Stock-Based Compensation Plans (Tables)
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3 Months Ended |
Mar. 31, 2016 |
Share-based Compensation [Abstract] |
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Weighted Average Assumptions Used To Determine The Options Fair Value |
The following table presents the weighted average assumptions used to determine the fair value of options granted in the three month periods ending March 31, 2016 and 2015. | | | | | | | | Three Months Ended | | March 31, | | March 31, | | 2016 | | 2015 | Expected dividend yield | 0.9 | % | | 0.9 | % | Expected volatility | 25.2 | % | | 26.5 | % | Risk-free rate | 1.3 | % | | 1.3 | % | Expected option life (in years) | 4.5 |
| | 4.5 |
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Summary Of Stock Option Activity |
A summary of the Company's stock option activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: | | | | | | | | | | | | | | Stock Options | Common Shares | | Weighted Average Strike Price | | Remaining Contractual Term (1) | | Intrinsic Value (2) ($000) | Outstanding at January 1, 2016 | 1,551,734 |
| | $ | 41.32 |
| | | | | Granted | 554,107 |
| | 40.87 |
| | | | | Exercised | (19,110 | ) | | 32.86 |
| | | | | Forfeited or canceled | (57,004 | ) | | 51.08 |
| | | | | Outstanding at March 31, 2016 | 2,029,727 |
| | $ | 41.00 |
| | 5.0 | | $ | 7,951 |
| Exercisable at March 31, 2016 | 983,659 |
| | $ | 39.13 |
| | 3.8 | | $ | 5,885 |
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| | | | | | | | | | | | | | Stock Options | Common Shares | | Weighted Average Strike Price | | Remaining Contractual Term (1) | | Intrinsic Value (2) ($000) | Outstanding at January 1, 2015 | 1,618,426 |
| | $ | 43.00 |
| | | | | Conversion of options of acquired company | 16,364 |
| | 21.18 |
| | | | | Granted | 487,259 |
| | 44.11 |
| | | | | Exercised | (51,522 | ) | | 31.50 |
| | | | | Forfeited or canceled | (175,579 | ) | | 54.40 |
| | | | | Outstanding at March 31, 2015 | 1,894,948 |
| | $ | 42.35 |
| | 4.6 | | $ | 11,649 |
| Exercisable at March 31, 2015 | 1,158,991 |
| | $ | 41.00 |
| | 3.3 | | $ | 9,291 |
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| | (1) | Represents the remaining weighted average contractual life in years. |
| | (2) | Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. |
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Summary Of Plans' Restricted Share And Performance-Vested Stock Award Activity |
A summary of the Plans' restricted share activity for the three months ended March 31, 2016 and March 31, 2015 is presented below: | | | | | | | | | | | | | | | | Three months ended March 31, 2016 | | Three months ended March 31, 2015 | Restricted Shares | Common Shares |
| Weighted Average Grant-Date Fair Value |
| Common Shares |
| Weighted Average Grant-Date Fair Value | Outstanding at January 1 | 137,593 |
| | $ | 49.63 |
| | 146,112 |
| | $ | 47.45 |
| Granted | 10,516 |
| | 40.77 |
| | 12,300 |
| | 44.11 |
| Vested and issued | (3,726 | ) | | 43.87 |
| | (4,925 | ) | | 36.74 |
| Outstanding at March 31 | 144,383 |
| | $ | 49.14 |
| | 153,487 |
| | $ | 47.53 |
| Vested, but not issuable at March 31 | 88,493 |
| | $ | 51.43 |
| | 85,000 |
| | $ | 51.88 |
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A summary of the Plans' performance-based stock award activity, based on the target level of the awards, for the three months ended March 31, 2016 and March 31, 2015 is presented below: | | | | | | | | | | | | | | | | Three months ended March 31, 2016 | | Three months ended March 31, 2015 | Performance-based Stock | Common Shares | | Weighted Average Grant-Date Fair Value | | Common Shares | | Weighted Average Grant-Date Fair Value | Outstanding at January 1 | 276,533 |
| | $ | 43.01 |
| | 295,679 |
| | $ | 38.18 |
| Granted | 116,576 |
| | 40.87 |
| | 102,828 |
| | 44.11 |
| Vested and issued | (78,410 | ) | | 37.90 |
| | (78,590 | ) | | 31.10 |
| Forfeited | (7,417 | ) | | 39.32 |
| | (29,926 | ) | | 31.41 |
| Outstanding at March 31 | 307,282 |
| | $ | 43.59 |
| | 289,991 |
| | $ | 42.90 |
| Vested, but deferred at March 31 | 6,612 |
| | $ | 37.85 |
| | — |
| | $ | — |
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