XML 21 R46.htm IDEA: XBRL DOCUMENT v2.4.1.9
SHAREHOLDERS' EQUITY AND SHARE-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of assumptions used to determine the fair value of options as of the grant date
The fair value of the service-based options was determined using the Black-Scholes option pricing model and a lattice (binomial) model was used to determine the fair value of the market-based options, using the following assumptions as of the grant date:
 
 
2014
 
2013
 
2012
 
 
Black-Scholes
 
Binomial
 
Black-Scholes
 
Binomial
 
Black-Scholes

 
Binomial

 
 
 
 
 
 
 
 
 
 
 
 
 
Risk-free interest rate (%)
 
1.80 – 1.91

 
0.01 – 2.49

 
1.02 – 1.81

 
0.01 – 2.71

 
0.87 – 1.17

 
0.08 – 2.04

Expected stock price volatility (%)
 
37.57 – 45.15

 
38.38 – 45.15

 
36.35 – 36.76

 
36.40 – 36.80

 
34.22 – 34.65

 
34.20 – 34.60

Expected dividend yield
 
—

 
—

 
—

 
—

 
—

 
—

Expected option life
(in years)
 
6.25

 
—

 
6.25

 
—

 
6.25

 
—

Contractual life (in years)
 
—

 
14

 
—

 
14

 
—

 
14

Fair value
 
$15.54 – $41.79

 
$12.66 – $33.62

 
$31.33 – $49.14

 
$16.12 – $41.72

 
$19.25 – $29.80

 
$9.98 – $22.76
Summary of the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the fair value of options vested
The following table summarizes the weighted average fair value of stock options granted, the total intrinsic value of stock options exercised and the grant date fair value of stock options vested during the years ended December 31:
(in thousands, except per share amounts)
 
2014
 
2013
 
2012
 
 
 
 
 
 
 
Weighted average fair value at grant date per share
 
$
26.92

 
$
32.59

 
$
20.77

Intrinsic value of options exercised
 
10,250

 
40,761

 
17,598

Grant date fair value of options vested during the period
 
2,641

 
3,156

 
2,790
Summary of the activity of the entity's stock options
The following table summarizes the activity related to our stock options:
 
Number of
options
 
Weighted
average
exercise
price
 
Weighted
average
contractual
term
(in years)
 
Aggregate
intrinsic value
(in thousands)
 
 
 
 
 
 
 
 
Outstanding at December 31, 2013
2,589,343

 
$
18.33

 
5.20
 
$
363,293

Granted
137,000

 
84.61

 
 
 
 
Exercised
(108,450
)
 
24.82

 
 
 
 

Forfeited
(16,001
)
 
73.14

 
 
 
 

 
 
 
 
 
 
 
 
Outstanding at December 31, 2014
2,601,892

 
21.21

 
4.44
 
47,805

 
 
 
 
 
 
 
 
Exercisable at December 31, 2014
2,279,555

 
13.82

 
3.91
 
47,430
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block]
The following table summarizes information about stock options outstanding and exercisable at December 31, 2014:
 
 
Options outstanding
 
Options exercisable
Exercise price range
 
Number
 
Weighted
average
remaining
contractual
life
 
Weighted
average
exercise
price
 
Number
 
Weighted
average
remaining
contractual
life
 
Weighted
average
exercise
price
 
 
 
 
 
 
 
 
 
 
 
 
 
$0.00 — $10.00(a)
 
1,647,654

 
3.49
 
$
9.14

 
1,647,654

 
3.49

 
$
9.14

$10.01 — $20.00(a)
 
97,737

 
1.80
 
12.45

 
97,737

 
1.80

 
12.45

$20.01 — $30.00(a)
 
477,061

 
5.31
 
23.18

 
443,624

 
5.31

 
23.19

$30.01 — $40.00(a)
 
48,309

 
6.27
 
33.31

 
28,319

 
6.37

 
33.10

$40.01 — $50.00(a)

 
15,000

 
9.94
 
49.06

 
—

 
—

 
—

$50.01 — $60.00(a)
 
10,000

 
7.37
 
53.00

 
6,250

 
7.37

 
53.00

$60.01 — $70.00(a)
 
122,250

 
7.19
 
60.68

 
48,001

 
7.19

 
60.70

$70.01 — $80.00(a)

 
25,600

 
9.86
 
72.78

 
—

 
—

 
—

$80.01 — $90.00(a)
 
40,000

 
9.04
 
85.63

 
4,688

 
8.12

 
83.86

$90.01 — $100.00(a)
 
73,281

 
9.31
 
94.32

 
1,407

 
8.16

 
93.88

$100.01 — $110.00(a)

 
15,000

 
9.37
 
105.11

 
—

 
—

 
—

$120.01 — $130.00(a)
 
30,000

 
8.62
 
125.98

 
1,875

 
8.62

 
125.98

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,601,892

 
 
 
 
 
2,279,555

 
 
 
 
                                                        

(a) These options contain market-based components as described above. All other options are time-based awards.
Schedule of Share Based Compensation Shares Authorized under Stock Option Plans by Vesting Price Range [Table Text Block]
The following table summarizes the market prices necessary in order for the market performance options to begin to vest:
 
 
Market-based options
Vesting price
 
Ordinary
performance
 
Extraordinary
performance
 
 
 
 
 
$170.01 — $180.00
 
12,500

 
—

$180.01 — $190.00

 
12,500

 
40,875

Over $190.00
 
37,500

 
37,650

 
 
 
 
 
Total
 
62,500

 
78,525

 
 
 
 
 
Weighted average share price
 
$
100.37

 
$
78.56