Share-Based Compensation

3 Months Ended

Mar. 31, 2015

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

During the first three months of 2015, we granted 341,100 stock appreciation rights (“SARs”), 65,640 restricted stock units, 61,740 performance shares, and 5,091 phantom stock units. For the three months ended March 31, 2015, total share-based compensation expense was $2.9 million and the related tax benefit was $1.1 million. For the three months ended March 31, 2014, total share-based compensation expense was $3.1 million and the related tax benefit was $1.2 million.

The estimated fair value of our 2015 SARs awards and related underlying assumptions are shown in the table below.



	2015
Estimated fair value	$	18.16
Quarterly dividend rate	$	0.38
Expected term of stock appreciation rights, in years	4.7
Risk-free interest rate	1.2		%
Dividend yield	2.6		%
Expected stock price volatility	29.2		%
Present value of dividends	$	6.90

- 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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