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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2013
Share-Based Compensation [Abstract]  
Share-Based Compensation Options Outstanding Rollforward

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

Weighted

 

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

 

 

Average

 

 

 

Number

 

 

Exercise

 

 

Number

 

 

Exercise

 

 

Number

 

 

Exercise

 

 

 

of

 

 

Price

 

 

of

 

 

Price

 

 

of

 

 

Price

 

 

 

Options

 

 

per Share

 

 

Options

 

 

per Share

 

 

Options

 

 

per Share

Options outstanding January 1,

 

 

2,253,510 

 

$

76.14 

 

 

2,591,066 

 

$

74.30 

 

 

2,950,892 

 

$

69.43 

Granted

 

 

235,000 

 

 

153.89 

 

 

35,000 

 

 

144.97 

 

 

135,000 

 

 

120.77 

Exercised

 

 

(286,299)

 

 

71.06 

 

 

(341,156)

 

 

68.26 

 

 

(448,826)

 

 

58.86 

Cancelled

 

 

(28,000)

 

 

55.25 

 

 

(31,400)

 

 

55.54 

 

 

(46,000)

 

 

48.95 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options outstanding December 31,

 

 

2,174,211 

 

$

85.49 

 

 

2,253,510 

 

$

76.14 

 

 

2,591,066 

 

$

74.30 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable at December 31,

 

 

1,581,954 

 

$

76.29 

 

 

1,401,883 

 

$

76.23 

 

 

1,200,356 

 

$

76.94 

 

Share-Based Compensation Valuation Assumptions

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

2012

 

 

 

2011

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock option expense for the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in 000's)

 

$

3,468 

 

 

 

 

$

3,036 

 

 

 

 

$

3,445 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Aggregate exercise date intrinsic value of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

options exercised during the year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in 000's)

 

$

23,337 

 

 

 

 

$

23,948 

 

 

 

 

$

23,703 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average assumptions used in valuing options with the Black-Scholes method:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expected life of options in years, based upon historical experience

 

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

0.8% 

 

 

 

 

 

0.8% 

 

 

 

 

 

1.2% 

 

Expected volatility, based upon historical volatility

 

 

25.8% 

 

 

 

 

 

24.5% 

 

 

 

 

 

18.8% 

 

Expected dividend yield

 

 

3.3% 

 

 

 

 

 

3.1% 

 

 

 

 

 

3.3% 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average estimated value of options

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

granted during the year

 

$

23.83 

 

 

 

 

$

20.71 

 

 

 

 

$

13.01 

 

 

Share-Based Compensation Restricted Units Outstanding And Vesting

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

2012

 

2011

 

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

Number of

 

 

Grant Date

 

 

 

Restricted

 

 

Aggregate

 

 

Restricted

 

 

Aggregate

 

 

Restricted

 

 

Aggregate

 

 

 

Share Units

 

 

Fair Value

 

 

Share Units

 

 

Fair Value

 

 

Share Units

 

 

Fair Value

Restricted share units outstanding January 1,

 

 

642,647 

 

$

67,473 

 

 

701,499 

 

$

66,514 

 

 

484,395 

 

$

39,896 

Granted

 

 

197,675 

 

 

30,774 

 

 

159,133 

 

 

21,721 

 

 

381,025 

 

 

40,570 

Vested

 

 

(154,535)

 

 

(15,657)

 

 

(151,775)

 

 

(14,507)

 

 

(92,039)

 

 

(7,655)

Forfeited

 

 

(49,458)

 

 

(5,306)

 

 

(66,210)

 

 

(6,255)

 

 

(71,882)

 

 

(6,297)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Restricted share units outstanding December 31,

 

 

636,329 

 

$

77,284 

 

 

642,647 

 

$

67,473 

 

 

701,499 

 

$

66,514 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2013

 

 

 

2012

 

 

 

2011

Amounts for the year (in 000's,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

except number of shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of vested shares on vesting date

 

$

23,551 

 

 

 

 

$

20,783 

 

 

 

 

$

10,224 

 

Cash paid upon vesting lieu of common shares issued

 

$

8,067 

 

 

 

 

$

7,657 

 

 

 

 

$

3,736 

 

Common shares issued upon vesting

 

 

101,706 

 

 

 

 

 

95,925 

 

 

 

 

 

59,232 

 

Restricted share unit expense

 

$

23,919 

 

 

 

 

$

20,227 

 

 

 

 

$

19,736