|
Common Equity (Tables)
|
9 Months Ended |
|
Sep. 30, 2013
|
| Common Equity (Tables) [Abstract] |
|
| Shares Repurchased [Table Text Block] |
| | | | | | | | | | | | | | | | Nine Months Ended September 30 | | 2013 | | 2012 | | Shares | | Cost | | Shares | | Cost | | (In Millions) | | | | | | | | | Under May 2011 share repurchase program | 2.5 |
| | $ | 103.0 |
| | 0.4 |
| | $ | 14.0 |
| To fulfill exercised stock options and restricted stock awards | 2.1 |
| | 84.9 |
| | 2.5 |
| | 91.0 |
| Total | 4.6 |
| | $ | 187.9 |
| | 2.9 |
| | $ | 105.0 |
|
|
| Assumptions for valuing options using binomial option pricing model |
| | | | | | | | | | 2013 | | 2012 | | | | | Non-qualified stock options granted year to date | 1,418,560 |
| | 938,770 |
| Estimated fair value per non-qualified stock option | $ | 3.45 |
| | $ | 3.34 |
| Assumptions used to value the options using a binomial option pricing model: | | | | Risk-free interest rate | 0.1% - 1.9% |
| | 0.1% - 2.0% |
| Dividend yield | 3.7 | % | | 3.9 | % | Expected volatility | 18.0 | % | | 19.0 | % | Expected forfeiture rate | 2.0 | % | | 2.0 | % | Expected life (years) | 5.9 |
| | 5.9 |
|
|
| Stock option activity |
| | | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | | Average | | | | | | | Weighted- | | Remaining | | Aggregate | | | Number of | | Average | | Contractual Life | | Intrinsic Value | Stock Options | | Options | | Exercise Price | | (Years) | | (Millions) | Outstanding as of July 1, 2013 | | 8,484,258 |
| | $ | 26.53 |
| | | | | Granted | | — |
| | $ | — |
| | | | | Exercised | | (91,096 | ) | | $ | 21.75 |
| | | | | Forfeited | | (4,680 | ) | | $ | 35.36 |
| | | | | Outstanding as of September 30, 2013 | | 8,388,482 |
| | $ | 26.58 |
| | | | | | | | | | | | | | Outstanding as of January 1, 2013 | | 8,919,669 |
| | $ | 23.86 |
| | | | | Granted | | 1,418,560 |
| | $ | 37.46 |
| | | | | Exercised | | (1,939,717 | ) | | $ | 21.99 |
| | | | | Forfeited | | (10,030 | ) | | $ | 35.37 |
| | | | | Outstanding as of September 30, 2013 | | 8,388,482 |
| | $ | 26.58 |
| | 5.5 | | $ | 115.8 |
| | | | | | | | | | Exercisable as of September 30, 2013 | | 6,007,692 |
| | $ | 22.98 |
| | 4.2 | | $ | 104.5 |
|
|
| Stock options outstanding |
| | | | | | | | | | | | | | | | | | | | | | Options Outstanding | | Options Exercisable | | | | | Weighted-Average | | | | Weighted-Average | | | | | | | Remaining | | | | | | Remaining | | | Number of | | Exercise | | Contractual | | Number of | | Exercise | | Contractual | Range of Exercise Prices | | Options | | Price | | Life (Years) | | Options | | Price | | Life (Years) | $16.72 to $21.11 | | 2,418,982 |
| | $ | 20.23 |
| | 3.9 | | 2,418,982 |
| | $ | 20.23 |
| | 3.9 | $23.88 to $29.35 | | 3,698,060 |
| | $ | 24.65 |
| | 4.5 | | 3,390,790 |
| | $ | 24.23 |
| | 4.2 | $34.87 to $37.46 | | 2,271,440 |
| | $ | 36.48 |
| | 8.9 | | 197,920 |
| | $ | 35.19 |
| | 8.4 | | | 8,388,482 |
| | $ | 26.58 |
| | 5.5 | | 6,007,692 |
| | $ | 22.98 |
| | 4.2 |
|
| Non-vested options |
| | | | | | | | | | | | | Weighted-Average | Non-Vested Stock Options | | Number of Options | | Fair Value | Non-vested as of July 1, 2013 | | 2,394,085 |
| | $ | 3.38 |
| Granted | | — |
| | $ | — |
| Vested | | (8,615 | ) | | $ | 3.36 |
| Forfeited | | (4,680 | ) | | $ | 3.37 |
| Non-vested as of September 30, 2013 | | 2,380,790 |
| | $ | 3.38 |
| | | | | | Non-vested as of January 1, 2013 | | 1,702,275 |
| | $ | 3.31 |
| Granted | | 1,418,560 |
| | $ | 3.45 |
| Vested | | (730,015 | ) | | $ | 3.34 |
| Forfeited | | (10,030 | ) | | $ | 3.37 |
| Non-vested as of September 30, 2013 | | 2,380,790 |
| | $ | 3.38 |
|
|
| Restricted stock activity |
| | | | | | | | | | | | | Weighted-Average | Restricted Shares | | Number of Shares | | Grant Date Fair Value | Outstanding as of July 1, 2013 | | 151,271 |
| | | Granted | | — |
| | $ | — |
| Released | | — |
| | $ | — |
| Forfeited | | (573 | ) | | $ | 34.96 |
| Outstanding as of September 30, 2013 | | 150,698 |
| | | | | | | | Outstanding as of January 1, 2013 | | 188,222 |
| | | Granted | | 74,290 |
| | $ | 37.65 |
| Released | | (97,973 | ) | | $ | 26.65 |
| Forfeited | | (13,841 | ) | | $ | 33.35 |
| Outstanding as of September 30, 2013 | | 150,698 |
| | |
|