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Note 6 - Share-based Compensation
 12 Months Ended
Dec. 31, 2015
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
6.
Share-based Compensation
 
We maintain a Management Incentive Plan (the “Plan”) that provides various share-based financial methods to compensate our key employees with shares of our common stock or common stock equivalents. Under the Plan, as amended, we have, from time to time, utilized restricted share units, performance share units, restricted options, and nonstatutory stock options to compensate our employees and directors. We currently are utilizing restricted and performance share units and nonstatutory stock options.
 
Our restricted share units have various vesting schedules generally ranging from 3 to 10 years when awarded. These restricted share units do not contain rights to vote or receive dividends until the vesting date. Unvested restricted share units are forfeited if the employee terminates for any reason other than death, disability, or special circumstances as determined by the Compensation Committee. Restricted share units are valued based on the fair value of the award on the grant date, adjusted for dividend estimates based on grant date dividend rates.
 
Our performance share units vest based on the passage of time (generally 3 to 10 years) and achievement of performance criteria. Performance share units do not contain rights to vote or receive dividends until the vesting date. Unvested performance share units are forfeited if the employee terminates for any reason other than death or disability. Performance shares are valued based on the fair value of the award on the grant date, adjusted for dividend estimates based on grant date dividend rates.
 
Our nonstatutory stock options may be granted to key employees for the purchase of our common stock for 100% of the fair market value of the common stock at the grant date as awarded by the Compensation Committee. These options generally vest over a 10-year period and are forfeited immediately if the employee terminates for any reason other than death, disability or retirement after age 55. We did not grant any stock options during the years ended December 31, 2015, 2014, and 2013.
 
An employee is allowed to surrender shares of common stock that the employee has owned for at least six months in full or partial payment of the option price of an option being exercised and/or to satisfy tax withholding obligations incident to the vesting of restricted share units, performance share units, or the exercise of an option.
 
We account for our restricted share units, performance share units, and stock options in accordance with current accounting standards for share-based payments. These standards require that the cost of all share-based payments to employees, including grants of employee stock options, be recognized in our Consolidated Financial Statements based on the grant date fair value of those awards. This cost is recognized over the period for which an employee is required to provide service in exchange for the award, subject to the attainment of performance metrics established for performance share units. Share-based compensation expense is recorded in salaries, wages, and employee benefits in our Consolidated Statements of Earnings, along with other compensation expenses to employees. The following table summarizes the components of our share-based compensation program expense (in thousands):
 
   
Years ended December 31,
  
   
2015
    
2014
    
2013
  
Restricted share units
                        
Pretax compensation expense
   $ 27,898     $ 27,256     $ 25,606  
Tax benefit
     10,629       10,360       9,769  
Restricted share units, net of tax
   $ 17,269     $ 16,896     $ 15,837  
Performance share units
                        
Pretax compensation expense
   $ 9,330     $ 7,882     $ 5,941  
Tax benefit
     3,555       2,996       2,266  
Performance share awards, net of tax
   $ 5,775     $ 4,886     $ 3,675  
Stock options
                        
Pretax compensation expense
   $ -     $ 195     $ 807  
Tax benefit
     -       74       308  
Stock option expense, net of tax
   $ -     $ 121     $ 499  
 
A summary of our restricted share units, performance share units, and nonstatutory stock options is as follows:
 
Restricted Share Units
  
Number of
Shares
    
Weighted Average Grant Date Fair Value
  
Unvested at December 31, 2012
     2,835,466     $ 32.75  
Granted
     522,062       71.50  
Vested
     (865,147
)
     31.92  
Forfeited
     (70,951
)
     36.67  
Unvested at December 31, 2013
     2,421,430     $ 41.49  
Granted
     447,780       75.61  
Vested
     (808,914
)
     37.33  
Forfeited
     (119,298
)
     47.81  
Unvested at December 31, 2014
     1,940,998     $ 51.74  
Granted
     390,143       74.86  
Vested
     (783,483
)
     39.45  
Forfeited
     (30,908
)
     54.89  
Unvested at December 31, 2015
     1,516,750     $ 63.96  
 
Performance Share Units
  
Number of
Shares
    
Weighted Average Grant Date Fair Value
  
Unvested at December 31, 2012
     309,500     $ 47.07  
Granted
     160,500       71.90  
Vested
     (61,975
)
     47.48  
Forfeited
     -       -  
Unvested at December 31, 2013
     408,025     $ 56.78  
Granted
     106,945       76.22  
Vested
     (81,075
)
     53.26  
Forfeited
     -       -  
Unvested at December 31, 2014
     433,895     $ 62.23  
Granted
     160,574       74.37  
Vested
     (103,796
)
     58.28  
Forfeited
     -       -  
Unvested at December 31, 2015
     490,673     $ 67.04  
 
Stock Options
  
Number of
Shares
(in thousands)
    
Weighted
Average
Exercise Price
    
Weighted Average
Remaining
Contractual Term
(in years)
    
Aggregate
Intrinsic Value
(in millions)
  
Outstanding at December 31, 2012
     1,031     $ 16.63       2.35     $ 44.4  
Exercised
     (585
)
     14.77       -       34.0  
Forfeited
     (6
)
     19.89       -       -  
Outstanding at December 31, 2013
     440     $ 19.08       1.67     $ 25.6  
Exercised
     (341
)
     18.70       -       19.9  
Forfeited
     (1
)
     19.08       -       -  
Outstanding at December 31, 2014
     98     $ 20.40       0.86     $ 6.3  
Exercised
     (95
)
     20.35       -       5.8  
Forfeited
     (1
)
     24.27       -       -  
Outstanding at December 31, 2015
     2     $ 20.76       0.05     $ 0.1  
Exercisable
    2     $ 20.76       0.05     $ 0.1  
 
At December 31, 2015, we had $58.5 million and $19.4 million of total unrecognized compensation expense related to restricted share units and performance share units, respectively, that is expected to be recognized on a straight-line basis over the remaining weighted average vesting period of approximately 3.6 years for restricted share units and 2.6 years for performance share units.
 
The aggregate intrinsic value of restricted and performance share units vested and options exercised during the years ended December 31, 2015, 2014, and 2013, was $80.8 million, $88.5 million, and $104.5 million, respectively. The aggregate intrinsic value of unvested restricted and performance share units was $147.3 million at December 31, 2015. The total fair value of shares vested for restricted share, performance share, and stock option plans during the years ended December 31, 2015, 2014, and 2013, was $37.3 million, $37.5 million, and $35.4 million, respectively.