Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

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

Schedule of Stock-based Compensation Expense

A summary of stock-based compensation expense for the three months ended March 31, 2015 and 2014 is as follows:

	For the Three Months Ended March 31,
	2015		2014
Stock Options	$	719,000	$	646,000
Restricted Stock	58,000		26,000
Employee Stock Purchase Plan ("ESPP")	107,000		90,000
Total pre-tax stock-based compensation expense charged against income (1)	$	884,000	$	762,000

(1) Stock-based compensation expense is recorded in the selling, general and administrative caption in our consolidated statements of comprehensive income.

Summary Of Other Information Of Stock Option Plans

Other information pertaining to activity of our stock awards during the three months ended March 31, 2015 and 2014 were as follows:

	March 31, 2015		March 31, 2014
Total grant-date fair value of stock awards granted	$	4,027,000	$	4,268,000
Total fair value of stock awards vested during period	$	2,719,000	$	2,051,000
Total unrecognized compensation expense related to non-vested stock awards	$	9,363,000	$	8,523,000

A summary of our stock option activity under the 2012 Plan as of December 31, 2014 and changes during the three months ended March 31, 2015 is as follows:

	Stock Options Outstanding
	Number of Shares		Weighted Average Exercise Price
December 31, 2014	2,362,000		$	19.45
Granted	561,000		30.30
Cancelled	(22,000	)	26.26
Exercised	(161,000	)	18.21
March 31, 2015	2,740,000		$	21.69

Schedule of Nonvested Share Activity

A summary of our non-vested stock-based compensation as of December 31, 2014 and changes during the three months ended March 31, 2015 is as follows:

	Number of Non-vested Shares		Weighted Average Grant Date Fair Value
December 31, 2014	1,465,000		$	6.17
Granted	561,000		6.64
Vested	(488,000	)	5.17
Forfeited	(22,000	)	6.51
March 31, 2015	1,516,000		$	6.66

Summarized Information Of Stock Options Outstanding

The following table summarizes other information about our outstanding stock options at March 31, 2015.

	Stock Options
Range of exercise prices	$10.39 - $30.30
Outstanding:
Weighted average remaining contractual life (years)	7.1
Aggregate intrinsic value	$	28,607,000
Exercisable:
Number of shares	1,224,000
Weighted average remaining contractual life (years)	5.4
Aggregate intrinsic value	$	19,264,000
Exercised:
Aggregate intrinsic value	$	2,205,000

Assumption For Fair Value Of Options Granted

The fair value of stock awards granted in 2015 and 2014 was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:

	March 31, 2015	March 31, 2014
Risk-free interest rate	1.9%	1.9%
Weighted average expected life in years	5.8 years	5.9 years
Expected volatility	27.2%	36.9%
Dividend yield	2.2%	2.4%

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The stock-based compensation expense associated with our ESPP was estimated on the date of grant using the Black-Scholes option valuation model based on the following assumptions:

	March 31, 2015	March 31, 2014
Risk-free interest rate	0.18%	0.10%
Weighted average expected life in years	1.0 year	1.0 year
Expected volatility	19.2%	21.9%
Dividend yield	2.2%	2.4%