Share-Based Compensation and Capital Stock (Tables)

9 Months Ended

Sep. 30, 2017

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:

	2017 Grants			2016 Grants
Risk-free interest rate	1.76		%	1.22		%
Expected volatility	21.65		%	23.76		%
Expected life of stock option	4.6 years			4.6 years
Dividend yield	1.42		%	1.59		%
Requisite service period	4 years			4 years
Contractual life	7 years			7 years
Weighted average fair value of options granted (per option)	$	10.80		$	9.30

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,
	2017		2016		2017		2016
Restricted share grants	21,562		21,357		167,142		188,509
Weighted average grant date fair value per share	$	62.34	$	48.03	$	61.19	$	51.21
Aggregate grant date fair value ($000)	$	1,344	$	1,026	$	10,227	$	9,654
Restricted shares forfeited	331		14,072		23,599		23,686
Vesting service period of shares granted	24 - 48 months		36 - 48 months		12 - 48 months		12 - 48 months
Fair value of shares vested ($000)	$	2,766	$	180	$	10,677	$	7,363

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,
	2017		2016		2017		2016
Performance vested restricted stock units granted at target	3,545		10,387		162,523		89,944
Weighted average grant date fair value per share	$	62.00	$	48.14	$	60.63	$	47.85
Aggregate grant date fair value ($000)	$	220	$	500	$	9,853	$	4,304
Stock units forfeited	331		26,363		72,117		54,556
Requisite service period	30 months		9 - 24 months		30 - 36 months		9 - 43 months

Summary Of Change In Stock-Based Award Activity

A summary of stock-based award activity as of September 30, 2017 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, 2017	2,193,502		$	48.26		407,812		$	50.61	235,980		$	47.59
Granted	187,400		60.64			167,142		61.19		162,523		60.63
Performance based leveraging (1)										9,491		45.59
Exercised/Vested	(257,167	)	38.11			(177,050	)	49.99		(38,329	)	46.19
Expired	(10,133	)	56.95			—		—		—		—
Forfeited	(30,300	)	54.23			(23,599	)	54.68		(72,117	)	38.89
Outstanding at September 30, 2017	2,083,302		$	50.49	4.3 years	374,305		$	55.37	297,548		$	56.95
Options exercisable at September 30, 2017	1,376,077		$	48.47	3.9 years

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⁽¹⁾PVRSU units outstanding have been increased by 9,491units due to the Company exceeding the targeted performance conditions contained in PVRSUs granted in prior periods during the nine months ended September 30, 2017.

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, 2017 and 2016:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions)	2017		2016		2017		2016
Stock options	$	6.4	$	1.0	$	8.6	$	3.6
Restricted stock	3.9		1.7		7.3		5.7
Performance vested restricted stock units	3.7		0.4		5.8		1.7
Total	$	14.0	$	3.1	$	21.7	$	11.0
Income tax benefits	$	5.2	$	1.1	$	8.0	$	4.1