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Stock-Based Compensation Plans | 12 Months Ended
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Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation Plans | Stock-Based Compensation Plans The Company has one stock-based incentive plan, which incorporates and supersedes its two previous plans (see Note 1 — Accounting for Stock-Based Compensation). Participants are generally granted stock-based awards only if the applicable Company-wide or profit-center operating goals, or both, or strategic goals, established by the Compensation and Leadership Development Committee of the Board of Directors at the beginning of the year, are met. The fair value of each restricted stock unit award is estimated on the date of the award based on the closing market price of the underlying stock on the day preceding the date of the award, excluding the present value of the dividends that the restricted stock units do not participate in. On February 2, 2015, 339,047 restricted stock units were awarded, including 8,550 awarded to the Company’s independent directors, at an estimated value of $32.64 per share, the closing price on January 31, 2015. The restrictions on these awards generally lapse one quarter on each of the date of the award and the first, second and third anniversaries of the date of the award. Restrictions on awards to four executive officers of the Company lapse three quarters on the third anniversary of the date of the award and one quarter on the four th anniversary of the date of the award. The following table summarizes the Company’s unvested restricted stock unit activity for the year ended December 31, 2014:
| Shares (in thousands) |  | Weighted- Average Price |  | Aggregate Intrinsic Value * (in thousands)
Unvested Restricted Stock Units (RSUs) |  |
Outstanding at January 1, 2014 | 448 |  |  | $ | 32.48 |  |  | $ | 16,447 |
Awarded | 343 |  |  | 30.98 |  |  |  |
Vested | (284 | ) |  | 32.06 |  |  |  |
Forfeited | (3 | ) |  | 31.68 |  |  |  |
Outstanding at December 31, 2014 | 504 |  |  | $ | 31.67 |  |  | $ | 17,423 |
Outstanding and expected to vest at December 31, 2014 | 492 |  |  | $ | 31.68 |  |  | $ | 15,582 |
* The intrinsic value is calculated using the closing price per share of $34.60 as reported by the New York Stock Exchange on December 31, 2014. The total intrinsic value of restricted stock units vested during the years ended December 31, 2014, 2013 and 2012 was $9.1 million, $5.7 million and $3.1 million respectively, based on the market value on the award date. No stock options were granted under the 2011 Plan in 2012, 2013 or 2014. The following table summarizes the Company’s stock option activity for the year ended December 31, 2014:
| Shares (in thousands) |  | Weighted- Average Exercise Price |  | Weighted- Average Remaining Contractual Life |  | Aggregate Intrinsic Value* (in thousands)
Non-Qualified Stock Options |  |  |
Outstanding at January 1, 2014 | 1,021 |  |  | $ | 29.35 |  |  | 4.0 |  | $ | 7,404 |
Exercised | (161 | ) |  | $ | 28.54 |  |  |  |  |  |
Forfeited | (5 | ) |  | $ | 32.92 |  |  |  |  |
Outstanding at December 31, 2014 | 855 |  |  | $ | 29.48 |  |  | 3.1 |  | $ | 4,381 |
Outstanding and expected to vest at December 31, 2014 | 847 |  |  | $ | 29.48 |  |  | 3.1 |  | $ | 4,341 |
Exercisable at December 31, 2014 | 756 |  |  | $ | 29.45 |  |  | 3.0 |  | $ | 3,889 |
* The intrinsic value represents the amount by which the fair market value of the underlying common stock exceeds the exercise price of the option, using the closing price per share of $34.60 as reported by the New York Stock Exchange on December 31, 2014. The total intrinsic value of stock options exercised during the three years ended December 31, 2014, 2013 and 2012, was $0.8 million, $2.6 million and $1.1 million, respectively. A summary of the status of unvested stock options as of December 31, 2014, and changes during the year ended December 31, 2014, is presented below:
| Shares (in thousands) |  | Weighted- Average Grant-Date Fair Value
Unvested Options |
Unvested at January 1, 2014 | 448 |  |  | $ | 10.31 |
Vested | (348 | ) |  | $ | 10.31 |
Forfeited | (1 | ) |  | $ | 10.33 |
Unvested at December 31, 2014 | 99 |  |  | $ | 10.33 |
As of December 31, 2014, total unrecognized compensation cost of $14.8 million was related to unvested stock-based compensation arrangements expected to be awarded under the 2011 Plan and granted under the 1994 Plan. This cost is expected to be recognized over a weighted-average period of 1.8 years. Stock options granted under the 1995 Plan are fully vested and the associated expense was fully recognized as of the date of grant. The Company also maintains a Stock Bonus Plan whereby it awards shares to employees, who do not otherwise participate in one of the Company’s stock-based incentive plans. The number of shares awarded, as well as the period of service, is determined by the Compensation and Leadership Development Committee of the Board. In 2014, 2013 and 2012, the Company issued, and committed to issue, 16 thousand, 11 thousand and 9 thousand shares, respectively, which resulted in pre-tax compensation charges of $0.6 million, $0.7 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. These employees are also awarded cash bonuses, which are included in these charges, to compensate for their income taxes payable as a result of the stock bonuses. Shares have been issued under this plan in the year following the year in which the employee reached the ten th anniversary of employment with the Company.

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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