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Incentive Stock Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity
A summary of the Company’s restricted shares is presented below:
 
2013
 
2012
 
2011
Restricted shares granted
33,607

 
18,742

 
20,535

Weighted average price of restricted shares granted
$
57.54

 
$
42.40

 
$
43.55

(Amounts in millions)
 
 
 
 
 
Intrinsic value of restricted stock outstanding (a)
$
1.7

 
$
2.1

 
$
3.4

Fair value of restricted stock vested
$
1.3

 
$
1.8

 
$
2.6

Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares
$
0.3

 
$
0.6

 
$
0.8

 
 
 
 
 
(a)
Intrinsic value of restricted stock outstanding is based on the market price of the Company’s stock at December 31, 2013.

 
2013
 
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Non-vested Restricted Shares at January 1,
40,572

 
$
37.36

Granted
33,607

 
$
57.54

Vested
(34,947
)
 
$
36.23

Cancelled
—

 
—

Non-vested Restricted Shares at December 31,
39,232

 
$
55.66
Schedule of Nonvested Performance-based Units Activity
A summary of the Company’s performance share units is presented below:
 
2013
 
2012
 
2011
Common shares of Company stock reserved for performance shares
276,240

 
337,360

 
470,820

Weighted average fair value of performance share units granted
$
59.16

 
$
56.36

 
$
51.57

(Amounts in millions)
 
 
 
 
 
Intrinsic value of outstanding performance share units (a)
$
22.1

 
$
36.3

 
$
46.0

Fair value of performance shares vested
$
7.0

 
$
22.2

 
$
9.9

Cash used to pay the minimum withholding tax requirements in lieu of receiving common shares
$
11.0

 
$
7.2

 
$
7.1

 
 
 
 
 
(a)
Intrinsic value of outstanding performance share units is based on the market price of the Company's stock at December 31, 2013.
 
2013
 
Number
of Units
 
Weighted
Average Grant
Date Fair Value
Outstanding Performance Share units at January 1,
700,825

 
$
47.23

Granted
138,120

 
59.16

Units Distributed
(294,515
)
 
39.25

Cancelled/Adjustments
(19,684
)
 
54.83

Outstanding Performance Share units at December 31,
524,746

 
$
54.57

Expected volatility was estimated using daily returns on the Company’s common stock for the three-year period ending on the grant date. The risk-free rate was based on the 3-year U.S. treasury rate on the date of the award. The dividend yield was not used to calculate fair value as all awards granted after January 1, 2010 receive dividend equivalents. The following chart provides a tabular overview of the assumptions used in calculating the fair value of the awards granted for the three years ended December 31, 2013:
 
2013
 
2012
 
2011
Expected volatility
23.2
%
 
36.9
%
 
51.3
%
Risk-free rate
0.4
%
 
0.4
%
 
1.0
%
Schedule of Share-based Compensation, Stock Options, Activity
The following chart provides a tabular overview of the weighted average assumptions and related fair value calculations of options granted for the three years ended December 31, 2013:
 
2013
 
2012
 
2011
Expected volatility
39.0
%
 
39.3
%
 
38.2
%
Dividend yield
3.4
%
 
3.6
%
 
3.9
%
Risk-free rate
1.0
%
 
1.3
%
 
2.6
%
Expected life (in years)
6.3

 
6.4

 
6.5

Fair value per share of options granted
$14.01
 
$11.85
 
$9.99
Fair value of options granted (in millions)
$
2.7

 
$
2.8

 
$
3.0

A summary of the status of the Company’s stock options as of and for the year ended December 31, 2013 is presented below:
 
2013
 
Number of
Shares
 
Weighted
Average Exercise
Price (per
common share)
 
Weighted
Average
Remaining
Contractual Term
(in years)
 
Aggregate
Intrinsic
Value (in
millions)
Options outstanding at January 1,
1,609,129

 
$
29.56

 
 
 
 
Granted
190,360

 
52.65

 
 
 
 
Exercised
(400,856
)
 
26.14

 
 
 
 
Cancelled
(5,411
)
 
46.30

 
 
 
 
Options outstanding at December 31,
1,393,222

 
$
33.79

 
5.9
 
$
14.1

Options vested and expected to vest
1,391,464

 
$
33.79

 
5.9
 
$
14.1

Options exercisable at December 31,
1,061,807

 
$
29.46

 
5.2
 
$
13.8

A summary of additional information pertaining to the Company’s stock options is presented below:
 
2013
 
2012
 
2011
(Amounts in millions)
 
 
 
 
 
Intrinsic value of options exercised (a)
$
12.3

 
$
20.5

 
$
10.4

Fair value of options vested
$
2.6

 
$
3.3

 
$
2.5

 
 
 
 
 
(a)
Intrinsic value of options exercised is the amount by which the fair value of the stock on the exercise date exceeded the exercise price of the option.