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Stock Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2013
Summary of Option Activity

The following table provides a summary of option activity during the nine months ended September 30, 2013:

 

     Options
(In millions)
    Weighted-
Average
Exercise
Price
     Weighted-
Average
Remaining
Contractual
Term
     Aggregate
Intrinsic
Value

(In  millions)
 

Outstanding at December 31, 2012

     8.2      $ 32.81         

Granted

     1.6        61.85         

Exercised

     (0.8     21.24         

Cancelled

     0.0        46.67         
  

 

 

   

 

 

       

Outstanding at September 30, 2013

     9.0      $ 38.93         6.4       $ 193.9   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable at September 30, 2013

     4.8      $ 25.86         4.4       $ 162.4   
  

 

 

   

 

 

    

 

 

    

 

 

 
Information Regarding Intrinsic Value of Stock Options Exercised and Stock Compensation Expense Related to Stock Option Awards

The following table provides information regarding the intrinsic value of stock options exercised, stock compensation expense related to stock option awards and the fair value of stock options issued:

 

     Three Months Ended      Nine Months Ended  
(In millions)    September 30,
2013
     September 30,
2012
     September 30,
2013
     September 30,
2012
 

Intrinsic Value of Stock Options Exercised

   $ 5.1       $ 4.2       $ 31.0       $ 38.2   

Stock Compensation Expense Related to Stock Option Awards

   $ 1.9       $ 1.6       $ 13.3       $ 9.3   

Issued Stock Options

     0.0         0.0         1.6         1.5   

Weighted Average Fair Value of Stock Options issued (per share)

   $ 11.31       $ 9.27       $ 10.90       $ 8.92   

Fair Value of Stock Options Issued

   $ 0.5       $ 0.0       $ 17.8       $ 13.7   
Assumptions Used in Valuation of Stock Options

The following table provides a summary of the assumptions used in the valuation of issued stock options:

 

     Three Months Ended     Nine Months Ended  
     September 30,
2013
    September 30,
2012
    September 30,
2013
    September 30,
2012
 

Risk-free interest rate

     1.7     1.0     1.4     1.0

Expected life in Years

     6.1        6.2        6.2        6.3   

Expected volatility

     21.2     20.8     21.2     20.7

Dividend Yield

     1.8     1.7     1.8     1.8