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Stock-Based Compensation (Tables) | 12 Months Ended
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Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award |
Activity for PSUs Classified as Equity | Activity for PSUs classified as equity is as follows:
|  |  | Weighted Average
| Shares |  | Grant Date
| (000s) |  | Fair Value
Outstanding at December 31, 2013 | 116 |  |  | $ | 25.26 |
Granted | 166 |  |  | 34.72 |
Forfeited | (1 | ) |  | 34.84 |
Outstanding at December 31, 2014 | 281 |  |  | 30.83 |
Valuation Assumptions on PSU Grants | The fair value of PSUs is estimated on the date of initial grant using the Monte-Carlo simulation m odel. The assumptions used to value PSUs granted during the years shown are as follows:
| Year Ended December 31
| 2014 |  | 2013
Expected Volatility (based on historical daily stock prices) | 31 | % |  | 35 | %
Expected Life (equals the performance period) | 3.0 years |  |  | 3.0 years |
Risk Free Interest Rate (based on U.S. Treasury yields at the date of grant) | 0.65 | % |  | 0.38 | %
Schedule of Stock Option Activity | Stock option activity is summarized as follows:
|  |  |  |  | Remaining |  | Intrinsic
| Shares |  | Weighted Average |  | Contractual Term |  | Value
| (000s) |  | Exercise Price |  | (in years) |  | (in millions)
Outstanding at December 31, 2013 | 1,395 |  |  | $ | 21.17 |  |  |  |  |
Exercised | (396 | ) |  | 23.55 |  |  |  |  |
Outstanding at December 31, 2014 | 999 |  |  | 20.23 |  |  | 3.8 |  | $ | 14.6 |
Exercisable at December 31, 2014 | 874 |  |  | $ | 19.73 |  |  | 3.5 |  | $ | 13.2 |
Valuation Assumptions on Stock Option Grants | The fair value of stock options is estimated on the date of initial grant using the Black-Scholes valuation m odel. The grant date fair value and the assumptions used to value stock options granted during the years shown are as follows. There were no stock options granted in 2014.
| Year Ended December 31
| 2013 |  | 2012
Weighted Average Grant Date Fair Value per Option | $ | 9.77 |  |  | $ | 9.78 |
Expected Volatility (based on historical daily stock prices) | 52 | % |  | 52 | %
Expected Life (based on historical average years to exercise) | 6.0 years |  |  | 6.0 years |
Expected Dividend Yield (based on the dividend rate at the date of grant) | 2.14 | % |  | 1.80 | %
Risk Free Interest Rate (based on U.S. Treasury yields at the date of grant) | 1.12 | % |  | 1.13 | %
Schedule of Compensation Cost for Share-based Payment Arrangements | Compensation expense for the stock plans, as reported in our consolidated statements of income, is as follows:
| Year Ended December 31
| 2014 |  | 2013 |  | 2012
| (in millions of dollars)
Performance Share Units | $ | 2.5 |  |  | $ | 1.1 |  |  | $ | — |
Restricted Stock Units and Cash-Settled Awards | 19.0 |  |  | 21.0 |  |  | 20.9 |
Stock Options | 0.6 |  |  | 1.0 |  |  | 2.7 |
Other | 0.5 |  |  | 0.5 |  |  | 0.6 |
Total Compensation Expense, Before Income Tax | $ | 22.6 |  |  | $ | 23.6 |  |  | $ | 24.2 |
Total Compensation Expense, Net of Income Tax | $ | 14.9 |  |  | $ | 15.6 |  |  | $ | 15.6 |
Restricted Stock Units (RSUs) |
Share-based Compensation Arrangement by Share-based Payment Award |
Activity for Restricted Stock Units and Cash Settled Awards Activity | Activity for RSUs classified as equity is as follows:
|  |  | Weighted Average
| Shares |  | Grant Date
| (000s) |  | Fair Value
Outstanding at December 31, 2013 | 1,322 |  |  | $ | 24.35 |
Granted | 568 |  |  | 33.77 |
Vested | (782 | ) |  | 25.24 |
Forfeited | (27 | ) |  | 29.07 |
Outstanding at December 31, 2014 | 1,081 |  |  | 28.41 |
Cash Settled Awards |
Share-based Compensation Arrangement by Share-based Payment Award |
Activity for Restricted Stock Units and Cash Settled Awards Activity | Activity for cash-settled awards classified as a liability is as follows:
|  |  | Weighted Average
| Shares |  | Grant Date
| (000s) |  | Fair Value
Outstanding at December 31, 2013 | 165 |  |  | $ | 24.09 |
Granted | 46 |  |  | 33.85 |
Vested | (88 | ) |  | 24.47 |
Outstanding at December 31, 2014 | 123 |  |  | 27.31 |
Fair Value and Intrinsic Value of Cash Settled Awards and Stock Options |
| Year Ended December 31
| 2014 |  | 2013 |  | 2012
| (in millions of dollars, except per unit data)
Weighted Average Grant Date Fair Value per Unit Granted | $ | 33.85 |  |  | $ | 24.22 |  |  | $ | 23.23 |
Total Fair Value of Units Vested | $ | 2.1 |  |  | $ | 2.4 |  |  | $ | 1.5 |
Total Fair Value of Units Paid | $ | 2.9 |  |  | $ | 2.5 |  |  | $ | 1.5 |
Stock Options |
Share-based Compensation Arrangement by Share-based Payment Award |
Fair Value and Intrinsic Value of Cash Settled Awards and Stock Options | The intrinsic value of options exercised and fair value of options vested are as follows:
| Year Ended December 31
| 2014 |  | 2013 |  | 2012
| (in millions of dollars)
Total Intrinsic Value of Options Exercised | $ | 4.0 |  |  | $ | 4.4 |  |  | $ | 0.6 |
Total Fair Value of Options Vested | $ | 2.4 |  |  | $ | 2.4 |  |  | $ | 2.3 |

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