Benefit Plans (Tables)
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12 Months Ended |
Dec. 31, 2014
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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Summary of Company's Option Activity |
A summary of
the Company’s option activity and related information for the
three years ended December 31, 2014 is as follows:
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Number of
options |
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Weighted-
average
price |
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Weighted-
average
remaining
contractual
term
(in
years) |
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Aggregate
intrinsic
value
(in millions) |
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Balance at
December 31, 2011
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3,086,019 |
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$ |
23.52 |
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Options granted
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128,500 |
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29.63 |
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Options
exercised
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(327,498 |
) |
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17.95 |
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Options
cancelled/forfeited/expired
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(48,468 |
) |
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27.63 |
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Balance at
December 31, 2012
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2,838,553 |
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24.37 |
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Options granted
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192,800 |
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29.14 |
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Options
exercised
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(1,237,341 |
) |
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24.71 |
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Options
cancelled/forfeited/expired
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(21,950 |
) |
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25.20 |
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Balance at
December 31, 2013
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1,772,062 |
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24.68 |
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Options granted
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203,600 |
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32.79 |
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Options
exercised
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(612,682 |
) |
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21.55 |
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Options
cancelled/forfeited/expired
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(19,220 |
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30.35 |
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Balance at
December 31, 2014
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1,343,760 |
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$ |
27.25 |
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2.97 |
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$ |
11.6 |
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Exercisable at
December 31, 2014
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883,605 |
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$ |
25.37 |
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1.80 |
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$ |
9.3 |
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Expected to vest after
December 31, 2014
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414,140 |
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$ |
30.68 |
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5.22 |
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$ |
2.1 |
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Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price |
The following
table indicates the options outstanding and options exercisable by
exercise price with the weighted-average remaining contractual life
for the options outstanding and the weighted-average exercise price
at December 31, 2014:
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Options
Outstanding |
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Options
Exercisable |
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Exercise price
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Number
outstanding at
December 31,
2014 |
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Weighted-
average
remaining
contractual
life (Years) |
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Weighted-
average
grant date
value |
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Number
exercisable at
December 31,
2014 |
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Weighted-
average
grant date
value |
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$15–20 |
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149,700 |
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1.17 |
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$ |
15.62 |
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149,700 |
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$ |
15.62 |
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20–25 |
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229,225 |
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1.79 |
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23.19 |
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212,040 |
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23.18 |
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25–30 |
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653,435 |
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2.56 |
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29.12 |
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510,465 |
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29.24 |
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30–35 |
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302,000 |
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5.56 |
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32.35 |
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10,400 |
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32.40 |
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35–40 |
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9,400 |
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5.96 |
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37.83 |
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1,000 |
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38.89 |
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$15–40 |
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1,343,760 |
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2.97 |
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$ |
27.25 |
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883,605 |
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$ |
25.37 |
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Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted |
The fair value
of each option granted was estimated on the date of grant using the
Black-Scholes option-pricing model using the following
weighted-average assumptions:
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Year Ended December 31, |
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2014 |
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2013 |
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2012 |
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Expected term (in
years)
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5.0 |
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5.0 |
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5.0 |
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Expected
volatility
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40.5 |
% |
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50.3 |
% |
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52.1 |
% |
Expected dividend
yields
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3.0 |
% |
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3.3 |
% |
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3.2 |
% |
Risk-free interest
rates
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1.5 |
% |
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0.8 |
% |
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0.8 |
% |
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Summary of Company's Restricted Stock Units Activity |
The following
table summarizes the activity of the Company’s RSUs, which
includes service-based and performance-based awards, for the three
years ended December 31, 2014:
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Number of
shares |
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Weighted-
average
grant Date
fair
value |
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Aggregate
intrinsic
value
(in millions) |
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Balance at
December 31, 2011
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187,810 |
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$ |
26.33 |
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RSUs granted
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109,200 |
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31.37 |
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RSUs vested
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(34,190 |
) |
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27.85 |
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RSUs
cancelled/forfeited/expired
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— |
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— |
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Balance at
December 31, 2012
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262,820 |
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28.22 |
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RSUs granted
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150,300 |
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26.89 |
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RSUs vested
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(87,840 |
) |
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24.98 |
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RSUs
cancelled/forfeited/expired
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(4,300 |
) |
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29.24 |
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Balance at
December 31, 2013
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320,980 |
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28.47 |
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RSUs granted
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118,864 |
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30.85 |
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RSUs vested
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(120,721 |
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27.30 |
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RSUs
cancelled/forfeited/expired
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(7,540 |
) |
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30.34 |
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Balance at
December 31, 2014
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311,583 |
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$ |
29.78 |
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$ |
11.2 |
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