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Share-Based Compensation (Tables) | 3 Months Ended
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Mar. 31, 2015
Schedule of Stock Option Activity | A summary of the Company’s stock option activity as of March 31, 2015, and changes during the three months ended March 31, 2015, is presented in the following table:
Stock Options | Shares |  | Weighted Average Price |  | Weighted-Average Remaining Contractual Term |  | Aggregate Intrinsic Value
Outstanding at January 1, 2015 | 2,378,559 |  |  | $ | 46.91 |  |  | 6.69 |  | $ | 73,561,785 |
Granted | 440,945 |  |  | 78.43 |  |  |  |  |
Exercised | (238,352 | ) |  | 38.75 |  |  |  |  |
Forfeited | (12,082 | ) |  | 57.62 |  |  |  |  |
Outstanding at March 31, 2015 | 2,569,070 |  |  | $ | 53.03 |  |  | 7.15 |  | $ | 59,729,867 |
Vested and expected to vest as of March 31, 2015 | 2,409,629 |  |  | $ | 51.87 |  |  | 7.02 |  | $ | 58,689,128 |
Exercisable at March 31, 2015 | 1,394,118 |  |  | $ | 41.37 |  |  | 5.72 |  | $ | 48,047,309 |
Stock Option |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average option fair values and assumptions for the periods specified are disclosed below. The fair value of each option grant was estimated on the date of the grant using the Binomial lattice option pricing model.
| Three Months Ended March 31,
| 2015 |  | 2014
Weighted average fair value of option grants | $20.40 |  | $19.53
Dividend yield | 1.42% |  | 1.26%
Volatility | 29.94% |  | 30.36%
Risk-free forward interest rate | 0.23% - 2.75% |  | 0.12% - 4.69%
Expected life (in years) | 5.90 |  | 5.89
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | Total compensation cost for stock options is as follows:
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
Cost of goods sold |  | $ | 226 |  |  | $ | 242 |
Selling, general and administrative expenses |  | 2,197 |  |  | 2,190 |
Total expense before income taxes |  | 2,423 |  |  | 2,432 |
Income tax benefit |  | (767 | ) |  | (755 | )
Total expense after income taxes |  | $ | 1,656 |  |  | $ | 1,677 |
Performance Shares |
Schedule of Weighted Average Option Fair Values and Assumptions | Weighted average performance share unit fair values and assumptions for the period specified are disclosed below. The performance share units are market condition awards and have been assessed at fair value on the date of grant using a Monte Carlo simulation model.
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
Weighted average fair value of performance share units |  | $95.07 |  | $94.55
Dividend yield |  | 0.00% |  | 0.00%
Volatility |  | 19.14% |  | 26.41%
Risk-free forward interest rate |  | 1.01% |  | 0.65%
Expected life (in years) |  | 2.86 |  | 2.88
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | Total compensation cost for performance share units is as follows:
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
Cost of goods sold |  | $ | — |  |  | $ | — |
Selling, general and administrative expenses |  | 1,342 |  |  | 661 |
Total expense before income taxes |  | 1,342 |  |  | 661 |
Income tax benefit |  | (430 | ) |  | (186 | )
Total expense after income taxes |  | $ | 912 |  |  | $ | 475 |
Unvested Shares |
Schedule of Compensation Cost for Stock Options and Unvested Shares and Performance Share Units | Total compensation cost for unvested shares is as follows:
|  | Three Months Ended March 31,
|  | 2015 |  | 2014
Cost of goods sold |  | $ | 420 |  |  | $ | 472 |
Selling, general and administrative expenses |  | 2,697 |  |  | 2,746 |
Total expense before income taxes |  | 3,117 |  |  | 3,218 |
Income tax benefit |  | (806 | ) |  | (687 | )
Total expense after income taxes |  | $ | 2,311 |  |  | $ | 2,531 |

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- Definition Tabular disclosure of the number and weighted-average exercise prices (or conversion ratios) for share options (or share units) that were outstanding at the beginning and end of the year, vested and expected to vest, exercisable or convertible at the end of the year, and the number of share options or share units that were granted, exercised or converted, forfeited, and expired during the year. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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