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Incentive Plans (Tables) | 12 Months Ended
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Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Amounts Recognized in Financial Statements with Respect to Share-Based Plans | Amounts recognized in the financial statements by the Company with respect to all share-based plans are shown in the following table. All expense prior to August 30, 2013 was incurred under the 2007 Plan and the 2012 Plan while all amounts after August 30, 2013 were incurred in the MUSA 2013 Plan and the Directors Plan.
|  | December 31,
(Thousands of dollars) |  | 2015 |  | 2014 |  | 2013
Compensation charged against income before income tax benefit |  | $ | 9,015 |  |  | $ | 10,435 |  |  | $ | 9,391 |
Related income tax benefit recognized in income |  | $ | 3,155 |  |  | $ | 3,652 |  |  | $ | 3,287 |
Summary of Changes in Stock Options Outstanding | Changes in options outstanding for Company employees during the period from August 30, 2013 to December 31, 2015 are presented in the following table:
| Number of Shares |  | Average Exercise Price
Outstanding at December 31, 2013 | 621,149 |  |  | $ | 35.13 |
Granted at FMV | 127,400 |  |  | 39.46 |
Exercised | (74,766 | ) |  | 34.21 |
Forfeited | (13,148 | ) |  | 38.36 |
Outstanding at December 31, 2014 | 660,635 |  |  | 36.00 |
Granted at FMV | 72,350 |  |  | 70.57 |
Exercised | (236,620 | ) |  | 33.80 |
Forfeited | (30,609 | ) |  | 40.21 |
Outstanding at December 31, 2015 | 465,756 |  |  | $ | 42.22 |
Exercisable at December 31, 2014 | 88,445 |  |  | $ | 34.54 |
Exercisable at December 31, 2015 | 127,077 |  |  | $ | 36.71 |
Summary of Additional Stock Option Information | Additional information about stock options outstanding at December 31, 2015 is shown below:
|  | Options Outstanding |  | Options Exercisable
Range of Exercise Prices per Option |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value |  | No. of Options |  | Avg. Life Remaining in Years |  | Aggregate Intrinsic Value
$32.53 to $37.06 |  | 171,592 |  |  | 3.9 |  | $ | 4,614,797 |  |  | 62,213 |  |  | 3.5 |  | $ | 1,707,361 |
$37.07 to $39.45 |  | 5,615 |  |  | 2.0 |  | 132,891 |  |  | 5,615 |  |  | 2.0 |  | 132,891 |
$39.46 to $40.25 |  | 218,899 |  |  | 4.6 |  | 4,564,023 |  |  | 59,249 |  |  | 4.1 |  | 1,213,745 |
$40.26 to $70.57 |  | 69,650 |  |  | 6.1 |  | — |  |  | — |  |  | 0.0 |  | — |
|  | 465,756 |  |  | 4.5 |  | $ | 9,311,711 |  |  | 127,077 |  |  | 3.7 |  | $ | 3,053,997 |
MUSA 2013 Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Valuation Assumptions | Following are the assumptions used by the Company to value the original awards:
| Year Ended December 31,
| 2015 | 2014
Fair value per option grant | $ | 20.18 |  | $ | 11.44 |
Assumptions |  |
Dividend yield | — |  | — |
Expected volatility | 29.3 | % | 31.7 | %
Risk-free interest rate | 1.52 | % | 1.37 | %
Expected life | 5.0 years |  | 4.6 years |
Murphy Oil Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Valuation Assumptions | Following are the assumptions used originally by Murphy Oil to value the original awards.
| Years Ended December 31,
| 2012 and 2011
Fair value per option grant | 12.37 - 20.34
Assumptions |
Dividend yield | 1.80% - 2.27%
Expected volatility | 37.00% - 39.62%
Risk-free interest rate | 0.55% - 2.10%
Expected life | 4.00 yrs. - 5.20 yrs.
Restricted Stock Units [Member] | MUSA 2013 Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Restricted Stock Unit Activity |
(Number of units) | Employee RSU's
Outstanding at December 31, 2012 | — |
Granted | 352,522 |
Vested and issued | (509 | )
Forfeited | (4,915 | )
Outstanding at December 31, 2013 | 347,098 |
Granted | 93,025 |
Vested and issued | (20,680 | )
Forfeited | (22,428 | )
Outstanding at December 31, 2014 | 397,015 |
Granted | 55,450 |
Vested and issued | (66,116 | )
Forfeited | (30,049 | )
Outstanding at December 31, 2015 | 356,300 |
Restricted Stock Units [Member] | 2013 Stock Plan For Non-Employee Directors [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Restricted Stock Unit Activity |
(Number of units) | Director RSU's
Outstanding at December 31, 2012 | — |
Granted | 28,413 |
Vested and issued | — |
Forfeited | — |
Outstanding at December 31, 2013 | 28,413 |
Granted | 22,437 |
Vested and issued | — |
Forfeited | — |
Outstanding at December 31, 2014 | 50,850 |
Granted | 12,924 |
Vested and issued | — |
Forfeited | — |
Outstanding at December 31, 2015 | 63,774 |
Performance Units [Member] | MUSA 2013 Plan [Member] |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
Summary of Restricted Stock Unit Activity |
(Number of units) | Employee PSU's
Outstanding at December 31, 2013 | — |
Granted | 78,500 |
Vested and issued | — |
Forfeited | (6,500 | )
Outstanding at December 31, 2014 | 72,000 |
Granted | 40,400 |
Vested and issued | — |
Forfeited | (10,006 | )
Outstanding at December 31, 2015 | 102,394 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited 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 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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