XML 38 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Benefit Plans (Tables)
12 Months Ended
Dec. 31, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Summary of Company's Option Activity

A summary of the Company’s option activity and related information for the three years ended December 31, 2017 is as follows:

 

 

 

Number of

options

 

 

Weighted-

average

price

 

 

Weighted-

average

remaining

contractual

term

(in years)

 

 

Aggregate

intrinsic

value

(in millions)

 

Balance at December 31, 2014

 

 

1,343,760

 

 

$

27.25

 

 

 

 

 

 

 

 

 

Options granted

 

 

456,200

 

 

 

31.69

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(270,650

)

 

 

19.81

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(118,660

)

 

 

29.58

 

 

 

 

 

 

 

 

 

Balance at December 31, 2015

 

 

1,410,650

 

 

 

29.91

 

 

 

 

 

 

 

 

 

Options granted

 

 

881,800

 

 

 

25.26

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(368,085

)

 

 

27.34

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(339,930

)

 

 

28.62

 

 

 

 

 

 

 

 

 

Balance at December 31, 2016

 

 

1,584,435

 

 

 

28.14

 

 

 

 

 

 

 

 

 

Options granted

 

 

299,600

 

 

 

34.66

 

 

 

 

 

 

 

 

 

Options exercised

 

 

(398,275

)

 

 

28.94

 

 

 

 

 

 

 

 

 

Options cancelled/forfeited/expired

 

 

(276,900

)

 

 

28.04

 

 

 

 

 

 

 

 

 

Balance at December 31, 2017

 

 

1,208,860

 

 

$

29.52

 

 

 

4.94

 

 

$

21.1

 

Exercisable at December 31, 2017

 

 

325,680

 

 

$

28.65

 

 

 

4.04

 

 

$

6.0

 

Expected to vest after December 31, 2017

 

 

680,049

 

 

$

29.78

 

 

 

5.28

 

 

$

11.7

 

 

Options Outstanding and Options Exercisable by Exercise Price with Weighted-Average Remaining Contractual Life for Options Outstanding and Weighted-Average Exercise Price

The following table indicates the options outstanding and options exercisable by exercise price with the weighted-average remaining contractual life for the options outstanding and the weighted-average exercise price at December 31, 2017:

 

 

 

Options Outstanding

 

 

Options Exercisable

 

Exercise price

 

Number

outstanding at

December 31, 2017

 

 

Weighted-

average

remaining

contractual life

(Years)

 

 

Weighted-

average

grant date

value

 

 

Number

exercisable at

December 31, 2017

 

 

Weighted-

average

grant date

value

 

$20 – 25

 

 

481,510

 

 

 

5.13

 

 

$

24.59

 

 

 

125,505

 

 

$

24.58

 

$25 – 30

 

 

57,505

 

 

 

3.14

 

 

$

28.05

 

 

 

37,300

 

 

$

28.91

 

$30 – 35

 

 

654,265

 

 

 

4.94

 

 

$

33.07

 

 

 

160,635

 

 

$

32.09

 

$35 – 40

 

 

8,780

 

 

 

5.32

 

 

$

38.61

 

 

 

2,240

 

 

$

38.18

 

$40 – 45

 

 

6,800

 

 

 

6.67

 

 

$

40.37

 

 

 

 

 

$

 

$20 – 45

 

 

1,208,860

 

 

 

4.94

 

 

$

29.52

 

 

 

325,680

 

 

$

28.65

 

 

Schedule of Weighted-Average Assumptions Used to Determine Fair Value of Option Granted

The fair value of each option granted was estimated on the date of grant using the Black-Scholes option-pricing model using the following weighted-average assumptions:

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

2016

 

 

2015

 

Expected term (in years)

 

 

5.0

 

 

 

5.0

 

 

 

5.0

 

Expected volatility

 

 

26.1

%

 

 

28.7

%

 

 

31.1

%

Expected dividend yields

 

 

3.0

%

 

 

4.1

%

 

 

3.2

%

Risk-free interest rates

 

 

2.0

%

 

 

1.2

%

 

 

1.6

%

 

Summary of Company's Restricted Stock Units Activity

The following table summarizes the activity of the Company’s RSUs, which includes service-based and performance-based awards, for the three years ended December 31, 2017:

 

 

 

 

 

 

 

Weighted-

 

 

Aggregate

 

 

 

 

 

 

 

average

 

 

intrinsic

 

 

 

Number

 

 

grant date

 

 

value

 

 

 

of shares

 

 

fair value

 

 

(in millions)

 

Balance at December 31, 2014

 

 

311,583

 

 

$

29.78

 

 

 

 

 

RSUs granted

 

 

79,300

 

 

 

31.86

 

 

 

 

 

RSUs vested

 

 

(89,915

)

 

 

27.97

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(80,320

)

 

 

31.35

 

 

 

 

 

Balance at December 31, 2015

 

 

220,648

 

 

 

30.70

 

 

 

 

 

RSUs granted

 

 

31,900

 

 

 

25.75

 

 

 

 

 

RSUs vested

 

 

(59,008

)

 

 

29.69

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(68,300

)

 

 

29.33

 

 

 

 

 

Balance at December 31, 2016

 

 

125,240

 

 

 

30.66

 

 

 

 

 

RSUs granted

 

 

70,960

 

 

 

34.53

 

 

 

 

 

RSUs vested

 

 

(36,336

)

 

 

26.99

 

 

 

 

 

RSUs cancelled/forfeited/expired

 

 

(66,200

)

 

 

32.63

 

 

 

 

 

Balance at December 31, 2017

 

 

93,664

 

 

$

33.62

 

 

$

4.4