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Compensation Plans (Tables) | 12 Months Ended
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Dec. 31, 2013
Compensation Plans |
Summary of the option activity | A summary of the stock option activity in 2013 is presented in the following table (dollars and shares in thousands, except per share amounts):
|  | Shares Under Options |  | Weighted Average Exercise Price |  | Weighted Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Outstanding as of January 1, 2013 |  |  | 3,127 |  | $ | 31.16 |  |  | 6.9 |  | $ | 43,774 |
Granted |  |  | 499 |  |  | 46.92 |  |  |  |  |  |  |
Exercised |  |  | (1,300 | ) |  | 29.17 |  |  |  |  |  |  |
Forfeited |  |  | (104 | ) |  | 33.29 |  |  |  |  |  |  |
Outstanding as of December 31, 2013 |  |  | 2,222 |  |  | 35.77 |  |  | 5.0 |  |  | 8,870 |
Exercisable as of December 31, 2013 |  |  | 1,281 |  |  | 35.64 |  |  | 3.3 |  |  | 4,924 |
Summary additional information concerning outstanding and exercisable stock options | The following table summarizes additional information concerning outstanding and exercisable stock options at December 31, 2013 (shares in thousands):
|  |  |  |  |  | Weighted Average Remaining Contractual Term (Years) |  | Currently Exercisable |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
|  |  |  | Weighted Average Exercise Price |
Range of Exercise Price |  | Shares Under Options |  | Shares Under Options |  | Weighted Average Exercise Price |
$23.34 - $25.52 |  |  | 456 |  | $ | 23.34 |  |  | 4.1 |  |  | 262 |  | $ | 23.34 |
27.11 - 28.35 |  |  | 342 |  |  | 28.35 |  |  | 4.8 |  |  | 162 |  |  | 28.35 |
31.95 - 46.92 |  |  | 1,424 |  |  | 41.53 |  |  | 5.3 |  |  | 857 |  |  | 40.78 |
|  |  | 2,222 |  |  | 35.77 |  |  | 5.0 |  |  | 1,281 |  |  | 35.64 |
Summary of additional information concerning unvested stock options | The following table summarizes additional information concerning unvested stock options at December 31, 2013 (shares in thousands):
|  | Shares Under Options |  | Weighted Average Grant Date Fair Value |
--- | --- | --- | --- | --- | ---
Unvested at January 1, 2013 |  |  | 2,588 |  | $ | 4.30 |
Granted |  |  | 499 |  |  | 5.89 |
Vested |  |  | (2,042 | ) |  | 4.30 |
Forfeited |  |  | (104 | ) |  | 4.75 |
Unvested at December 31, 2013 |  |  | 941 |  |  | 5.09 |
Assumptions used for estimating fair value of stock options using Black-Scholes option valuation model |
|  | 2013 |  | 2012 |  | 2011 |
--- | --- | --- | --- | --- | --- | --- | ---
Risk-free rate |  |  | 0.78 | % |  | 1.09 | % |  | 2.58 | %
Expected life (in years) |  |  | 4.5 |  |  | 5.9 |  |  | 6.5 |
Expected volatility |  |  | 28.9 | % |  | 32.7 | % |  | 31.8 | %
Expected dividend yield |  |  | 5.8 | % |  | 5.9 | % |  | 6.1 | %
Summary of additional information concerning restricted stock and restricted stock units | The following table summarizes additional information concerning restricted stock and restricted stock units at December 31, 2013 (units and shares in thousands):
|  | Restricted Stock Units |  | Weighted Average Grant Date Fair Value |  | Restricted Shares |  | Weighted Average Grant Date Fair Value |
--- | --- | --- | --- | --- | --- | --- | --- | --- | ---
Unvested at January 1, 2013 |  |  | 1,220 |  | $ | 35.16 |  |  | 145 |  | $ | 27.24 |
Granted |  |  | 502 |  |  | 45.96 |  |  | 144 |  |  | 41.77 |
Vested |  |  | (471 | ) |  | 36.58 |  |  | (43 | ) |  | 31.65 |
Forfeited |  |  | (43 | ) |  | 41.79 |  |  | (20 | ) |  | 26.84 |
Unvested at December 31, 2013 |  |  | 1,208 |  |  | 38.82 |  |  | 226 |  |  | 35.70 |

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- Definition Tabular disclosure of option exercise prices, by grouped ranges, including the upper and lower limits of the price range, the number of shares under option, weighted average exercise price and remaining contractual option terms. + References Reference 1: 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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