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Stock Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Schedule of Changes in Option Shares

Changes in option shares, all of which are Common Stock, were as follows:

 

     Weighted-Avg.
Per Share
Exercise Price		      Years Ended December 31     (dollars in millions)
Aggregate
Intrinsic Value		  
        2017     2016     2015    

Outstanding at beginning of year

    $ 21.69        2,664,333       2,653,558       3,154,006    

Granted

            

2017—$50.16 to $50.16 per share

         358,150        

2016—$31.49 to $46.93 per share

           553,370      

2015—$23.24 to $25.34 per share

             484,990    

Exercised

            

2017—$4.75 to $31.67 per share

         (752,603 )        $ 12.7  

2016—$4.75 to $30.77 per share

           (531,933 )        7.5  

2015—$4.10 to $17.46 per share

             (978,208 )      10.2  

Forfeited

            

2017—$30.77 to $50.16 per share

         (6,754 )       

2016—$23.24 to $46.93 per share

           (10,662 )     

2015—$17.46 to $23.24 per share

             (7,230 )   
     

 

 

    

 

 

    

 

 

    

Outstanding at end of year

            

(2017—$4.75 to $50.16 per share)

      27.73        2,263,126       2,664,333       2,653,558    
     

 

 

    

 

 

    

 

 

    

Exercisable at end of year

      20.48        1,387,259       1,602,651       1,544,186    
     

 

 

    

 

 

    

 

 

    
Schedule of Weighted Average Information by Range of Exercise Prices for Stock Options Outstanding and Exercisable

The following table summarizes weighted-average information by range of exercise prices for stock options outstanding and exercisable at December 31, 2017:

 

Range of

Exercise Prices

    Options
Outstanding at
December 31,
2017		      Weighted-
Average
Exercise
Price		      Options
Exercisable at
December 31,
2017		      Weighted-
Average
Exercise
Price		      Weighted-
Average
Remaining
Contractual
Life		  

$4.75 to $11.50

      414,134      $ 9.56        414,134      $ 9.56        4 years  

$17.46 to $25.34

      556,847        20.58        556,847        20.58        7 years  

$26.47 to $50.16

      1,292,145        36.63        416,278        31.20        8 years  
  

 

 

        

 

 

        
     2,263,126           1,387,259        
  

 

 

        

 

 

        
Schedule of Weighted Average Fair Value per Option at Date of Grant

The weighted-average fair value per option at the date of grant during 2017, 2016 and 2015, using the Black-Scholes option-pricing model, was $13.04, $8.03 and $8.59, respectively. Assumptions were as follows:

 

     2017     2016     2015  

Expected life (years)

      5.7       5.8       5.9  

Risk-free interest rate

      2.4 %      1.7 %      2.0 % 

Dividend yield

      1.0 %      1.3 %      1.0 % 

Expected volatility

      26.5 %      27.7 %      29.3 % 
Schedule of Share Unit Activity Under Plan

A summary of share unit activity under the plan is as follows:

 

     Number of Units      Weighted-Average
Grant Date Value		  

Outstanding at January 1, 2017

      544,055      $ 27.35  

Granted

      107,853        50.17  

Vested

      (213,863 )       23.25  

Forfeited/cancelled

      (4,755 )       34.25  
  

 

 

     

Outstanding at December 31, 2017

      433,290        34.96