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Stock and Incentive Programs for Employees and Directors (Tables)
12 Months Ended
Dec. 31, 2014
Share Based Compensation [Abstract]  
Black-Scholes-Merton Option Pricing Model

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

 

 

2012

 

Expected volatility

 

39.71

%

Risk-free interest rate

 

1.18

%

Expected life (years)

 

6.25

 

Expected dividend yield

 

5.06

%

 

Schedule of Stock Option Activity

Stock option awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, 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, 2013

 

4,139

 

 

$

19.39

 

 

 

5.6

 

 

$

21.2

 

Exercised

 

(149

)

 

 

10.98

 

 

 

 

 

 

 

 

 

Cancelled/forfeited/expired

 

(143

)

 

 

27.25

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2014

 

3,847

 

 

 

19.43

 

 

 

4.7

 

 

 

12.6

 

Vested and expected to vest at December 31, 2014

 

3,825

 

 

 

19.46

 

 

 

4.7

 

 

 

12.5

 

Exercisable at December 31, 2014

 

1,357

 

 

$

8.93

 

 

 

5.1

 

 

$

10.7

 

 

Nonvested Restricted Stock Unit Awards

Nonvested restricted stock unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014 were as follows:

 

 

Shares

(thousands)

 

 

Weighted

Average Grant

Date Fair Value

 

Nonvested at December 31, 2013

 

2,495

 

 

$

11.97

 

Granted

 

729

 

 

 

16.53

 

Vested

 

(1,174

)

 

 

13.79

 

Forfeited

 

(5

)

 

 

16.23

 

Nonvested at December 31, 2014

 

2,045

 

 

$

12.54

 

 

Schedule of Nonvested Performance Share Units Activity

Nonvested performance share unit awards as of December 31, 2014 and 2013, and changes during the year ended December 31, 2014, were as follows:

 

 

Shares

(thousands)

 

 

Weighted

Average Grant

Date Fair Value

 

Nonvested at December 31, 2013

 

953

 

 

$

10.81

 

Granted

 

319

 

 

 

16.46

 

Expired

 

(149

)

 

 

14.26

 

Vested

 

(319

)

 

 

12.18

 

Nonvested at December 31, 2014

 

804

 

 

$

11.87