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Equity and Cash Incentive Program (Tables) | 12 Months Ended
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Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Stock-based incentive plans compensation expense | Stock-based compensation costs are reported within selling and administrative expenses. The following table summarizes the Company’s compensation expense relating to all stock-based incentive plans:
| Years Ended December 31,
| 2013 |  | 2012 |  | 2011
Pre-tax compensation expense | $ | 30,480 |  |  | $ | 30,884 |  |  | $ | 25,130 |
Tax benefit | (10,745 | ) |  | (10,904 | ) |  | (8,795 | )
Total stock-based compensation expense, net of tax | $ | 19,735 |  |  | $ | 19,980 |  |  | $ | 16,335 |
Summary of activity relating to SARs and stock options | A summary of activity relating to SARs and stock options granted under the 2012 Plan and the predecessor plans for the year ended December 31, 2013 is as follows:
| SARs |  | Stock Options
| Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (Years) |  | Number of Shares |  | Weighted Average Exercise Price |  | Aggregate Intrinsic Value |  | Weighted Average Remaining Contractual Term (Years)
Outstanding at 1/1/2013 | 8,551,608 |  |  | $ | 50.17 |  |  |  |  |  |  | 724,406 |  |  | $ | 38.18 |  |  |  |  |
Granted | 1,613,884 |  |  | 71.86 |  |  |  |  |  |  | — |  |  | — |  |  |  |  |
Forfeit / expired | (285,351 | ) |  | 66.72 |  |  |  |  |  |  | (22,438 | ) |  | 30.50 |  |  |  |  |
Exercised | (2,359,381 | ) |  | 42.28 |  |  |  |  |  |  | (492,141 | ) |  | 38.44 |  |  |  |  |
Outstanding at 12/31/2013 | 7,520,760 |  |  | 56.67 |  |  | $ | 299,812 |  |  | 6.8 |  | 209,827 |  |  | 38.39 |  |  | $ | 12,201 |  |  | 1.0
Exercisable at 12/31/2013 | 3,089,841 |  |  | $ | 40.47 |  |  | $ | 173,243 |  |  | 4.8 |  | 209,827 |  |  | $ | 38.39 |  |  | $ | 12,201 |  |  | 1.0
Other information for SARs and stock options | Other information regarding the exercise of SARs and stock options is listed below:
| 2013 |  | 2012 |  | 2011
SARs |  |  |  |  |
Fair value of SARs that became exercisable | $ | 23,605 |  |  | $ | 16,484 |  |  | $ | 21,202 |
Aggregate intrinsic value of SARs exercised | $ | 83,944 |  |  | $ | 61,531 |  |  | $ | 24,322 |
Stock Options |  |  |  |  |
Cash received by Dover for exercise of stock options | $ | 14,830 |  |  | $ | 38,029 |  |  | $ | 26,519 |
Aggregate intrinsic value of options exercised | $ | 19,937 |  |  | $ | 29,866 |  |  | $ | 24,726 |
Summary of activity for performance share awards | A summary of activity for performance share awards for the year ended December 31, 2013 is as follows:
| Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested at December 31, 2012 | 95,167 |  |  | $ | 81.12 |
Granted | 47,032 |  |  | 80.47 |
Vested * | (42,498 | ) |  | 91.41 |
Forfeited | (7,156 | ) |  | 81.19 |
Unvested at December 31, 2013 | 92,545 |  |  | $ | 76.05 |
* Under the terms of the performance share award, the actual number of shares awarded can range from zero to 200% of the original target grant, depending on Dover's three-year performance relative to the peer group for the relevant performance period. Awards vesting at the end of 2013, as shown above, are expected to be paid out at approximately 136.8% of their original target.
Shares granted to directors | The Company issued the following shares to its non-employee directors during 2013 and 2012 under the 2012 Plan and during 2011 under the Directors' Plan as partial compensation for serving as directors of the Company:
| Years ended December 31,
| 2013 |  | 2012 |  | 2011
Aggregate shares granted | 14,271 |  |  | 20,344 |  |  | 20,929 |
Shares deferred | (6,929 | ) |  | — |  |  | — |
Shares withheld to satisfy tax obligations | (354 | ) |  | (544 | ) |  | (562 | )
Net shares issued | 6,988 |  |  | 19,800 |  |  | 20,367 |
Stock Appreciation Rights (SARs) [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:
| 2013 |  | 2012 |  | 2011
Risk-free interest rate | 1.39 | % |  | 1.05 | % |  | 2.68 | %
Dividend yield | 2.06 | % |  | 2.03 | % |  | 1.70 | %
Expected life (years) | 7.1 |  |  | 5.7 |  |  | 5.8 |
Volatility | 33.78 | % |  | 36.41 | % |  | 33.56 | %
Grant price | $ | 71.86 |  |  | $ | 65.38 |  |  | $ | 66.59 |
Fair value at date of grant | $ | 20.62 |  |  | $ | 18.51 |  |  | $ | 20.13 |
Awards outstanding, vested and exercisable |
| SARs Outstanding |  | SARs Exercisable
Range of Exercise Prices | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years
$29.45 - $42.88 | 2,535,719 |  |  | $ | 38.64 |  |  | 5.3 |  | 2,535,719 |  |  | $ | 38.64 |  |  | 5.3
$46.00 - $50.60 | 552,000 |  |  | 48.80 |  |  | 2.6 |  | 552,000 |  |  | 48.80 |  |  | 2.6
$65.38 - $71.86 | 4,433,041 |  |  | 67.97 |  |  | 8.2 |  | 2,122 |  |  | 65.98 |  |  | 3.9
Performance Shares [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Assumptions used in determining fair value of stock appreciation rights and performance shares awarded during the period | The performance share awards are market condition awards and have been fair valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model) with the following assumptions:
| 2013 |  | 2012 |  | 2011
Risk-free interest rate | 0.40 | % |  | 0.37 | % |  | 1.34 | %
Dividend yield | 2.06 | % |  | 2.03 | % |  | 1.61 | %
Expected life (years) | 2.9 |  |  | 2.9 |  |  | 2.9 |
Volatility | 30.36 | % |  | 34.10 | % |  | 40.48 | %
Fair value of performance award | $ | 80.47 |  |  | $ | 71.98 |  |  | $ | 91.41 |
Stock Options [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Awards outstanding, vested and exercisable |
| Stock Options Outstanding |  | Stock Options Exercisable
Range of Exercise Prices | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years |  | Number of Shares |  | Weighted Average Exercise Price |  | Weighted Average Remaining Life in Years
$38.00 - $38.50 | 184,241 |  |  | $ | 38.00 |  |  | 1.1 |  | 184,241 |  |  | $ | 38.00 |  |  | 1.1
$39.00 - $41.25 | 25,586 |  |  | 41.20 |  |  | 0.1 |  | 25,586 |  |  | 41.20 |  |  | 0.1

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