XML 28 R13.htm IDEA: XBRL DOCUMENT v3.4.0.3
Stock-Based Compensation
3 Months Ended
Mar. 31, 2016
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation.
We recognized $2.4 million and $2.2 million in pre-tax compensation expense related to stock options and restricted stock units during the three-month periods ended March 31, 2016 and 2015, respectively. During the three months ended March 31, 2016, we granted approximately 712,000 stock options, 622,000 performance-based restricted stock units and 424,000 time-vesting restricted stock units. The stock options granted were valued using a Black-Scholes pricing model with the following assumptions: an expected volatility of 35.88% to 40.52%, a risk-free interest rate of 1.14% to 1.85%, an expected dividend yield of 3.1% to 6.4% and an expected life of 3.50 to 5.75 years. The weighted-average exercise price of the options granted during the three months ended March 31, 2016, was $10.94 and the weighted-average grant-date fair value was $2.65. Performance-based restricted stock units are valued using a Monte Carlo simulation. Time-vesting restricted stock units are valued using the closing price on the trading day immediately preceding the day of the grant. The weighted-average grant date fair value of the restricted stock units granted during the three months ended March 31, 2016, was $9.14.