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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2013
Stock-Based Compensation [Abstract] |
Stock based compensation expense | Stock based compensation expense for the years ended December 31, 2013, 2012 and 2011 was as follows (in millions):
|  | 2013 |  |  | 2012 |  |  | 2011 |
Stock based compensation |  | $ | 53.4 |  |  | $ | 40.8 |  |  | $ | 31.7 |
Tax benefit recognized in net income |  |  | 18.7 |  |  |  | 14.3 |  |  |  | 11.1 |
Windfall tax benefit, net |  |  | 16.0 |  |  |  | 30.8 |  |  |  | 12.7 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The Company estimates the fair value of its option awards using the Black-Scholes option valuation model that uses the assumptions noted in the following table. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company's common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee terminations, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2013, 2012 and 2011 were calculated using the following weighted-average assumptions:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Weighted-average fair value ($) |  |  | 37.08 |  |  |  | 30.25 |  |  |  | 24.45 |
Risk-free interest rate (%) |  |  | 0.86 |  |  |  | 0.77 |  |  |  | 1.91 |
Average expected option life (years) |  |  | 5.19 |  |  |  | 5.24 |  |  |  | 5.34 |
Expected volatility (%) |  |  | 36.09 |  |  |  | 36.51 |  |  |  | 35.27 |
Expected dividend yield (%) |  |  | 0.56 |  |  |  | 0.58 |  |  |  | 0.60 |
Schedule of Share-based Compensation, Stock Option Activity | The following table summarizes the Company's activities with respect to its stock option plans for the years ended December 31, 2013 and 2012:
| Number of shares | Weighted-average exercise price per share | Weighted-average contractual term | Aggregate intrinsic value
Outstanding at January 1, 2012 | 3,822,662 | $ 50.44 |  |
Granted | 538,100 | 95.27 |  |
Exercised | (1,389,069) | 40.46 |  |
Canceled | (53,498) | 70.01 |  |
Outstanding at December 31, 2012 | 2,918,195 | 63.15 | 6.52 | $ 141,029,378
Granted | 601,350 | 117.78 |  |
Exercised | (424,945) | 56.48 |  |
Canceled | (106,164) | 98.74 |  |
Outstanding at December 31, 2013 | 2,988,436 | 74.00 | 6.22 | $ 193,279,214
Exercisable at December 31, 2013 | 1,859,725 | $ 56.99 | 4.84 | $ 151,929,651
Summary of Options Outstanding and Exercisable, by Range of Exercise Prices | The following table summarizes information for stock options outstanding at December 31, 2013:
| Outstanding options | Exercisable options
Exercise price | Number | Average exercise price | Average remaining life (years) | Number | Average exercise price
$ 14.09 - 28.17 | 157,638 | $ 23.70 | 0.2 | 157,638 | $ 23.70
28.17 - 42.26 | 126,574 | 41.81 | 5.2 | 126.574 | 41.81
42.27 - 56.34 | 1,113,058 | 53.79 | 4.4 | 1,113,058 | 53.79
56.35 - 70.43 | 96,800 | 67.88 | 7.5 | 45,300 | 66.71
70.44 - 84.52 | 453,392 | 74.63 | 7.1 | 278,034 | 75.21
84.53 - 98.60 | 419,924 | 94.00 | 8.1 | 130,085 | 93.91
98.61 - 112.69 | 48,700 | 103.41 | 8.6 | 9,036 | 103.64
112.70 - 126.77 | 547,350 | 117.03 | 9.2 | - | -
126.78 - 140.86 | 25,000 | 131.54 | 9.6 | - | -
$ 14.09 - 140.86 | 2,988,436 | $ 74.00 | 6.2 | 1,859,725 | $ 56.99
Schedule of Nonvested Restricted Stock Awards Activity | Restricted Stock Grants - During 2013 and 2012, the Company granted 399,540 and 374,307 shares, respectively, of restricted stock to certain employee and director participants under the 2006 Plan. Restricted stock grants generally vest over a period of 1 to 3 years. The Company recorded $36.5 million, $25.9 million and $19.5 million of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2013, 2012 and 2011, respectively. A summary of the Company's nonvested shares activity for 2013 and 2012 is as follows:
|  | Number of shares |  |  | Weighted-average fair value |
Nonvested at December 31, 2011 |  |  | 753,811 |  |  | $ | 61.15 |
Granted |  |  | 374,307 |  |  |  | 95.78 |
Vested |  |  | (551,051 | ) |  |  | 64.59 |
Forfeited |  |  | (5,162 | ) |  |  | 70.56 |
Nonvested at December 31, 2012 |  |  | 571,905 |  |  | $ | 80.96 |
Granted |  |  | 399,540 |  |  |  | 117.74 |
Vested |  |  | (373,946 | ) |  |  | 126.80 |
Forfeited |  |  | (23,649 | ) |  |  | 124.48 |
Nonvested at December 31, 2013 |  |  | 573,850 |  |  | $ | 103.44 |

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