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Share-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2011
Share-Based Compensation Plans  
Schedule of stock option activity

 

 

Stock Options
  Option
Shares
  Weighted Average
Exercise Price
  Weighted Average
Remaining
Contractual Term
(In years)
  Aggregate
Intrinsic Value
(In millions)
 

Outstanding at December 31, 2008

    3,418,772   $ 41.57              

Granted

    977,300     33.86              

Exercised

    (427,697 )   24.53              

Expired or forfeited

    (159,146 )   48.35              
                   

Outstanding at December 31, 2009

    3,809,229     41.22              

Granted

    1,039,400     42.89              

Exercised

    (827,452 )   25.68              

Expired or forfeited

    (141,125 )   47.10              
                   

Outstanding at December 31, 2010

    3,880,052     44.76              

Granted

    1,037,250     55.73              

Exercised

    (266,392 )   41.60              

Expired or forfeited

    (135,350 )   47.57              
                   

Outstanding at December 31, 2011

    4,515,560   $ 47.39     4.4   $ 21.2  
                   

Exercisable at December 31, 2011

    2,146,035   $ 46.59     3.5   $ 11.1  
                   
Schedule of weighted average assumptions for estimation of fair value of each option

 

 

 
  Year Ended December 31,  
 
  2011   2010   2009  

Weighted average assumptions used:

                   

Exercise price

  $ 55.73   $ 42.89   $ 33.86  

Risk free interest rate

    2.20 %   2.35 %   1.87 %

Expected life in years

    4.8     4.8     4.8  

Expected volatility

    60 %   60 %   59 %

Expected dividend yield

    0.86 %   0.93 %   1.18 %

Grant date fair value

  $ 26.98   $ 20.62   $ 15.58  
Summary of the status of the Company's non-vested stock options and changes during the year

 

 

Non-vested Options
  Shares   Weighted
Average Grant
Date Fair Value
 

Non-vested at January 1, 2011

    2,405,950   $ 18.66  

Granted

    1,037,250   $ 26.98  

Forfeited

    (103,600 ) $ 21.25  

Vested

    (970,075 ) $ 18.43  
           

Non-vested at December 31, 2011

    2,369,525   $ 22.28  
           
Summary of certain information concerning outstanding and exercisable options

 

 

 
   
  Options Outstanding   Options Exercisable  
Range of
Exercise Price
  Outstanding at
December 31, 2011
  Weighted Average
Remaining
Contractual Life
in Years
  Weighted
Average
Exercise Price
  Exercisable at
December 31, 2011
  Weighted Average
Exercise
Price of Options
Exercisable
 
$15 - $19     24,000     3.4   $ 18.31     24,000   $ 18.31  
$24 - $28     50,925     3.5   $ 25.02     50,925   $ 25.02  
$33 - $38     790,675     4.5   $ 33.90     373,725   $ 34.11  
$42 - $45     1,620,435     4.0   $ 43.68     913,635   $ 44.36  
$55 - $57     1,963,525     4.7   $ 56.25     717,750   $ 56.80  
$61 - $67     66,000     5.9   $ 64.03     66,000   $ 64.03  
                       
$15 - $67     4,515,560     4.4   $ 47.39     2,146,035   $ 46.59