecognized compensation cost for non-vested shares, net of estimated forfeitures
$
77


$
114

Weighted average period over which unrecognized compensation will be recognized (years)
0.1




 
 
 
 
 
 

 
 
 
 
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 estimate their fair value during the three months ended March 31, 2017 and 2016 were as follows:

 
 
 
 

Three months ended

March 31,
2017

March 31,
2016
Expected dividend yield
1.3
%

1.0
%
Expected stock price volatility
28.7
%

29.0
%
Weighted average risk-free interest rate
2.0
%

1.3
%
Expected life of options (years)
6.0


6.0

Weighted average grant date fair value
$
13


$
12

 
 
 
 

The following tables summarize the Company’s employee stock option activity and related information:


Three months ended March 31, 2017







Weighted-



Weighted-

Aggregate

Average



Average

Intrinsic

Remaining

Options

Exercise

Value

Contractual

(000)

Price

(000)

Term
Outstanding at December 31, 2016
564


$
41





Granted
118


48





Exercised
(47
)

32





Forfeited
(13
)

46





Outstanding at March 31, 2017
622


$
42


$
3,765


4.4
Exercisable at March 31, 2017
381


$
40


$
3,334


3.2
 

Three months ended

March 31,
2017

March 31,
2016
Share-based compensation for options
$
363


$
348

Tax benefit for option compensation
$
134


$
129

Unrecognized compensation cost for options, net of estimated forfeitures
$
2,683


$
2,789

Weighted average period over which unrecognized compensation will be recognized (years)
2.3