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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Weighted-Average Assumptions Used to Estimate Grant Date Fair Values for Stock Options Granted

United States Treasury yields. Weighted-average assumptions used to estimate the grant date fair values for stock options granted for the three and six month periods ended June 30, 2014 and 2013 follow:

		Three Months Ended June 30,								Six Months Ended June 30,
		2014				2013				2014				2013
Volatility			35.89	%			40.90	%			35.89	%			41.36	%
Expected term (in years)			5.00				5.00				5.00				5.00
Dividend yield			1.21	%			0.87	%			1.17	%			0.89	%
Risk-free interest rate			1.76	%			0.70	%			1.76	%			0.70	%

Stock Option Activity

Stock option activity from January 1, 2014 to June 30, 2014 follows:

		Underlying Shares				Weighted Average Exercise Price
Outstanding at January 1, 2014			7,319,695			$	21.23
Granted			481,750			$	32.29
Exercised			(1,433,195	)		$	18.74
Cancelled			—				—
Expired			—				—
Outstanding at June 30, 2014			6,368,250			$	22.63
Exercisable at June 30, 2014			5,283,306			$	21.98

Restricted Stock Activity

Restricted stock activity from January 1, 2014 to June 30, 2014 follows:

		Shares				Weighted Average Grant Date Fair Value
Non-vested restricted stock outstanding at January 1, 2014			1,496,692			$	20.84
Granted			767,900			$	33.41
Vested			(670,857	)		$	21.83
Forfeited			(28,344	)		$	21.49
Non-vested restricted stock outstanding June 30, 2014			1,565,391			$	26.57

Restricted Stock Unit Activity

Restricted stock unit activity from January 1, 2014 to June 30, 2014 follows:

		Shares				Weighted Average Grant Date Fair Value
Non-vested restricted stock units outstanding at January 1, 2014			20,256			$	20.67
Granted			9,250			$	33.78
Vested			(9,754	)		$	22.13
Forfeited			—				—
Non-vested restricted stock units outstanding June 30, 2014			19,752			$	26.09

Stock-Settled Performance Units

The total target number of shares with respect to the Stock-Settled Performance Units is set forth below:

		2014 Performance Unit Awards				2013 Performance Unit Awards				2012 Performance Unit Awards				2011 Performance Unit Awards
Target number of shares			154,000				236,500				192,000				144,375

Fair Value of Stock-Settled Performance Units

The fair value of the Stock-Settled Performance Units is set forth below (in thousands):

		2014 Performance Unit Awards				2013 Performance Unit Awards				2012 Performance Unit Awards				2011 Performance Unit Awards
Fair value at date of grant		$	5,388			$	5,564			$	3,065			$	5,569

Compensation Expense Associated with Stock-Settled Performance Units

Compensation expense associated with the Stock-Settled Performance Units is shown below (in thousands):

		2014 Performance Unit Awards				2013 Performance Unit Awards				2012 Performance Unit Awards				2011 Performance Unit Awards
Three months ended June 30, 2013			NA			$	464			$	255			$	464
Three months ended June 30, 2014		$	449			$	464			$	255				NA
Six months ended June 30, 2013			NA			$	464			$	510			$	928
Six months ended June 30, 2014		$	449			$	928			$	510			$	464

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