XML 23 R25.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Employee Stock Purchase Plan
The following table summarizes shares sold to employees under the 2014 Plan and the prior plan in the years ended December 31, 2014, 2013 and 2012.
Plan
2014
 
2013
 
2012
Cumulative Shares Issued in 2014
Weighted Average Fair Value 2013
2013 Employee Stock Purchase Plan
137,028

 
102,924

 
—

239,952

$
12.99

2003 Employee Stock Purchase Plan
—

 
52,340

 
204,996

2,400,000

$
8.51

Total shares sold to employees
137,028

 
155,264

 
204,996

 
 
Employee Stock Option Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions
The fair value of each option grant in the Employee Stock Option Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:
 
2014
 
2013

2012
Dividend yield (1)
2.3
%
 
2.6
%
 
2.7
%
Expected volatility (2)
38.5
%
 
44.7
%
 
45.5
%
Risk-free interest rate (3)
1.7
%
 
1.3
%
 
0.8
%
Expected term of options (in years) (4)
4.2

 
4.0

 
4.1

Weighted-average grant-date fair value
$
4

 
$
4

 
$
3


(1)    Represents the Company's estimated cash dividend yield over the expected term of option grant.
(2)
Amount is determined based on analysis of historical price volatility of the Company's common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.
(3)    Represents the U.S. Treasury yield over the expected term of the option grant.
(4)
Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.
Summary of Stock Option Activity
A summary of the status of the Company’s employee stock option plan at December 31, 2014, 2013 and 2012, and changes during the same periods are presented in the tables and narrative below and have been adjusted to reflect the 2 for 1 common stock split effected in the form of a 100% stock dividend on December 31, 2014.

 
2014
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
18,000

 
$
12

 
 
 
 
Granted
5,757

 
15

 
 
 
 
Exercised
(5,224
)
 
11

 
 
 
$
26,618

Forfeited
(704
)
 
13

 
 
 
 
Outstanding at End of Year
17,829

 
13

 
3.5 Yrs
 
$
90,759

Exercisable at End of Year
4,564

 
$
12

 
2.3 Yrs
 
$
28,342


 
2013
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
17,722

 
$
11

 
 
 
 
Granted
5,462

 
13

 
 
 
 
Exercised
(4,450
)
 
8

 
 
 
$
20,884

Forfeited
(734
)
 
12

 
 
 
 
Outstanding at End of Year
18,000

 
12

 
3.4 Yrs
 
$
85,633

Exercisable at End of Year
5,490

 
$
12

 
2.3 Yrs
 
$
28,302


 
 
2012
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
15,110

 
$
11

 
 
 
 
Granted
5,282

 
10

 
 
 
 
Exercised
(1,378
)
 
8

 
 
 
$
3,810

Forfeited
(1,292
)
 
11

 
 
 
 
Outstanding at End of Year
17,722

 
11

 
3.4 Yrs
 
$
11,730

Exercisable at End of Year
6,006

 
$
10

 
2.2 Yrs
 
$
7,617
Schedule of Non-Vested Stock Option Activity
A summary of the status of the Company’s non-vested employee stock option activity for the years ended December 31, 2014, 2013, and 2012, are presented in the table and narrative below: 
 
2014
 
2013
 
2012
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant
Date
Fair Value
Nonvested Stock Options at Beginning of Year
12,508

 
$
4

 
11,716

 
$
3

 
11,060

 
$
3

Granted
5,757

 
4

 
5,462

 
4

 
5,282

 
3

Vested
(4,346
)
 
3

 
(4,044
)
 
3

 
(3,872
)
 
3

Forfeited
(654
)
 
4

 
(626
)
 
4

 
(754
)
 
3

Nonvested Stock Options at End of Year
13,265

 
$
4

 
12,508

 
$
4

 
11,716

 
$
3
Non-Employee Director Stock Option Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Schedule of Weighted-Average Assumptions
The fair value of each option grant in the Non-employee Director Stock Option Plans was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:

 
2014
 
2013
 
2012
Dividend yield (1)
2.2
%
 
2.7
%
 
2.6
%
Expected volatility (2)
39.6
%
 
45.9
%
 
44.5
%
Risk-free interest rate (3)
2.5
%
 
1.9
%
 
1.7
%
Expected term of options (in years) (4)
6.4

 
7.0

 
6.8

Weighted-average grant-date fair value
$
5

 
$
5

 
$
4


(1)    Represents the Company's estimated cash dividend yield over the expected term of option grant.
(2)
Amount is determined based on analysis of historical price volatility of the Company's common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.
(3)    Represents the U.S. Treasury yield over the expected term of the option grant.
(4)
Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that non-employee directors exhibit similar exercise and post-vesting termination behavior.
Summary of Stock Option Activity
A summary of the status of the Company’s Non-employee Director Stock Option Plan at December 31, 2014, 2013, and 2012, and changes during the same periods are presented in the tables and narrative below: 
 
2014
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
462

 
$
11

 
 
 
 
Granted
98

 
14

 
 
 
 
Exercised
(167
)
 
10

 
 
 
$
893

Forfeited
(12
)
 
16

 
 
 
 
Outstanding at End of Year
381

 
12

 
6.7 Yrs
 
$
2,137

Exercisable at End of Year
381

 
$
12

 
6.7 Yrs
 
$
2,137


 
2013
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
468

 
$
11

 
 
 
 
Granted
84

 
12

 
 
 
 
Exercised
(90
)
 
10

 
 
 
$
300

Forfeited
—

 
—

 
 
 
 
Outstanding at End of Year
462

 
11

 
6.4 Yrs
 
$
2,491

Exercisable at End of Year
462

 
$
11

 
6.4 Yrs
 
$
2,491


 
 
2012
 
Shares
(000)
 
Wtd. Avg.
Ex. Price
 
Wtd. Avg. 
Remaining
Contract Life
 
Aggregate
Intrinsic 
Value
(000)
Outstanding at Beginning of Year
384

 
$
11

 
 
 
 
Granted
84

 
11

 
 
 
 
Exercised
—

 
—

 
 
 


Forfeited
—

 
—

 
 
 
 
Outstanding at End of Year
468

 
11

 
6.4 Yrs
 
$
225

Exercisable at End of Year
468

 
$
11

 
6.4 Yrs
 
$
225

 
Schedule of Non-Vested Stock Option Activity
A summary of the status of the Company’s nonvested Nonemployee Director Stock Option Plan activity for the years ended December 31, 2014, 2013, and 2012, are presented in the table and narrative below:
 
 
2014
 
2013
 
2012
 
Shares
(000)
 
Wtd. Avg
Grant Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant Date
Fair Value
 
Shares
(000)
 
Wtd. Avg
Grant Date
Fair Value
Nonvested Stock Options at Beginning of Year
—

 
$
—

 
—

 
$
—

 
—

 
$
—

Granted
98

 
5

 
84

 
5

 
84

 
4

Vested
(98
)
 
5

 
(84
)
 
5

 
(84
)
 
4

Forfeited
—

 
—

 
—

 
—

 
—

 
—

Nonvested stock options at End of Year
—

 
$
—

 
—

 
$
—

 
—

 
$
—