XML 38 R25.htm IDEA: XBRL DOCUMENT v3.6.0.2
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased 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, 2016 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, 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

 

 

 

 

 

 

 

 

 

Options granted

 

 

456,200

 

 

 

31.69

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(270,650

)

 

 

19.81

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(118,660

)

 

 

29.58

 

 

 

 

 

 

 

 

 

Balance at December 31, 2015

 

 

1,410,650

 

 

 

29.91

 

 

 

 

 

 

 

 

 

Options granted

 

 

881,800

 

 

 

25.26

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(368,085

)

 

 

27.34

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(339,930

)

 

 

28.62

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

 

1,584,435

 

 

$

28.14

 

 

 

6.20

 

 

$

17.5

 

Exercisable at December 31, 2016

 

 

354,165

 

 

$

30.85

 

 

 

4.70

 

 

$

3.0

 

Expected to vest after December 31, 2016

 

 

1,107,243

 

 

$

27.36

 

 

 

6.63

 

 

$

13.1

 

 

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, 2016:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise price

 

Number

outstanding at

December 31, 2016

 

 

Weighted-

average

remaining

contractual life

(Years)

 

 

Weighted-

average

grant date

value

 

 

Number

exercisable at

December 31, 2016

 

 

Weighted-

average

grant date

value

 

$20 – 25

 

 

751,500

 

 

 

6.98

 

 

$

24.60

 

 

 

3,780

 

 

$

23.84

 

$25 – 30

 

 

171,920

 

 

 

4.08

 

 

$

28.59

 

 

 

118,500

 

 

$

28.93

 

$30 – 35

 

 

651,355

 

 

 

5.85

 

 

$

32.06

 

 

 

231,005

 

 

$

32.12

 

$35 – 40

 

 

9,600

 

 

 

6.41

 

 

$

38.43

 

 

 

880

 

 

$

36.62

 

$20 – 40

 

 

1,584,375

 

 

 

6.20

 

 

$

28.14

 

 

 

354,165

 

 

$

30.78

 

 

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,

 

 

 

2016

 

 

2015

 

 

2014

 

Expected term (in years)

 

 

5.0

 

 

 

5.0

 

 

 

5.0

 

Expected volatility

 

 

28.7

%

 

 

31.1

%

 

 

40.5

%

Expected dividend yields

 

 

4.1

%

 

 

3.2

%

 

 

3.0

%

Risk-free interest rates

 

 

1.2

%

 

 

1.6

%

 

 

1.5

%

 

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, 2016:

 

 

 

 

 

 

 

Weighted-

 

 

Aggregate

 

 

 

 

 

 

 

average

 

 

intrinsic

 

 

 

Number

 

 

grant Date

 

 

value

 

 

 

of shares

 

 

fair value

 

 

(in millions)

 

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

 

 

 

 

 

RSUs granted

 

 

79,300

 

 

 

31.86

 

 

 

 

 

RSUs vested

 

 

(89,915

)

 

 

27.97

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(80,320

)

 

 

31.35

 

 

 

 

 

Balance at December 31, 2015

 

 

220,648

 

 

 

30.70

 

 

 

 

 

RSUs granted

 

 

31,900

 

 

 

25.75

 

 

 

 

 

RSUs vested

 

 

(59,008

)

 

 

29.69

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(68,300

)

 

 

29.33

 

 

 

 

 

Balance at December 31, 2016

 

 

125,240

 

 

$

30.66

 

 

$

4.9