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Stock and Incentive Programs for Employees (Tables)
12 Months Ended
Dec. 31, 2013
Black-Scholes-Merton Option Pricing Model

The assumptions used to determine the fair market value of the stock options granted during the years ended December 31, 2012 and 2011 were as follows:

 

 

  

2012

 

 

2011

 

Expected volatility

  

 

39.71

 

 

36.69

Risk-free interest rate

  

 

1.18

 

 

2.54

Expected life (years)

  

 

6.25

  

 

 

6.25

  

Expected dividend yield

  

 

5.06

 

 

4.57

 

Summary of Stock Option Activity

Stock option awards as of December 31, 2012 and 2013, and changes during the year ended December 31, 2013, were as follows:

 

 

  

Shares
Under
Option
(thousands)

 

  

Weighted
Average
Exercise
Price

 

  

Weighted
Average
Remaining
Contractual
Term
(years)

 

  

Aggregate
Intrinsic Value
(millions)

 

Outstanding at December 31, 2012

  

 

4,726

  

  

$

18.90

  

  

 

6.2

  

  

$

2.1

  

Exercised

  

 

(203

)  

  

 

10.57

  

  

 

 

 

  

 

 

 

Cancelled/forfeited/expired

  

 

(384

)  

  

 

17.94

  

  

 

 

 

  

 

 

 

Outstanding at December 31, 2013

  

 

4,139

  

  

 

19.39

  

  

 

5.6

  

  

 

21.2

  

Vested and expected to vest at December 31, 2013

  

 

4,098

  

  

 

19.46

  

  

 

5.6

  

  

 

20.9

  

Exercisable at December 31, 2013

  

 

1,774

  

  

$

11.70

  

  

 

5.9

  

  

$

15.2

  

 

Nonvested Restricted Stock Unit Awards

Nonvested restricted stock unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013 were as follows:

 

 

  

Shares
(thousands)

 

  

Weighted-Average
Grant Date
Fair Value

Nonvested at December 31, 2012

  

 

3,246

  

  

$

11.85

Granted

  

 

1,402

  

  

 

9.70

Vested

  

 

(2,023

)  

  

 

10.25

Forfeited

  

 

(130

)  

  

 

11.04

Nonvested at December 31, 2013

  

 

2,495

  

  

$

11.97

 

Nonvested Performance Share Unit Awards

Nonvested performance share unit awards as of December 31, 2013 and 2012, and changes during the year ended December 31, 2013, were as follows:

 

 

  

Shares
(thousands)

 

  

Weighted-Average
Grant Date
Fair Value

Nonvested at December 31, 2012

  

 

468

  

  

$

12.84

Granted

  

 

485

  

  

 

8.85

Nonvested at December 31, 2013

  

 

953

  

  

$

10.81