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Stock Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
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.

 

 

 

 

 

 

2019

 

 

 

2018

 

 

 

2017

 

Risk-free interest rate

 

 

 

 

2.55

%

 

 

2.64

%

 

 

1.97

%

Expected volatility

 

 

 

 

23

%

 

 

23

%

 

 

23

%

Expected dividend yield

 

 

 

 

4.9

%

 

 

3.8

%

 

 

3.1

%

Expected term

 

 

 

6 years

 

 

6 years

 

 

5 years

 

Weighted average grant date fair value of options per share

 

 

 

$

8.26

 

 

$

10.67

 

 

$

10.56

 

 
Activity Under Company's Stock Plans

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

 

 

 

 

 

 

2019

 

 

 

2018

 

 

 

2017

 

Intrinsic value of options exercised

 

 

 

$

31.9

 

 

$

13.4

 

 

$

22.0

 

Cash received from stock option exercises

 

 

 

 

60.9

 

 

 

19.7

 

 

 

40.0

 

Tax benefit related to stock award exercises

 

 

 

 

3.8

 

 

 

2.4

 

 

 

4.9

 

Stock-based compensation

 

 

 

 

15.1

 

 

 

13.2

 

 

 

12.7

 

Tax benefit related to stock-based compensation

 

 

 

 

1.9

 

 

 

1.9

 

 

 

4.6

 

 
Stock Option Activity

The summary of options as of December 31, 2019 and changes during the year then ended are presented below:

 

 

 

 

 

 

 

PER SHARE

 

 

REMAINING

 

 

AGGREGATE

 

 

 

NUMBER

 

 

EXERCISE

 

 

CONTRACTUAL

 

 

INTRINSIC

 

 

 

OF SHARES

 

 

PRICE*

 

 

LIFE IN YEARS*

 

 

VALUE

 

Options outstanding at January 1

 

 

4,090,900

 

 

$

55.32

 

 

 

 

 

 

 

 

 

Granted

 

 

883,600

 

 

 

65.56

 

 

 

 

 

 

 

 

 

Exercised

 

 

(1,288,800

)

 

 

47.47

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(197,400

)

 

 

66.60

 

 

 

 

 

 

 

 

 

Options outstanding at December 31

 

 

3,488,300

 

 

$

60.18

 

 

 

6.22

 

 

$

66.0

 

Vested and expected to vest

 

 

3,401,100

 

 

$

60.01

 

 

 

6.15

 

 

$

64.9

 

Exercisable

 

 

1,792,800

 

 

$

53.71

 

 

 

4.28

 

 

$

45.5

 

*

Weighted Average
Nonvested Restricted Shares Activity The summary of nonvested restricted shares as of December 31, 2019 and changes during the year then ended is presented below:

 

 

 

 

 

 

NUMBER

 

 

GRANT DATE

 

NONVESTED SHARES

 

 

 

 

 

OF SHARES

 

 

FAIR VALUE*

 

Nonvested awards outstanding at January 1

 

 

 

 

 

 

189,500

 

 

$

63.85

 

Granted

 

 

 

 

 

 

147,100

 

 

 

64.34

 

Vested

 

 

 

 

 

 

(186,100

)

 

 

62.56

 

Nonvested awards outstanding at December 31

 

 

 

 

 

 

150,500

 

 

$

65.92

 

*

Weighted Average

Dilutive and Antidilutive Options

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

 

Year Ended December 31,

 

 

2019

 

 

 

2018

 

 

 

2017

 

Additional shares

 

 

621,300

 

 

 

785,100

 

 

 

1,038,400

 

Antidilutive options

 

 

1,489,400

 

 

 

1,176,600

 

 

 

696,400