XML 71 R52.htm IDEA: XBRL DOCUMENT v3.3.1.900
Share-based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of weighted average assumptions used to estimate the grant date fair value of options granted
The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the years ended December 31, 2015, 2014, and 2013.
 
2015
 
2014
 
2013

Dividend yield
1.97
%
 
1.60
%
 
1.92
%
Expected life of option
3.6 years

 
3.6 years

 
4.1 years

Risk-free interest rate
1.43
%
 
1.29
%
 
0.96
%
Expected stock price volatility
32.34
%
 
33.97
%
 
36.12
%
Summary of the status of stock options and changes during the period
A summary of the status of the Company's stock options as of December 31, 2015, 2014, and 2013 and changes during the years ended December 31, 2015, 2014, and 2013 are as follows:
 
2015
 
2014
2013
 
Options Outstanding
 
Weighted Average
Exercise Price
 
Options Outstanding
 
Weighted Average
Exercise Price
Options
Outstanding
 
Weighted
Average
Exercise
Price
Balance at beginning of year
$
1,462,726

 
$
87.98

 
$
1,765,034

 
$
83.24

$
1,201,000

 
$
75.05

Granted
389,836

 
112.54

 
102,050

 
119.12

828,100

 
87.23

Exercised
(217,438
)
 
74.69

 
(348,156
)
 
72.76

(223,531
)
 
53.93

Lapsed or cancelled
(40,117
)
 
98.61

 
(56,202
)
 
90.03

(40,535
)
 
83.94

Balance at end of year
$
1,595,007

 
$
95.52

 
$
1,462,726

 
$
87.98

$
1,765,034

 
$
83.24

Options exercisable at end of year
589,055

 
$
89.85

 
428,951

 
$
90.32

$
461,458

 
$
89.38

Weighted average fair value of options granted during the year
$
9,522,613

 
 

 
$
2,841,678

 
 

$
18,041,576

 
 
Summary of restricted stock and charges during the period
A summary of the Company's restricted stock as of December 31, 2015, 2014, and 2013 and charges during the years ended December 31, 2015, 2014, and 2013 are as follows:
 
2015
 
2014
 
2013
Balance at beginning of year
3,000,979

 
2,994,197

 
2,804,901

Granted
143,053

 
9,550

 
192,563

Cancelled
(6,151
)
 
(2,768
)
 
(3,267
)
Balance at end of year
3,137,881

 
3,000,979

 
2,994,197

Vested during the year
87,081

 
75,043

 
21,074

Compensation expense recorded
$
7,540,747

 
$
9,658,019

 
$
6,713,155

Weighted average fair value of restricted stock granted during the year
$
16,061,201

 
$
1,141,675

 
$
17,386,949