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Stock-Based Plans (Tables)
12 Months Ended
Dec. 31, 2017
Stock-Based Plans  
Summary of restricted stock, restricted stock unit and stock option activity

 

 

 

Restricted Stock or
Restricted Stock Units

 

Stock Options

 

 

 

Number

 

Weighted
Average
Grant Date
Fair Value Per
Share

 

Number

 

Weighted
Average
Exercise Price
Per Share

 

Outstanding as of December 31, 2014

 

868,521

 

$

66.35

 

3,173,008

 

$

62.92

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

556,323

 

58.85

 

963,288

 

59.05

 

Expired or canceled

 

(30,484

)

64.74

 

(118,356

)

63.60

 

Vested/exercised

 

(456,052

)

62.92

 

(46,414

)

38.25

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2015

 

938,308

 

$

63.62

 

3,971,526

 

$

62.25

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

553,415

 

46.50

 

662,001

 

46.07

 

Expired or canceled

 

(16,298

)

54.26

 

(63,229

)

50.25

 

Vested/exercised

 

(443,062

)

64.55

 

(88,917

)

41.13

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2016

 

1,032,363

 

$

54.19

 

4,481,381

 

$

60.45

 

 

 

 

 

 

 

 

 

 

 

 

 

Granted

 

402,783

 

54.88

 

1,103,817

 

55.35

 

Expired or canceled

 

(48,005

)

51.58

 

(285,434

)

63.07

 

Vested/exercised

 

(453,677

)

59.89

 

(229,808

)

40.82

 

 

 

 

 

 

 

 

 

 

 

Outstanding as of December 31, 2017

 

933,464

 

$

51.85

 

5,069,956

 

$

60.08

 

 

 

 

 

 

 

 

 

 

 

 

 

Options exercisable as of December 31, 2017

 

 

 

 

 

3,323,462

 

$

63.41

 

 

 

 

 

 

 

 

 

 

 

 

Remaining unvested options outstanding and expected to vest

 

 

 

 

 

1,694,099

 

$

53.75

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of fair value on grant date and significant assumptions used in Black-Scholes option-pricing model

 

 

 

December 31,

 

 

 

2017

 

2016

 

Weighted average grant date fair value

 

$

14.23

 

$

12.55

 

Expected life of options (in years)

 

5.8

 

6.1

 

Risk-free interest rate

 

2.3

%

1.6

%

Expected volatility

 

27.8

%

32.4

%

Expected annual dividend per share

 

$

0.84

 

$

0.84

 

 

Summary of information related to options outstanding

 

 

 

Options Outstanding

 

Options Exercisable

 

Range of Exercise Prices

 

Number
Outstanding

 

Weighted
Average
Remaining
Contractual
Life (In
Years)

 

Weighted
Average
Exercise Price
Per Share

 

Number Exercisable

 

Weighted
Average
Remaining
Contractual
Life (In
Years)

 

Weighted
Average
Exercise Price
Per Share

 

$30.46 - $35.00

 

76,750

 

1.2

 

$

30.46

 

76,750

 

1.2

 

$

30.46

 

$42.75 - $62.50

 

3,940,424

 

6.9

 

56.53

 

2,193,930

 

5.6

 

58.74

 

$68.36 - $80.12

 

1,052,782

 

4.6

 

75.54

 

1,052,782

 

4.6

 

75.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,069,956

 

6.3

 

$

60.08

 

3,323,462

 

5.2

 

$

63.41