XML 78 R35.htm IDEA: XBRL DOCUMENT v2.4.1.9
Share-Based Compensation and Equity (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
The following table summarizes the components of the Company’s employee and non-employee share-based compensation programs recognized as selling and administrative expense for the years ended December 31:
 
2014
 
2013
 
2012
Stock options
 
 
 
 
 
 Pre-tax compensation expense
$
2,696

 
$
6,032

 
$
2,572

 Tax benefit
(998
)
 
(2,198
)
 
(825
)
Stock option expense, net of tax
$
1,698

 
$
3,834

 
$
1,747

 
 
 
 
 
 
Restricted stock units
 
 
 
 
 
 Pre-tax compensation expense
$
6,075

 
$
5,580

 
$
5,741

 Tax benefit
(1,887
)
 
(1,672
)
 
(1,809
)
RSU expense, net of tax
$
4,188

 
$
3,908

 
$
3,932

 
 
 
 
 
 
Performance shares
 
 
 
 
 
 Pre-tax compensation expense
$
12,494

 
$
2,162

 
$
4,425

 Tax benefit
(4,237
)
 
(768
)
 
(1,602
)
Performance share expense, net of tax
$
8,257

 
$
1,394

 
$
2,823

 
 
 
 
 
 
Director deferred shares
 
 
 
 
 
 Pre-tax compensation expense
$
280

 
$
1,158

 
$
1,102

 Tax benefit
(109
)
 
(428
)
 
(408
)
Director deferred share expense, net of tax
$
171

 
$
730

 
$
694

 
 
 
 
 
 
 Total share-based compensation
 
 
 
 
 
 Pre-tax compensation expense
$
21,545

 
$
14,932

 
$
13,840

 Tax benefit
(7,231
)
 
(5,066
)
 
(4,644
)
 Total share-based compensation, net of tax
$
14,314

 
$
9,866

 
$
9,196
Schedule of Unrecognized Compensation Cost, Nonvested Awards

The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2014:
 
Unrecognized
Cost
 
Weighted-Average Period
 
 
 
(years)
Stock options
$
3,460

 
1.3
RSUs
9,099

 
1.8
Performance shares
11,528

 
1.7
 
$
24,087

 
 
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions
The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions:
 
2014
 
2013
 
2012
Expected life (in years)
5

 
6

 
6-7

Weighted-average volatility
31
%
 
38
%
 
41
%
Risk-free interest rate
1.47-1.66%

 
1.08-1.27%

 
0.83-1.39%

Expected dividend yield
3.59
%
 
3.23-3.59%

 
3.08-3.23%
Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan
Options outstanding and exercisable as of December 31, 2014 and changes during the year ended were as follows:
 
Number of Shares
 
Weighted-Average Exercise Price
 
Weighted-Average Remaining Contractual Term
 
Aggregate Intrinsic Value (1)
 

 
(per share)
 
(in years)
 
 
Outstanding at January 1, 2014
1,954

 
$
39.63

 
 
 
 
Expired or forfeited
(355
)
 
$
51.45

 
 
 
 
Exercised
(445
)
 
$
32.89

 
 
 
 
Granted
454

 
$
34.20

 
 
 
 
Outstanding at December 31, 2014
1,608

 
$
37.11

 
6
 
$
2,277

Options exercisable at December 31, 2014
871

 
$
40.17

 
3
 
$
1,359

Options vested and expected to vest (2) at
December 31, 2014
1,580

 
$
37.19

 
6
 
$
2,227


(1)
The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2014 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on December 31, 2014. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common shares.
(2)
The expected to vest options are the result of applying the pre-vesting forfeiture rate assumption to total outstanding non-vested options.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
Non-vested RSUs outstanding as of December 31, 2014 and changes during the year ended were as follows:
 
Number of
Shares
 
Weighted-Average
Grant-Date
Fair Value
Non-vested at January 1, 2014
499

 
$
32.28

Forfeited
(62
)
 
$
32.90

Vested
(134
)
 
$
32.72

Granted
350

 
$
35.25

Non-vested at December 31, 2014
653

 
$
33.72


(1)
The RSUs granted during the year ended December 31, 2014 include 35 thousand one-year RSUs to non-employee directors under the 1991 Plan. These RSUs have a weighted-average grant-date fair value of $39.35.

Schedule of Nonvested Performance-based Units Activity
Non-vested performance shares outstanding as of December 31, 2014 and changes during the year ended were as follows:
 
Number of
Shares
 
Weighted-Average
Grant-Date
Fair Value
Non-vested at January 1, 2014 (1)
542

 
$
37.10

Forfeited
(173
)
 
$
39.63

Granted (2)
778

 
$
38.07

Non-vested at December 31, 2014
1,147

 
$
37.38


(1)
Non-vested performance shares are based on a maximum potential payout. Actual shares granted at the end of the performance period may be less than the maximum potential payout level depending on achievement of performance share objectives. Performance shares are based on certain annual management objectives, as determined by the Board of Directors.
(2)
The maximum performance shares granted during the year ended December 31, 2014 include 439 thousand shares that vest proportionately over a three-year period and have a weighted-average grant-date fair value of $35.49.