Stock-Based Compensation and Stock Awards (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Schedule of Option Activity |
Option activity for the year ended December 31, 2015 was as
follows:
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Number of
Options |
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Weighted
Average
Price |
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Aggregate
intrinsic value
(in millions) |
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Weighted Average
Remaining
Contractual Life
(in years) |
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Outstanding at December 31, 2014
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459,247 |
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55.86 |
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Granted
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— |
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— |
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Exercised
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(38,500 |
) |
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56.37 |
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Forfeited
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(5,625 |
) |
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68.23 |
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Outstanding at December 31, 2015
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415,122 |
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$ |
55.64 |
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$ |
3.4 |
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4.2 |
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Exercisable at December 31, 2015
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415,122 |
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$ |
55.64 |
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$ |
3.4 |
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4.2 |
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| Summary of RSA Activity |
The Company’s RSA activity and related information is
presented below:
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RSA
Number of
Shares |
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Weighted
Average
Grant Date
Fair Value
Per Share |
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Nonvested balance at December 31, 2014
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160,154 |
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$ |
93.78 |
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Granted
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123,224 |
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|
66.02 |
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Vested
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(79,797 |
) |
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89.10 |
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Forfeited
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(9,985 |
) |
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96.29 |
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Nonvested balance at December 31, 2015
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193,596 |
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$ |
77.91 |
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| Summary of PSA Activity |
The Company’s Performance Unit activity and related
information is presented below:
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Number of
Performance
Units |
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Weighted
Average
Grant Date
Fair Value
Per
Unit |
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Nonvested balance at December 31, 2014
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123,786 |
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$ |
113.98 |
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Granted
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67,346 |
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79.25 |
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Vested
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(48,086 |
) |
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84.66 |
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Forfeited
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(3,478 |
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114.50 |
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Nonvested balance at December 31, 2015
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139,568 |
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$ |
107.31 |
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| Schedule of DSA Activity |
The Company DSA activity for December 31, 2015 is presented
below:
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DSA Number of
Shares |
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Weighted
Average
Grant Date
Fair Value
Per
Share |
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Nonvested balance at December 31, 2014
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1,204 |
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$ |
89.40 |
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Granted
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|
6,843 |
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|
68.73 |
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Vested
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(1,885 |
) |
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72.00 |
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Forfeited
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— |
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— |
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Nonvested balance at December 31, 2015
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6,162 |
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$ |
71.77 |
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| Schedule of Information for Stock Option Plans |
The following table summarizes information for equity compensation
plans in effect as of December 31, 2015:
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Number of securities
to be issued upon
exercise of
outstanding options(1) |
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Weighted-average
exercise price of
outstanding options |
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Number of securities
remaining available for
future issuance under
equity compensation plan
(excluding securities
reflected in column (a)) |
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Plan category
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(a) |
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(b) |
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(c) |
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Equity compensation plans approved by stockholders
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Stock options
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415,122 |
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$ |
55.64 |
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|
441,914 |
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Equity compensation plans not approved by stockholders
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— |
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— |
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— |
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Total
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415,122 |
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$ |
55.64 |
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441,914 |
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| (1) |
Excludes 199,758 shares of unvested
RSAs and DSAs and 139,568 of unvested Performance Units, which were
granted pursuant to the 2004 Plan approved by the
stockholders. |
|
| Monte Carlo Simulation [Member] |
|
| Schedule of Assumptions Used in Monte Carlo Simulation |
Assumptions used in the Monte Carlo simulation are as follows:
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2014 |
|
2015 |
|
Grant date
|
|
October 28, 2014 |
|
October 28, 2015 |
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Performance period
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October 1, 2014 to September 30, 2017 |
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October 1, 2015 to September 30, 2018 |
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Volatility
|
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27.8% |
|
29.5% |
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Risk-free interest rate
|
|
0.8081% |
|
0.9795% |
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Grant date price
|
|
$91.02 |
|
$65.72 |
|