Stock-Based Compensation (Tables)

In determining the estimated fair value of our stock options as of the date of grant, we used the Black-Scholes option pricing model with the following assumptions:



	2014		2013		2012
Risk-free interest rate	1.3 - 1.4%		0.59 - 0.63%		0.68 - 1.39%
Dividend yield	5.00	%	5.00	%	6.75	%
Volatility factors of the expected market price for our common stock	17.8 - 18.0%		24.2 - 31.7%		35.9 - 42.9%
Weighted average expected life of options	4.17 years		4.17 years		4.25 - 7.0 years

The following is a summary of stock option activity in 2014:



	Shares		Range of Exercise Prices	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)	Intrinsic Value ($000’s)
Outstanding as of December 31, 2013	2,258,763		$21.57- $73.20	$	51.59
Options granted	918,225		60.50 - 61.60	61.37
Options exercised	(634,299	)	21.57 - 70.34	41.26
Options forfeited	(82,061	)	55.39 - 73.20	65.10
Outstanding as of December 31, 2014	2,460,628		28.96 - 70.34	57.45		7.3	$	35,068
Exercisable as of December 31, 2014	1,670,864		$28.96 - $70.34	$	54.99	6.6	$	27,921

A summary of the status of our nonvested restricted stock and restricted stock units as of December 31, 2014, and changes during the year ended December 31, 2014 follows:



	Restricted Stock		Weighted Average Grant Date Fair Value		Restricted Stock Units		Weighted Average Grant Date Fair Value
Nonvested at December 31, 2013	509,116		$	56.66	7,516		$	60.80
Granted	207,182		61.60		9,076		57.28
Vested	(282,448	)	57.41		(5,155	)	59.10
Forfeited	(31,109	)	58.74		(45	)	53.74
Nonvested at December 31, 2014	402,741		$	58.51	11,392		$	58.79

A summary of the status of our nonvested stock options as of December 31, 2014 and changes during the year then ended follows:



	Shares		Weighted Average Grant Date Fair Value
Nonvested at beginning of year	534,686		$	9.54
Granted	918,225		4.37
Vested	(594,751	)	7.30
Forfeited	(68,396	)	6.35
Nonvested at end of year	789,764		$	5.49