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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2013
Values of Options Based on Stock Price at Grant Date and Assumptions

The expected term is based on the period of time that options granted are expected to be outstanding based on historical experience.

 

     2013     2012     2011  

Risk-free interest rate

      .88 %      .74 %      2.22 % 

Expected volatility

      44 %      47 %      45 % 

Expected dividend yield

      3.3 %      3.8 %      2.8 % 

Expected term

      5 years        5 years        5 years   

Weighted average grant date fair value of options per share

    $ 13.78      $ 12.67      $ 16.45   
Activity Under Company's Stock Plans

A summary of activity under the Company’s stock plans is presented below:

 

   

  
     2013     2012     2011  

Intrinsic value of options exercised

    $ 19.6      $ 15.4      $ 13.5   

Cash received from stock option exercises

      31.0        13.9        10.9   

Tax benefit related to stock option exercises

      3.9        4.4        4.7   

Stock based compensation

      14.0        13.9        13.8   

Tax benefit related to stock based compensation

      4.9        4.8        4.8

Stock Option Activity

The summary of options as of December 31, 2013 and changes during the year then ended is presented below:

 

     NUMBER
OF SHARES		     PER SHARE
EXERCISE
PRICE*		      REMAINING
CONTRACTUAL
LIFE IN YEARS*		      AGGREGATE
INTRINSIC
VALUE		  

Options outstanding at January 1

      5,042,800      $ 38.56         

Granted

      814,300        47.81         

Exercised

      (952,300 )      32.57         

Cancelled

      (159,600 )      45.61         
  

 

 

    

 

 

        

Options outstanding at December 31

      4,745,200      $ 41.11         5.90       $ 85.7   
  

 

 

    

 

 

     

 

 

     

 

 

  

Vested and expected to vest

      4,562,900      $ 40.92         5.80       $ 83.3   
  

 

 

    

 

 

     

 

 

     

 

 

  

Exercisable

      2,582,200      $ 36.46         3.97       $ 58.6   
  

 

 

    

 

 

     

 

 

     

 

 

  

 

* Weighted Average
Nonvested Restricted Shares Activity

The summary of nonvested restricted shares as of December 31, 2013 and changes during the year then ended is presented below:

 

NONVESTED SHARES

    NUMBER
OF SHARES		     GRANT DATE
FAIR VALUE*		  

Nonvested awards outstanding at January 1

      152,100      $ 43.68   

Granted

      98,900        47.53   

Vested

      (82,000 )      42.88   

Forfeited

      (2,300 )      46.40   
  

 

 

    

 

 

  

Nonvested awards outstanding at December 31

      166,700      $ 46.32   
  

 

 

    

 

 

  

 

* Weighted Average
Dilutive and Antidilutive Options

The dilutive and antidilutive options are shown separately in the table below:

 

Year Ended December 31,

    2013           2012           2011  

Additional shares

      932,000            730,000            1,082,000   

Antidilutive options

        873,800            2,572,000            1,244,700