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Equity Incentive Program | 3 Months Ended
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Mar. 31, 2012
Equity Incentive Program [Abstract] |
Equity Incentive Program | 15. Equity Incentive Program During the three months ended March 31, 2012 and 2011, the Company issued stock appreciation rights (“SARs”) covering 1,719,943 and 1,524,329 shares, respectively, and 50,416 and 44,751 performance shares, respectively. The fair value of each SAR grant was estimated on the date of grant using the Black-Scholes option pricing model. The performance share awards are market condition awards and have been assessed at fair value on the date of grant using the Monte Carlo simulation model. The following assumptions were used in determining the fair value of the SARs and performance shares awarded during the respective periods:
|  | SARs |  |  | Performance Shares |
|  | Three Months Ended March 31, |  |  | Three Months Ended March 31, |
|  | 2012 |  |  | 2011 |  |  | 2012 |  |  | 2011 |
Risk-free interest rate |  |  | 1.05 | % |  |  | 2.68 | % |  |  | 0.37 | % |  |  | 1.34 | %
Dividend yield |  |  | 2.03 | % |  |  | 1.70 | % |  |  | 2.03 | % |  |  | 1.61 | %
Expected life (years) |  |  | 5.7 |  |  |  | 5.8 |  |  |  | 2.9 |  |  |  | 2.9 |
Volatility |  |  | 36.41 | % |  |  | 33.56 | % |  |  | 34.10 | % |  |  | 40.48 | %
Grant price |  | $ | 65.38 |  |  | $ | 66.59 |  |  |  | n/a |  |  |  | n/a |
Fair value at date of grant |  | $ | 18.51 |  |  | $ | 20.13 |  |  | $ | 71.98 |  |  | $ | 91.41 |
Stock-based compensation is reported within selling and administrative expenses in the accompanying Unaudited Condensed Consolidated Statement of Earnings. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:
|  | Three Months Ended March 31, |
|  | 2012 |  |  | 2011 |
Pre-tax compensation expense |  | $ | 8,574 |  |  | $ | 8,033 |
Tax benefit |  |  | (3,107 | ) |  |  | (2,811 | )
Total stock-based compensation expense, net of tax |  | $ | 5,467 |  |  | $ | 5,222 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 93-6 -Paragraph 53 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 123R -Paragraph 64, 65, A240 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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