XML 30 R40.htm IDEA: XBRL DOCUMENT v2.4.0.8
Share-Based Compensation (Tables)
 9 Months Ended
Sep. 30, 2013
Schedule of Stock Option Activity
A summary of the Company’s stock option activity as of September 30, 2013, and changes during the nine months ended September 30, 2013 is presented in the following table:
 
Stock Options
Shares
 
Weighted
Average
Price
 
Weighted-Average
Remaining
Contractual Term
 
Aggregate
Intrinsic
Value
Outstanding at January 1, 2013
3,223,742

 
$
33.16

 
6.37
 
$
43,106,153

Granted
647,767

 
50.58

 
 
 
 
Exercised
(1,085,455
)
 
28.14

 
 
 
 
Forfeited/Expired
(73,136
)
 
42.56

 
 
 
 
Outstanding at September 30, 2013
2,712,918

 
$
39.07

 
6.97
 
$
71,000,856

Vested and expected to vest at September 30, 2013
2,119,596

 
$
38.97

 
6.80
 
$
55,701,676

Exercisable at September 30, 2013
1,237,438

 
$
32.11

 
5.15
 
$
41,013,330
Performance Shares
  
Schedule of Weighted Average Option 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.
 
Nine Months Ended 
 September 30, 2013
Weighted average fair value of performance share units
$50.45
Dividend yield
0.00%
Volatility
28.99%
Risk-free forward interest rate
0.40%
Expected life (in years)
2.87
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units
Total compensation cost for performance share units is as follows:
 
 
Three Months Ended 
 September 30, 2013
 
Nine Months Ended 
 September 30, 2013
 
(In thousands)
Cost of goods sold
$
—

 
$
—

Selling, general and administrative expenses
229

 
634

Total expense before income taxes
229

 
634

Income tax benefit
(82
)
 
(195
)
Total expense after income taxes
$
147

 
$
439
Stock Option
  
Schedule of Weighted Average Option Fair Values and Assumptions
 
 
Three Months Ended 
 September 30,
 
2013
 
2012
Weighted average fair value of option grants
$15.09
 
$9.55
Dividend yield
1.57%
 
2.07%
Volatility
30.65%
 
31.96%
Risk-free forward interest rate
0.11%-4.60%
 
0.18%-3.34%
Expected life (in years)
5.85
 
5.89
 
Nine Months Ended 
 September 30,
 
2013
 
2012
Weighted average fair value of option grants
$12.94
 
$11.40
Dividend yield
1.57%
 
1.59%
Volatility
30.93%
 
32.01%
Risk-free forward interest rate
0.17%-4.12%
 
0.17%-3.97%
Expected life (in years)
5.86
 
5.97
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units
Total compensation cost for stock options is as follows:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2013
 
2012
 
2013
 
2012
 
(In thousands)
Cost of goods sold
$
94

 
$
111

 
$
385

 
$
593

Selling, general and administrative expenses
1,238

 
1,233

 
4,659

 
4,661

Total expense before income taxes
1,332

 
1,344

 
5,044

 
5,254

Income tax benefit
(439
)
 
(442
)
 
(1,620
)
 
(1,642
)
Total expense after income taxes
$
893

 
$
902

 
$
3,424

 
$
3,612
Unvested Shares
  
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units
Total compensation cost for unvested shares is as follows:
 
 
Three Months Ended 
 September 30,
 
Nine Months Ended 
 September 30,
 
2013
 
2012
 
2013
 
2012
 
(In thousands)
Cost of goods sold
$
338

 
$
199

 
$
1,065

 
$
802

Selling, general and administrative expenses
2,077

 
1,443

 
6,721

 
5,106

Total expense before income taxes
2,415

 
1,642

 
7,786

 
5,908

Income tax benefit
(551
)
 
(412
)
 
(1,864
)
 
(1,552
)
Total expense after income taxes
$
1,864

 
$
1,230

 
$
5,922

 
$
4,356