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Share Capital (Tables)
 12 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Summary of ordinary shares issued and outstanding
The following table is a summary of ordinary shares issued and outstanding:
(in thousands)
2014
 
2013
Balance – beginning of year
278,253

 
298,682

Exercise of options
424

 
927

Net issuance of restricted shares
1,246

 
1,240

Share buybacks (1)
(24,740
)
 
(22,596
)
Balance – end of year
255,183

 
278,253

____________
(1)
Includes share buybacks associated with authorized share buyback programs as well as purchases related to satisfying tax withholding obligations of employees in connection with the vesting of restricted shares granted under the Company’s equity compensation programs.
Weighted average option pricing assumptions
The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions:
 
2014
 
2013
 
2012
Dividend yield
2.00
%
 
2.00
%
 
1.90
%
Risk free interest rate
1.81
%
 
1.14
%
 
1.15
%
Volatility
34.0
%
 
37.0
%
 
46.0
%
Expected lives
6.0 years

 
6.0 years

 
6.0 years
Summary of options and options activity
The following is a summary of the activity in the stock option plans for the indicated years ended December 31:
(In thousands except for weighted average grant date fair value)
2014
 
2013
 
2012
Options granted to purchase ordinary shares under directors and employees incentive compensation plans - in thousands
1,025

 
1,047

 
1,209

Weighted average grant date fair value
$
8.60

 
$
8.34

 
$
7.65

Total intrinsic value of stock options exercised
$
7,499

 
$
16,076

 
$
3,357

Options exercised during the year - in thousands
424

 
927

 
383

Compensation expense related to stock option plans
$
9,961

 
$
8,294

 
$
7,716

Estimated tax benefit (charge) related to stock option plans
$
(2
)
 
$
50

 
$
26

The following is a summary of the stock options outstanding at December 31, 2014, and related activity for the year then ended:
 
Number of Shares (in thousands)
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining
Contractual
Term
 
Aggregate
Intrinsic
Value
(in thousands)
Outstanding – beginning of year
11,123

 
$
36.91

 
4.8 years
 
$
74,927

Granted
1,025

 
30.42

 
 
 
 
Exercised
(424
)
 
15.04

 
 
 
 
Canceled/Expired
(1,199
)
 
78.46

 
 
 
 
Outstanding – end of year
10,525

 
$
32.42

 
4.8 years
 
$
86,690

Options exercisable
8,400

 
$
33.53

 
3.9 years
 
$
73,153

Available for grant (1)
10,316

 
 
 
 
 
 
 
(1) Available for grant includes shares that may be granted as either stock options, restricted stock, restricted stock units or performance units.
Summary of restricted stock and non-vested restricted stock activity
A summary of the restricted stock awards issued under the 1991 Performance Incentive Program and the Directors Stock and Option Plan for the indicated years ended December 31 is as follows:
(In thousands except for weighted average grant date fair value)
2014
 
2013
 
2012
Restricted ordinary shares granted
46

 
181

 
325

Weighted average grant date fair value
$
31.86

 
$
29.44

 
$
20.92

Aggregate grant date fair value
$
1,463

 
$
5,325

 
$
6,811

Compensation expense related to restricted stock awards
$
5,239

 
$
4,419

 
$
5,399

Estimated tax benefit related to restricted stock awards
$
1,233

 
$
1,047

 
$
1,113

Non-vested restricted stock awards at December 31, 2014 and for the year then ended were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2013
593

 
$
33.92

Granted
46

 
$
31.86

Vested
(201
)
 
$
27.79

Forfeited
(5
)
 
$
44.01

Unvested at December 31, 2014
433

 
$
36.41
Summary of restricted stock units and restricted stock unit activity
Non-vested restricted stock units at December 31, 2014 and for the year then ended were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2013
2,931

 
$
25.77

Granted
1,867

 
$
30.60

Vested
(1,388
)
 
$
24.80

Forfeited
(162
)
 
$
28.05

Unvested at December 31, 2014
3,248

 
$
28.93

A summary of the restricted stock units issued to officers of the Company and its subsidiaries for the indicated years ended December 31 is as follows:
(In thousands)
2014
 
2013
 
2012
Restricted stock units granted
1,867

 
1,803

 
1,312

Aggregate grant date fair value
$
57,134

 
$
51,829

 
$
27,194

Compensation expense related to restricted stock units
$
41,879

 
$
32,874

 
$
24,451

Estimated tax benefit related to restricted stock units
$
11,607

 
$
8,813

 
$
6,501
Summary of performance units and performance units activity
A summary of the performance units issued to certain employees of the Company for the indicated years ended December 31 is as follows:
(In thousands)
2014
 
2013
 
2012
Performance units granted
572

 
656

 
1,527

Potential maximum share payout
1,144

 
1,312

 
3,054

Aggregate grant date fair value
$
16,345

 
$
17,753

 
$
29,537

Compensation expense related to performance units
$
24,089

 
$
1,041

 
$
9,919

Estimated tax benefit (charge) related to performance units
$
4,250

 
$
(176
)
 
$
1,943

Non-vested restricted performance units as of December 31, 2014 were as follows:
(In thousands except for weighted average grant date fair value)
Number of
Shares
 
Weighted
Average Grant
Date Fair Value
Unvested at December 31, 2013
1,687

 
$
22.99

Granted
572

 
$
28.57

Vested
(340
)
 
$
22.06

Forfeited
(100
)
 
$
25.98

Performance driven addition (reduction)
721

 
$
26.46

Unvested at December 31, 2014
2,540

 
$
25.24