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SHARE-BASED AWARDS (Tables) | 12 Months Ended
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Dec. 31, 2013
SHARE-BASED AWARDS |
Valuation Assumptions |
|  | Years Ended December 31, |
|  | 2012 |  | 2011 |
Expected volatility (1) |  | 31.8 | % | 29.2 | %
Expected term (in years) (2) |  | 6.1 |  | 6.0 |
Risk-free interest rate (3) |  | 1.2 | % | 2.3 | %
Dividend yield (4) |  | 2.7 | % | 3.1 | %
(1) Expected volatility was primarily determined using the historical volatility of the Company’s common stock over the expected term, but the Company could also consider future events and other factors that it reasonably concluded marketplace participants might consider. (2) The expected term of the awards represents expectations of future employee exercise and post-vesting termination behavior and was primarily based on historical experience. The Company analyzed various groups of employees and considers expected or unusual trends that would likely affect this assumption. (3) The risk free interest rate was based on U.S. Government treasury yields for periods equal to the expected term of the option on the grant date. (4) The expected dividend yield was based on the Company’s current and historical dividend policy.
Stock Option Activity | Activity in the Company’s stock option plans for the year ended December 31, 2013, was as follows (in thousands, except weighted average exercise price and weighted average contractual life):
|  |  |  |  |  |  |  |  |  | Weighted |  | Weighted |  |  |
|  |  |  |  |  | 1998 |  |  |  | Average |  | Average |  | Aggregate |
|  | 2007 |  | 1998 |  | Director |  | Total |  | Exercise |  | Contractual |  | Intrinsic |
|  | Plan |  | Plan |  | Plan |  | Shares |  | Price |  | Life |  | Value |
Outstanding, January 1, 2013 |  | 954 |  | 253 |  | 146 |  | 1,353 |  | $ | 21.15 |  |  |  |  |
Granted |  | — |  | — |  | — |  | — |  |  |  |  |  |  |
Exercised |  | (106 | ) | (43 | ) | (6 | ) | (155 | ) | $ | 20.48 |  |  |  |  |
Forfeited and expired |  | (4 | ) | (2 | ) | — |  | (6 | ) | $ | 21.05 |  |  |  |  |
Outstanding, December 31, 2013 |  | 844 |  | 208 |  | 140 |  | 1,192 |  | $ | 21.24 |  | 4.7 |  | $ | 6,033 |
Exercisable, December 31, 2013 |  | 662 |  | 208 |  | 140 |  | 1,010 |  | $ | 21.08 |  | 4.2 |  | $ | 5,273 |
Non-Vested Restricted Stock Unit Activity | The following table summarizes non-vested restricted stock unit activity through December 31, 2013, (in thousands, except weighted average grant-date fair value amounts):
|  | 2007 Plan Restricted Stock Units |  | Weighted Average Grant- Date Fair Value |
Outstanding, January 1, 2013 |  | 356 |  | $ | 17.97 |
Granted |  | 370 |  | 26.66 |
Exercised |  | (166 | ) | 21.09 |
Canceled |  | (5 | ) | 27.24 |
Outstanding, December 31, 2013 |  | 555 |  | $ | 25.61 |
Summary of Compensation Cost and Other Measures Related to Share-Based Payments | A summary of compensation cost related to share-based payments for each of the three years in the period ended December 31, 2013, exclusive of A&B related compensation prior to the Separation, is as follows (in millions):
|  | Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Share-based expense (net of estimated forfeitures): |  |  |  |  |  |  |
Stock options |  | $ | 0.4 |  | $ | 0.9 |  | $ | 0.8 |
Non-vested stock and restricted stock units |  | 5.5 |  | 3.1 |  | 1.9 |
Total share-based expense |  | 5.9 |  | 4.0 |  | 2.7 |
Total recognized tax benefit |  | (2.2 | ) | (1.6 | ) | (0.9 | )
Share-based expense (net of tax) |  | $ | 3.7 |  | $ | 2.4 |  | $ | 1.8 |
Cash received by Matson upon option exercise |  | $ | 1.7 |  | $ | 3.5 |  | $ | 2.0 |
Intrinsic value of options exercised |  | $ | 1.1 |  | $ | 5.2 |  | $ | 1.1 |
Tax benefit realized upon option exercise |  | $ | 1.7 |  | $ | 1.5 |  | $ | 0.4 |
Fair value of stock vested |  | $ | 4.4 |  | $ | 3.8 |  | $ | 2.5 |

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- Definition Tabular disclosure of the amount of total share-based compensation cost, including the amounts attributable to each share-based compensation plan and any related tax benefits. + 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 (h)(1) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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- Definition Disclosure of the number and weighted-average grant date fair value for restricted stock and restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock and restricted stock units that were granted, vested, or forfeited during the year. + References No definition available. + 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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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + 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 (f)(2) -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 + Details
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