Share-Based Arrangements (Tables)

Stock option activity is as follows:



	Options		Weighted average- exercise price
Options outstanding at December 31, 2014	904,091		$	31.26
Granted	202,345		39.54
Exercised	(61,002	)	24.93
Forfeited or expired	(5,398	)	36.88
Options outstanding at December 31, 2015	1,040,036		$	33.22

The following table presents information regarding options outstanding as of December 31, 2015:



Weighted-average remaining contractual term - options outstanding (years)	5.9
Aggregate intrinsic value - options outstanding (in thousands)	$	8,216
Weighted-average exercise price - options outstanding	$	33.22
Options exercisable	527,122
Weighted-average remaining contractual term - options exercisable (years)	4.1
Aggregate intrinsic value - options exercisable (in thousands)	$	6,509
Weighted-average exercise price - options exercisable	$	28.77

The fair value of each option award is estimated on the date of grant using the Black-Scholes option valuation model. The following table indicates the weighted-average assumptions used in estimating fair value:



	2015			2014			2013
Expected option term (years)	5.1			5.1			5.2
Expected volatility	29.0		%	37.5		%	45.5		%
Risk-free interest rate	1.6		%	1.5		%	0.9		%
Expected dividend yield	1.6		%	1.7		%	2.0		%
Per share fair value of options granted	$	9.28		$	11.60		$	12.38

Restricted Stock Award and Restricted Stock Unit activity is as follows:



	Restricted Stock Awards		Weighted- average grant date fair value
Restricted Stock outstanding at December 31, 2014	196,553		$	36.29
Granted	80,494		39.83
Vested	(91,640	)	36.37
Forfeited or expired	(1,864	)	35.87
Restricted Stock outstanding at December 31, 2015	183,543		$	37.80