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Share-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2017
Share-Based Compensation Plans [Abstract] |
Share-Based Compensation Plans | Share-Based Compensation Plans Share-based incentive awards are granted to employees under the 2013 Incentive Award Plan, or 2013 Plan, which is administered by the Compensation Committee of the Board of Directors, or Compensation Committee. Awards include stock options, restricted stock and other stock awards. The maximum number of shares of common stock that can be granted under the 2013 Plan is 33 million shares plus any shares awarded under the 2013 Plan and any prior plan that have been forfeited or have expired. Stock option awards reduce the number of shares available for grant on a one-for-one basis and all other awards reduce the number of shares available for grant by 3.5 shares for each share awarded. The terms of each award and the exercise date are determined by the Compensation Committee. The 2013 Plan does not permit the holder of an award to elect cash settlement under any circumstances. At December 31, 2017, there were 28,684,234 shares available for grant under the 2013 Plan. If all shares available for grant were for awards other than stock options, shares available for grant would be 8,195,495. Share-based compensation expense was $80.2 million, $93.4 million and $99.4 million in 2017, 2016 and 2015, respectively. At December 31, 2017, unamortized share-based compensation that will be expensed over the next five years is $177.6 million. We record a deferred tax asset for the share-based compensation expense recognized for financial reporting purposes that has not been deducted on our income tax return. On January 1, 2017, we adopted ASU 2016-09, (see Note 1), which requires that beginning in 2017 excess tax benefits and deficiencies related to share-based compensation be recorded in results of operations upon vesting of restricted stock awards or exercise of stock options. Excess tax benefits and deficiencies represent the difference between the actual compensation deduction for tax purposes, which is calculated as the difference between the grant date price of the award and the price of our common stock on the vesting or exercise date, and compensation expense recognized for financial reporting purposes. In 2017 we recognized an excess tax benefit of $20.8 million. Stock Options The exercise price of stock option awards cannot be less than 100% of the market price of our common stock on the grant date. The 2017 option awards vest 100% three years from grant date and have a maximum contractual life of six years. All prior option awards have a maximum contractual life of 10 years. Stock option activity for the three years ended December 31, 2017 was:
| 2017 |  | 2016 |  | 2015
| Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
January 1 | 719,757 |  |  | $27.88 |  | 1,140,547 |  |  | $28.86 |  | 1,652,140 |  |  | $27.97
Granted | 1,000,000 |  |  | $84.94 |  | — |  |  |  |  | — |  |  |
Exercised | (102,335 | ) |  | $23.40 |  | (420,790 | ) |  | $30.56 |  | (511,593 | ) |  | $25.98
Forfeited | (24,000 | ) |  | $84.94 |  | — |  |  |  |  | — |  |  |
December 31 | 1,593,422 |  |  | $63.11 |  | 719,757 |  |  | $27.88 |  | 1,140,547 |  |  | $28.86
Exercisable December 31 | 617,422 |  |  | $28.61 |  | 695,757 |  |  | $26.54 |  | 1,074,547 |  |  | $26.47
Options outstanding and exercisable at December 31, 2017 were:
|  |  |  | Options Outstanding |  | Options Exercisable
Exercise Price Range |  | Shares |  | Weighted Average Remaining Contractual Life |  | Weighted Average Exercise Price |  | Shares |  | Weighted Average Exercise Price
$23.00 | to | $24.00 |  | 545,422 |  |  | 1.2 years |  | $23.40 |  | 545,422 |  |  | $23.40
$66.00 | to | $71.00 |  | 72,000 |  |  | 6.4 years |  | $68.04 |  | 72,000 |  |  | $68.04
$84.00 | to | $85.00 |  | 976,000 |  |  | 5.2 years |  | $84.94 |  | — |  |  |
|  |  |  | 1,593,422 |  |  |  |  |  |  | 617,422 |  |  |
The 2017 option award grant date fair value of $9.87 was determined using the Black-Scholes option valuation model. The assumptions for the model, without adjusting for the risk of forfeiture and lack of liquidity, were: expected life - 4.5 years, risk free interest rate - 2.0%, expected volatility - 16.3% and dividend yield - 2.6%. Restricted Stock Restricted stock activity for the three years ended December 31, 2017 was:
| 2017 |  | 2016 |  | 2015
January 1 | 3,802,105 |  |  | 4,349,105 |  |  | 5,040,641 |
Granted | 966,919 |  |  | 1,100,396 |  |  | 1,208,964 |
Vested | (1,757,269 | ) |  | (1,438,386 | ) |  | (1,631,343 | )
Forfeited | (152,382 | ) |  | (209,010 | ) |  | (269,157 | )
December 31 | 2,859,373 |  |  | 3,802,105 |  |  | 4,349,105 |
Weighted average grant date fair value of shares granted in the period | $74.10 |  | $73.16 |  | $64.49
Weighted average grant date fair value at December 31 | $68.85 |  | $61.72 |  | $55.08
Generally, restricted shares vest ratably over five years from the grant date provided the employee remains employed by us. Restricted shares may not be sold, transferred, pledged or otherwise encumbered until the forfeiture restrictions lapse. Under most circumstances, the employee forfeits the shares if employment ceases prior to the end of the restriction period. Performance Restricted Stock Units The Compensation Committee grants certain employees performance restricted stock units, or PRSU. Each PRSU represents the right to receive one share of common stock on vesting. The ultimate number of PRSUs received by the employee depends on the Company's average return on equity over a three year period compared to the average return on equity of a peer group of principal competitors over the same period. The PRSUs vest three years from the grant date. The PRSUs have a service and performance vesting condition and compensation expense is recognized on a graded-vesting basis. Over the performance period, compensation expense is adjusted upward or downward based on our estimate of the probability of achieving the performance target for the portion of the awards subject to the performance vesting condition. We have assumed that substantially all the PRSUs will vest. PRSU activity for the three years ended December 31, 2017 was:
| 2017 |  | 2016 |  | 2015
| Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value |  | Shares |  | Weighted Average Grant Date Fair Value
January 1 | 462,381 |  |  | $ | 77.05 |  |  | 534,456 |  |  | $ | 66.05 |  |  | 622,859 |  |  | $ | 56.16 |
Granted | 173,770 |  |  | 84.94 |  |  | 153,492 |  |  | 83.23 |  |  | 161,625 |  |  | 77.68 |
Distributed | (147,264 | ) |  | 69.89 |  |  | (225,567 | ) |  | 55.20 |  |  | (239,387 | ) |  | 48.94 |
Forfeited | — |  |  | — |  |  | — |  |  | — |  |  | (10,641 | ) |  | 48.87 |
December 31 | 488,887 |  |  | $ | 82.01 |  |  | 462,381 |  |  | $ | 77.05 |  |  | 534,456 |  |  | $ | 66.05 |
Employee Stock Purchase Plan The employee stock purchase plan, or ESPP, enables employees to purchase our common stock through payroll deductions over each plan quarter at 95% of the market price on the last trading day of the plan quarter. Purchases are limited to 10% of eligible compensation as defined by the Employee Retirement Income Security Act of 1974, or ERISA. Our employees purchased 101,862 shares, 97,935 shares and 111,849 shares in 2017, 2016 and 2015, respectively. All shares purchased were treasury stock, for which we received $7.6 million, $7.8 million and $7.8 million, respectively. At December 31, 2017, there were 8,766,437 shares available under the ESPP.

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- Definition Share-Based Compensation Plans [Abstract] + References No definition available. + Details
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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 -URI http://asc.fasb.org/topic&trid=2228938 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -URI http://asc.fasb.org/subtopic&trid=2208855 + Details
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