XML 50 R23.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share-Based Payments (Tables)
9 Months Ended
Sep. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Summary of Shares Available for Grant and Stock Option Activity
A summary of shares available for grant and activity during the nine months ended September 30, 2014 is detailed below.

 
 
 
Options Outstanding
 
Shares
Available
For Grant
 
Shares
 
Weighted-
Average
Exercise
Price
 
 
 
 
 
 
Stock Options:
 
 
 
 
 
Balance at January 1, 2014
291,000

 
36,668

 
$
229.24

Exercised

 
(5,000
)
 
$
150.00

Forfeited

 
(500
)
 
$
255.13

Expired

 

 
$

Stock options granted

 

 
$

 
 
 
 
 
 
Balance at September 30, 2014
291,000

 
31,168

 
$
241.54


Schedule of Stock Appreciation Rights Activity
 
Stock Appreciation Rights Outstanding
 
Awards
 
Weighted-
Average
Exercise
Price
 
 
 
 
Stock Appreciation Rights:
 
 
 
Balance at January 1, 2014
99,461

 
$
156.93

Exercised
(1,825
)
 
$
114.64

Forfeited
(3,350
)
 
$
165.46

Granted

 
$

 
 
 
 
Balance at September 30, 2014
94,286

 
$
157.45

Summary of Information About Stock Options and SARs Outstanding
The following table summarizes information about stock options and SARs outstanding at September 30, 2014.

 
 
Options/SARs Outstanding
 
 
Number
Outstanding
 
Weighted-
Average
Remaining
Contractual Life
 
Number
Exercisable
 
 
 
 
 
 
 
Exercise prices:
 
 
 
 
 
 255.13 (options)
 
22,168

 
3.6 years
 
17,815

 208.05 (options)
 
9,000

 
3.7 years
 
9,000

 236.00 (SARs)
 
250

 
3.9 years
 
200

 114.64 (SARs)
 
26,518

 
4.4 years
 
17,761

 132.56 (SARs)
 
31,518

 
7.2 years
 
3,600

 210.22 (SARs)
 
36,000

 
9.2 years
 

 
 
 
 
 
 
 
Totals
 
125,454

 
 
 
48,376

 
 

 
 
 
 

Aggregate intrinsic value (in thousands)
$
7,471

 
 
 
$
3,116

Summary of Assumptions Employed Using Black-Scholes Option Pricing Model
In estimating the fair value of the options outstanding at September 30, 2014 and December 31, 2013, the Company employed the Black-Scholes option pricing model with assumptions as detailed below.

 
September 30,
2014
 
December 31,
2013
 
 
 
 
Expected term of options
3.6 to 9.2 years

 
0 to 10 years

Expected volatility:
 
 
 
Range
18.16% to 38.35%

 
21.03% to 42.71%

Weighted-average
22.24
%
 
30.50
%
Expected dividend yield
0.15
%
 
0.16
%
Risk-free rate:
 
 
 
Range
0.11% to 1.63%

 
0.12% to 3.93%

Weighted-average
0.55
%
 
2.10
%