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Stock Based Compensation Plans (Tables)
9 Months Ended
Sep. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Option Activity

The following table provides a summary of option activity during the nine months ended September 30, 2014:

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Average

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

Options

 

 

Price

 

 

Term

 

 

Value

 

Outstanding at December 31, 2013

 

8.8

 

 

$

39.47

 

 

 

 

 

 

 

 

 

Granted

 

1.1

 

 

 

69.60

 

 

 

 

 

 

 

 

 

Exercised

 

(1.0

)

 

 

24.23

 

 

 

 

 

 

 

 

 

Cancelled

 

(0.1

)

 

 

55.32

 

 

 

 

 

 

 

 

 

Outstanding at September 30, 2014

 

8.8

 

 

$

44.90

 

 

 

6.3

 

 

$

222.1

 

Exercisable at September 30, 2014

 

4.5

 

 

$

29.79

 

 

 

4.3

 

 

$

182.5

 

 

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 and stock compensation expense related to stock option awards:

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Intrinsic Value of Stock Options Exercised

$

7.3

 

 

$

5.1

 

 

$

44.5

 

 

$

31.0

 

Stock Compensation Expense Related to Stock

   Option Awards

$

1.7

 

 

$

1.9

 

 

$

13.5

 

 

$

13.3

 

Issued Stock Options

 

0.0

 

 

 

0.0

 

 

 

1.1

 

 

 

1.6

 

Weighted Average Fair Value of Stock Options

   issued (per share)

$

12.76

 

 

$

11.31

 

 

$

12.84

 

 

$

10.90

 

Fair Value of Stock Options Issued

$

0.1

 

 

$

0.5

 

 

$

14.7

 

 

$

17.8

 

 

Assumptions Used in Valuation of Issued 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,

 

 

September 30,

 

 

September 30,

 

 

September 30,

 

 

2014

 

 

2013

 

 

2014

 

 

2013

 

Risk-free interest rate

 

2.0

%

 

 

1.7

%

 

 

2.0

%

 

 

1.4

%

Expected life in Years

 

6.1

 

 

 

6.1

 

 

 

6.2

 

 

 

6.2

 

Expected volatility

 

20.4

%

 

 

21.2

%

 

 

20.4

%

 

 

21.2

%

Dividend Yield

 

1.8

%

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%