Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2016

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Weighted Average Option Fair Values and Assumptions

Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model.

	Three Months Ended   March 31,
	2016	2015
Weighted average fair value of option grants	$18.40	$20.40
Dividend yield	1.70%	1.42%
Volatility	29.71%	29.94%
Risk-free forward interest rate	0.53% - 2.50%	0.23% - 2.75%
Expected life (in years)	5.91	5.90

Schedule of Compensation Cost for Stock Options

Total compensation cost for stock options is as follows:

	Three Months Ended   March 31,
	2016			2015
Cost of goods sold	$	119		$	226
Selling, general and administrative expenses	2,295			2,197
Total expense before income taxes	2,414			2,423
Income tax benefit	(760		)	(767		)
Total expense after income taxes	$	1,654		$	1,656

Schedule of Stock Option Activity

A summary of the Company’s stock option activity as of March 31, 2016, and changes during the three months endedMarch 31, 2016, is presented in the following table:

Stock Options	Shares		Weighted Average Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2016	2,266,433		$	54.05	6.58	$	51,918,028
Granted	546,185		74.75
Exercised	(210,413	)	39.24
Forfeited	(31,010	)	70.17
Outstanding at March 31, 2016	2,571,195		$	59.46	7.24	$	60,206,101
Vested and expected to vest as of March 31, 2016	2,392,411		$	58.33	7.09	$	58,731,553
Exercisable at March 31, 2016	1,373,554		$	47.40	5.69	$	48,736,086

Schedule of Restricted Stock Activity

A summary of the Company’s restricted stock activity as of March 31, 2016, and changes during the three months endedMarch 31, 2016, is as presented as follows:

Restricted Stock	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016	272,755		$	65.90
Granted	57,670		74.73
Vested	(98,102	)	50.83
Forfeited	(5,510	)	71.30
Unvested at March 31, 2016	226,813		$	74.53

Schedule of Compensation Cost for Restricted Stock

Total compensation cost for restricted shares is as follows:

	Three Months Ended   March 31,
	2016			2015
Cost of goods sold	$	128		$	142
Selling, general and administrative expenses	1,530			2,257
Total expense before income taxes	1,658			2,399
Income tax benefit	(513		)	(690		)
Total expense after income taxes	$	1,145		$	1,709

Schedule of Unvested Cash-settled Restricted Stock Activity

A summary of the Company’s unvested cash-settled restricted stock activity as of March 31, 2016, and changes during the three months endedMarch 31, 2016, is presented in the following table:

Cash-Settled Restricted Stock	Shares		Weighted-Average Fair Value
Unvested at January 1, 2016	110,860		$	76.61
Granted	39,100		82.88
Vested	(33,920	)	71.81
Forfeited	(4,250	)	82.88
Unvested at March 31, 2016	111,790		$	82.88

Schedule of Compensation Cost for Unvested Cash-settled Restricted Stock

Total compensation cost for cash-settled restricted stock is as follows:

	Three Months Ended   March 31,
	2016			2015
Cost of goods sold	$	189		$	278
Selling, general and administrative expenses	500			440
Total expense before income taxes	689			718
Income tax benefit	(98		)	(116		)
Total expense after income taxes	$	591		$	602

Schedule of Weighted Average Performance Share Units Fair Values and Assumptions

Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.

	Three Months Ended March 31,
	2016	2015
Weighted average fair value of performance share units	$111.42	$95.07
Dividend yield	—%	—%
Volatility	17.99%	19.14%
Risk-free forward interest rate	0.89%	1.01%
Expected life (in years)	2.86	2.86

Schedule of Performance Shares Units Activity

A summary of the Company’s performance share unit activity as of March 31, 2016, and changes during the three months endedMarch 31, 2016, is presented in the following table:

Performance Share Units	Shares		Weighted-Average Grant Date Fair Value
Unvested at January 1, 2016	146,275		$	94.80
Granted	85,130		111.42
Vested	—		—
Forfeited	(1,065	)	94.74
Unvested at March 31, 2016	230,340		$	100.95

Performance Shares Units

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total compensation cost for performance share units is as follows:

	Three Months Ended   March 31,
	2016			2015
Cost of goods sold	$	—		$	—
Selling, general and administrative expenses	1,681			1,342
Total expense before income taxes	1,681			1,342
Income tax benefit	(535		)	(430		)
Total expense after income taxes	$	1,146		$	912