XML 77 R34.htm IDEA: XBRL DOCUMENT v3.3.0.814
Share-Based Compensation and Capital Stock (Tables)
 9 Months Ended
Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted Average Assumptions Of Black-Scholes Option-Pricing Model
The fair value of the options granted was estimated on the grant date using the Black-Scholes option-pricing model with the following weighted average assumptions:
        
 
2015 Grants
 
2014 Grants
Risk-free interest rate
1.45
%
 
1.56
%
Expected volatility
23.94
%
 
25.01
%
Expected life of stock option
4.6 years

 
4.5 years

Dividend yield
1.23
%
 
1.62
%
Requisite service period
4 years

 
4 years

Contractual life
7 years

 
7 years

Weighted average fair value of options granted (per option)
$
12.39

 
$
8.82
Summary Of Activity Related To Restricted Stock Grants
The following table is a summary of activity related to restricted stock grants: 
 
Three Months Ended
Nine Months Ended
 
September 30,
September 30,
 
2015
 
2014
2015
 
2014
Restricted share grants
7,836

 
2,853

114,281

 
149,908

Weighted average grant date fair value per share
$
51.07

 
$
52.59

$
62.45

 
$
46.58

Aggregate grant date fair value ($000)
$
400

 
$
150

$
7,137

 
$
6,983

Restricted shares forfeited
9,522

 
13,922

17,964

 
18,218

Vesting service period of shares granted
24 - 48 months

 
36 months

12 - 48 months

 
12 - 48 months

Fair value of shares vested ($000)
$
553

 
$
2,076

$
12,292

 
$
10,280
Summary Of Activity Related To PVRSU Grants
The following table is a summary of activity related to PVRSU grants:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Performance vested restricted stock units granted at target
—

 
—

 
51,309

 
24,678

Weighted average grant date fair value per share
$
—

 
$
—

 
$
60.94

 
$
45.59

Aggregate grant date fair value ($000)
$
—

 
$
—

 
$
3,126

 
$
1,125

Stock units forfeited
6,079

 
3,900

 
6,079

 
3,900

Requisite service period
—

 
—

 
36 - 43 months

 
36 months
Summary Of Change In Stock-Based Award Activity
A summary of stock-based award activity as of September 30, 2015 and changes during the nine months ended are presented below:
 
Stock Options
 
Restricted Stock
 
Performance Vested
Restricted Stock Units
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Shares
 
Weighted
Average
Grant Date
Fair Value
 
Shares
 
Weighted
Average
Grant Date
Fair Value
Outstanding at January 1, 2015
1,903,177

 
$
33.03

 
 
 
479,556

 
$
40.14

 
200,286

 
$
38.28

Granted
498,911

 
$
63.47

 
 
 
114,281

 
$
62.45

 
51,309

 
$
60.94

Performance based leveraging (1)
—

 
$
—

 
 
 
—

 
$
—

 
3,850

 
$
35.60

Exercised/Vested
(263,600
)
 
$
24.21

 
 
 
(200,360
)
 
$
38.93

 
(42,326
)
 
$
35.60

Expired
—

 
$
—

 
 
 
—

 
$
—

 
—

 
$
—

Forfeited
(21,437
)
 
$
54.91

 
 
 
(17,964
)
 
$
45.99

 
(6,079
)
 
$
32.90

Outstanding at September 30, 2015
2,117,051

 
$
41.08

 
4.2 years
 
375,513

 
$
47.30

 
207,040

 
$
44.55

Options exercisable at September 30, 2015
1,022,639

 
$
29.32

 
2.5 years
 
 
 
 
 
 
 
 

_________________________________ 
(1)PVRSU units outstanding have been increased by 3,850 units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2015.
Pre-Tax Stock-Based Compensation Expenses And Associated Income Tax Benefits
The components of the Company’s pretax share-based compensation expense and associated income tax benefits are as follows for the three and nine months ended September 30, 2015 and 2014:
 
Three Months Ended
 
Nine Months Ended
 
September 30,
 
September 30,
(in millions)
2015
 
2014
 
2015
 
2014
Stock options
$
0.8

 
$
0.6

 
$
2.4

 
$
1.7

Restricted stock
1.6

 
1.7

 
5.1

 
5.5

Performance vested restricted stock units
1.0

 
0.8

 
1.6

 
0.7

Total
$
3.4

 
$
3.1

 
$
9.1

 
$
7.9

Income tax benefits
$
1.3

 
$
1.1

 
$
3.4

 
$
2.9