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Stock compensation plans (Tables)
12 Months Ended
Dec. 31, 2012
Weighted-Average Assumptions used to Estimate Fair Value of Options Granted

The following weighted-average assumptions were used:

 

     2012     2011     2010  

Risk-free interest rate

     0.81     1.92     2.12

Expected life of option

     4.85 yrs.        4.70 yrs.        4.66 yrs.   

Expected dividend yield

     2.28     2.34     2.22

Expected volatility

     28.46     26.82     26.42
Weighted-Average Assumptions used to Estimate Fair Value of Non-Vested Shares Granted

The following weighted-average assumptions were used:

 

     2012     2011     2010  

Risk-free interest rate

     0.37     1.04     1.25

Expected dividend yield

     2.24     2.34     2.24
Summary of Stock Option Activity

The following table summarizes the option activity during 2012:

 

     Shares
Subject to
Options
    Weighted
Average
Exercise
Price
     Weighted
Average
Remaining
Contractual

Life In
Years
     Aggregate Intrinsic
Value
 
                         (Dollars in thousands)  

Outstanding, beginning of the year

     1,132,546      $ 57.17         

Granted

     431,667        59.85         

Exercised

     (204,082     51.66         

Forfeited or expired

     (275,938     60.50         
  

 

 

         

Outstanding, end of the year

     1,084,193      $ 58.43         7.0       $ 14,037   
  

 

 

   

 

 

    

 

 

    

 

 

 

Exercisable, end of the year

     558,768      $ 57.53         5.4       $ 7,772   
  

 

 

   

 

 

    

 

 

    

 

 

 
Summary of Non-Vested Restricted Stock Unit Activity

The following table summarizes the non-vested restricted stock unit activity during 2012:

 

     Number of
Non-Vested
Shares
    Weighted
Average
Grant-
Date Fair
Value
     Weighted
Average
Remaining
Contractual
Life  In

Years
     Aggregate Intrinsic
Value
 
                         (Dollars in thousands)  

Outstanding, beginning of the year

     334,459      $ 56.60         

Granted

     178,690        56.95         

Vested

     (78,753     45.54         

Forfeited

     (69,608     54.92         
  

 

 

         

Outstanding, end of the year

     364,788      $ 55.77         1.3       $ 26,013