Share-Based Compensation

9 Months Ended

Sep. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

During the first nine months of 2014, we granted 296,700 stock appreciation rights (“SARs”), 56,020 restricted stock units, 62,670 performance shares, and 11,038 phantom stock units. For the three and nine months ended September 30, 2014, total share-based compensation expense was $3.1 million and $9.3 million and the related tax benefits were $1.2 million and $3.5 million. For the three and nine months ended September 30, 2013, total share-based compensation expense was $3.1 million and $9.5 million and the related tax benefits were $1.2 million and $3.6 million.

The estimated fair value of our 2014 SARs awards and related underlying assumptions are shown in the table below.



	2014
Estimated fair value	$	18.12
Quarterly dividend rate	$	0.33
Expected term of stock appreciation rights, in years	4.4
Risk-free interest rate	1.3		%
Dividend yield	2.3		%
Expected stock price volatility	30.3		%
Present value of dividends	$	5.76

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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