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Share-Based Compensation and Capital Stock (Tables)
 12 Months Ended
Dec. 31, 2016
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:
 
 
2016
 
2015
 
2014
Risk-free interest rate
1.22
%
 
1.45
%
 
1.56
%
Expected volatility
23.76
%
 
23.94
%
 
25.01
%
Expected life of stock option
4.6 years

 
4.6 years

 
4.5 years

Dividend yield
1.59
%
 
1.23
%
 
1.62
%
Requisite service period
4 years

 
4 years

 
4 years

Contractual life
7 years

 
7 years

 
7 years

Weighted average fair value of options granted (per option)
$
9.30

 
$
12.39

 
$
8.82
Schedule of Options Outstanding and Exercisable
The following table summarizes information about stock options outstanding at December 31, 2016:
 
 
Options Outstanding
 
Options Exercisable
Range of Exercise Prices
Number
Outstanding at
December 31,
2016
 
Weighted Average
Remaining
Contractual Life
 
Weighted
Average
Exercise Price
 
Number
Exercisable at
December 31,
2016
 
Weighted
Average
Exercise Price
$24.38 to $29.25
154,880

 
2.1 years

 
$
27.03

 
154,880

 
$
27.03

$29.26 to $34.12
144,696

 
1.1 years

 
$
31.31

 
144,696

 
$
31.31

$34.13 to $39.00
154,537

 
3.1 years

 
$
36.76

 
115,893

 
$
36.76

$39.01 to $43.87
—

 
—

 
$
—

 
—

 
$
—

$43.88 to $48.75
582,017

 
4.2 years

 
$
45.59

 
289,114

 
$
45.59

$48.76 to $65.00
1,157,372

 
5.8 years

 
$
56.09

 
112,386

 
$
63.47

 
2,193,502

 
4.6 years

 
$
48.26

 
816,969

 
$
40.75
Summary of Activity Related to Restricted Stock Grants
The following table is a summary of activity related to restricted stock grants for the year ended December 31:
 
 
2016
 
2015
 
2014
Restricted shares granted
204,333

 
125,510

 
154,833

Weighted average grant date fair value per share
$
51.53

 
$
61.41

 
$
46.81

Aggregate grant date fair value ($000)
$
10,529

 
$
7,707

 
$
7,248

Restricted shares forfeited
28,996

 
19,833

 
23,804

Vesting service period of shares granted
12 - 48 months

 
12 - 48 months

 
12 - 48 months

Fair value of shares vested ($000)
$
7,506

 
$
12,311

 
$
10,280
Summary of Activity Related to PVRSU Grants
The following table is a summary of activity related to PVRSU grants for the years ended December 31, 2016, 2015 and 2014:
 
 
2016
 
2015
 
2014
Performance vested restricted stock units granted at target
89,944

 
71,006

 
24,678

Weighted average grant date fair value per share
$
47.85

 
$
58.12

 
$
45.59

Aggregate grant date fair value ($000)
$
4,304

 
$
4,127

 
$
1,125

Stock units forfeited
54,556

 
6,079

 
22,099

Requisite service period
9-43 months
 
36-43 months
 
36 months
Summary of Change in Stock-Based Award Activity
A summary of stock-based award activity as of December 31, 2016, 2015 and 2014 and the changes during the years are presented below:
 
 
2016
 
Stock Options
 
Restricted Stock
 
Performance Vested
Restricted Stock Units
 
Options
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining Contractual
Life
 
Shares
 
Weighted
Average Grant
Date Fair Value
 
Shares
 
Weighted
Average Grant
Date Fair Value
Outstanding at January 1, 2016
2,084,201

 
$
41.36

 
 
 
384,490

 
$
47.40

 
226,737

 
$
45.09

Granted
745,769

 
$
51.49

 
 
 
204,333

 
$
51.53

 
89,944

 
$
47.85

Performance-Based Leveraging*
—

 
$
—

 
 
 
—

 
$
—

 
2,043

 
$
36.76

Exercised/Vested
(529,210
)
 
$
24.47

 
 
 
(152,015
)
 
$
43.61

 
(28,188
)
 
$
36.76

Expired
(13,620
)
 
$
57.62

 
 
 
—

 
$
—

 
—

 
$
—

Forfeited
(93,638
)
 
$
53.63

 
 
 
(28,996
)
 
$
51.22

 
(54,556
)
 
$
42.82

Outstanding at December 31, 2016
2,193,502

 
$
48.26

 
4.6 years
 
407,812

 
$
50.61

 
235,980

 
$
47.59

Options exercisable at December 31, 2016
816,969

 
$
40.75

 
3.3 years
 
 
 
 
 
 
 
 

* PVRSU units outstanding have been increased by 2,043 units during the year ended December 31, 2016, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.

 
2015
 
Stock Options
 
Restricted Stock
 
Performance Vested
Restricted Stock Units
 
Options
 
Weighted
Average
Exercise Price
 
Weighted
Average
Remaining Contractual
Life
 
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

 

 
125,510

 
$
61.41

 
71,006

 
$
58.12

Performance-Based Leveraging*
—

 
$
—

 

 
—

 
$
—

 
3,850

 
$
35.60

Exercised/Vested
(295,037
)
 
$
23.91

 
 
 
(200,743
)
 
$
38.94

 
(42,326
)
 
$
35.60

Expired
—

 
$
—

 

 
—

 
$
—

 
—

 
$
—

Forfeited
(22,850
)
 
$
55.44

 

 
(19,833
)
 
$
46.17

 
(6,079
)
 
$
32.90

Outstanding at December 31, 2015
2,084,201

 
$
41.36

 
4.0 years
 
384,490

 
$
47.40

 
226,737

 
$
45.09

Options exercisable at December 31, 2015
991,202

 
$
29.57

 
2.3 years
 
 
 
 
 
 
 
 

* PVRSU units outstanding have been increased by 3,850 units during the year ended December 31, 2015, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.


 
2014
 
Stock Options
 
Restricted Stock
 
Performance Vested
Restricted Stock Units
 
Options
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining Contractual
Life
 
Shares
 
Weighted
Average Grant
Date Fair Value
 
Shares
 
Weighted
Average Grant
Date Fair Value
Outstanding at January 1, 2014
1,661,952

 
$
26.44

 
 
 
563,345

 
$
36.64

 
216,342

 
$
37.34

Granted
651,757

 
$
45.59

 
 
 
154,833

 
$
46.81

 
24,678

 
$
45.59

Performance-Based Leveraging*
—

 
$
—

 
 
 
—

 
$
—

 
10,251

 
$
41.25

Exercised/Vested
(390,290
)
 
$
25.87

 
 
 
(214,818
)
 
$
35.91

 
(28,886
)
 
$
41.25

Expired
—

 
$
—

 
 
 
—

 
$
—

 
—

 
$
—

Forfeited
(20,242
)
 
$
34.33

 
 
 
(23,804
)
 
$
38.97

 
(22,099
)
 
$
34.77

Outstanding at December 31, 2014
1,903,177

 
$
33.03

 
3.8 years
 
479,556

 
$
40.14

 
200,286

 
$
38.28

Options exercisable at December 31, 2014
995,173

 
$
25.06

 
2.0 years
 
 
 
 
 
 
 
 


* PVRSU units outstanding have been increased by 10,251 units during the year ended December 31, 2014, due to the Company exceeding the targeted performance conditions contained in PVRSU's granted in prior periods.
Pre-Tax Stock-Based Compensation Expenses and Associated Income Tax Benefits
The components of the Company’s pretax stock-based compensation expense and associated income tax benefits are as follows for the years ended December 31:
 
(in millions)
2016
 
2015
 
2014
Stock options
$
4.6

 
$
3.4

 
$
2.4

Restricted stock
7.5

 
6.8

 
7.2

Performance vested restricted stock units
2.5

 
1.9

 
(0.2
)
Total
$
14.6

 
$
12.1

 
$
9.4

Income tax benefits
$
5.4

 
$
4.5

 
$
3.5
Schedule of Unrecognized Compensation Cost, Nonvested Awards
The total unrecognized compensation costs related to stock-based awards that have not yet vested and the related weighted average amortization period over which the costs are to be recognized as of December 31, 2016 are as follows:
 
 
Unrecognized
Compensation
Expense on Unvested
Awards
 
Weighted
Average Remaining
Amortization
Period
 
(in millions)
 
 
Stock options
$
9.8

 
2.6 years
Restricted stock
13.8

 
2.5 years
Performance vested restricted stock units
4.5

 
2.0 years
Total
$
28.1