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Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
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:

 

      Number of
options
    Weighted-
average
price
     Weighted-
average
remaining
contractual
term

(in years)
     Aggregate
intrinsic
value

(in millions)
 

Balance at December 31, 2011

     3,086,019      $ 23.52         

Options granted

     128,500        29.63         

Options exercised

     (327,498     17.95         

Options cancelled/forfeited/expired

     (48,468     27.63         
  

 

 

         

Balance at December 31, 2012

     2,838,553        24.37         

Options granted

     192,800        29.14         

Options exercised

     (1,237,341     24.71         

Options cancelled/forfeited/expired

     (21,950     25.20         
  

 

 

         

Balance at December 31, 2013

     1,772,062        24.68         

Options granted

     203,600        32.79         

Options exercised

     (612,682     21.55         

Options cancelled/forfeited/expired

     (19,220     30.35         
  

 

 

         

Balance at December 31, 2014

     1,343,760      $ 27.25         2.97       $ 11.6   
  

 

 

         

Exercisable at December 31, 2014

     883,605      $ 25.37         1.80       $ 9.3   

Expected to vest after December 31, 2014

     414,140      $ 30.68         5.22       $ 2.1   
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:

 

     Options Outstanding     Options Exercisable  

Exercise price

  Number
outstanding at
December 31,

2014
    Weighted-
average
remaining
contractual

life (Years)
    Weighted-
average
grant date
value
    Number
exercisable at
December 31,
2014
    Weighted-
average
grant date
value
 
$15–20     149,700        1.17      $ 15.62        149,700      $ 15.62   
20–25     229,225        1.79        23.19        212,040        23.18   
25–30     653,435        2.56        29.12        510,465        29.24   
30–35     302,000        5.56        32.35        10,400        32.40   
35–40     9,400        5.96        37.83        1,000        38.89   
 

 

 

       

 

 

   
$15–40     1,343,760        2.97      $ 27.25        883,605      $ 25.37   
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:

 

      Year Ended December 31,  
     2014     2013     2012  

Expected term (in years)

     5.0        5.0        5.0   

Expected volatility

     40.5     50.3     52.1

Expected dividend yields

     3.0     3.3     3.2

Risk-free interest rates

     1.5     0.8     0.8
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:

 

      Number of
shares
    Weighted-
average
grant Date
fair value
     Aggregate
intrinsic
value
(in millions)
 

Balance at December 31, 2011

     187,810      $ 26.33      

RSUs granted

     109,200        31.37      

RSUs vested

     (34,190     27.85      

RSUs cancelled/forfeited/expired

     —          —        
  

 

 

      

Balance at December 31, 2012

     262,820        28.22      

RSUs granted

     150,300        26.89      

RSUs vested

     (87,840     24.98      

RSUs cancelled/forfeited/expired

     (4,300     29.24      
  

 

 

      

Balance at December 31, 2013

     320,980        28.47      

RSUs granted

     118,864        30.85      

RSUs vested

     (120,721     27.30      

RSUs cancelled/forfeited/expired

     (7,540     30.34      
  

 

 

      

Balance at December 31, 2014

     311,583      $ 29.78       $ 11.2