XML 113 R41.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Option Activity

Stock option transactions for the three years ended December 31, 2014 were as follows:

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

 

 

 

 

Weighted-

 

 

Average

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

Remaining

 

 

Aggregate

 

 

 

 

 

 

 

Exercise

 

 

Contractual

 

 

Intrinsic

 

 

 

Options

 

 

Price

 

 

Term

 

 

Value

 

Outstanding at December 31, 2011

 

 

8.3

 

 

$

26.39

 

 

 

 

 

 

 

 

 

Granted

 

 

1.6

 

 

 

53.81

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1.5

)

 

 

19.00

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(0.2

)

 

 

35.57

 

 

 

 

 

 

 

 

 

Outstanding at  December 31, 2012

 

 

8.2

 

 

$

32.81

 

 

 

 

 

 

 

 

 

Granted

 

 

1.7

 

 

 

61.89

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1.0

)

 

 

21.47

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(0.1

)

 

 

47.47

 

 

 

 

 

 

 

 

 

Outstanding at  December 31, 2013

 

 

8.8

 

 

$

39.47

 

 

 

 

 

 

 

 

 

Granted

 

 

1.1

 

 

 

69.61

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1.3

)

 

 

25.14

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(0.1

)

 

 

56.31

 

 

 

 

 

 

 

 

 

Outstanding at  December 31, 2014

 

 

8.5

 

 

$

45.50

 

 

 

6.1

 

 

$

283.2

 

Exercisable at  December 31, 2014

 

 

4.3

 

 

$

30.09

 

 

 

4.2

 

 

$

209.2

 

 

Summary Of Information Relating To Options Outstanding And Exercisable

The following table summarizes information relating to options outstanding and exercisable at December 31, 2014:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

 

 

 

 

 

 

Weighted

 

 

Weighted

 

 

 

 

 

 

Weighted

 

 

 

Outstanding

 

 

Average

 

 

Average

 

 

Exercisable

 

 

Average

 

Range of

 

as of

 

 

Remaining

 

 

Exercise

 

 

as of

 

 

Exercise

 

Exercise Prices

 

12/31/2014

 

 

Contractual Life

 

 

Price

 

 

12/31/2014

 

 

Price

 

$15.01 - $25.00

 

 

0.9

 

 

 

1.8

 

 

$

20.87

 

 

 

0.9

 

 

$

20.87

 

$25.01 - $35.00

 

 

2.4

 

 

 

4.3

 

 

$

29.51

 

 

 

2.4

 

 

$

29.51

 

$35.01 - $45.00

 

 

1.0

 

 

 

6.2

 

 

$

40.63

 

 

 

1.0

 

 

$

40.63

 

$45.01 - $55.00

 

 

1.4

 

 

 

7.1

 

 

$

53.80

 

 

 

0.0

 

 

$

0.00

 

$55.01 - $65.00

 

 

1.6

 

 

 

8.2

 

 

$

61.88

 

 

 

0.0

 

 

$

0.00

 

$65.01 - $75.00

 

 

1.2

 

 

 

9.5

 

 

$

69.54

 

 

 

0.0

 

 

$

0.00

 

 

 

 

8.5

 

 

 

6.1

 

 

$

45.50

 

 

 

4.3

 

 

$

30.09

 

 

The table above represents the Company’s estimate of options fully vested and expected to vest.  Expected forfeitures are not material and, therefore, are not reflected in the table above.

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:

 

 

 

2014

 

 

2013

 

 

2012

 

Intrinsic Value of Stock Options Exercised

 

$

58.0

 

 

$

42.2

 

 

$

48.9

 

Stock Compensation Expense Related to Stock Option

   Awards

 

$

15.2

 

 

$

15.5

 

 

$

11.0

 

Issued Stock Options

 

 

1.1

 

 

 

1.7

 

 

 

1.6

 

Weighted Average Fair Value of Stock Options issued (per

   share)

 

$

12.82

 

 

$

10.92

 

 

$

8.92

 

Fair Value of Stock Options Issued

 

$

15.0

 

 

$

18.1

 

 

$

14.2

 

 

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:

 

 

 

2014

 

 

2013

 

 

2012

 

Risk-free interest rate

 

 

2.0

%

 

 

1.4

%

 

 

1.0

%

Expected life in Years

 

 

6.2

 

 

 

6.2

 

 

 

6.3

 

Expected volatility

 

 

20.4

%

 

 

21.2

%

 

 

20.7

%

Dividend Yield

 

 

1.8

%

 

 

1.8

%

 

 

1.8

%