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Share-Based Compensation (Tables) | 9 Months Ended
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Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Schedule of Stock-based Compensation Expense | A summary of stock-based compensation expense for the nine months ended September 30, 2016 and 2015 is as follows:
| Nine Months Ended September 30,
| 2016 |  | 2015
Stock options | $ | 2,399,000 |  |  | $ | 2,093,000 |
Restricted stock | 412,000 |  |  | 187,000 |
Employee Stock Purchase Plan | 302,000 |  |  | 287,000 |
Total pre-tax stock-based compensation expense charged against income (1) | $ | 3,113,000 |  |  | $ | 2,567,000 |
(1) | Stock-based compensation expense is recorded in selling, general and administrative expense in our consolidated statements of comprehensive income.
Summary of Other Information of Stock Option Plans | Other information pertaining to activity of our stock awards is as follows:
| Nine Months Ended September 30,
| 2016 |  | 2015
Total grant-date fair value of stock options and awards granted | $ | 5,203,000 |  |  | $ | 4,027,000 |
Total fair value of stock options and awards vested during period | $ | 3,092,000 |  |  | $ | 2,719,000 |
A summary of our stock options outstanding under the Plan as of December 31, 2015 and changes during the nine months ended September 30, 2016 is as follows:
| Stock Options Outstanding
| Number of Shares |  | Weighted Average Exercise Price
December 31, 2015 | 2,461,000 |  |  | $ | 22.16 |
Granted | 569,000 |  |  | $ | 34.14 |
Cancelled | (105,000 | ) |  | $ | 29.60 |
Exercised | (276,000 | ) |  | $ | 20.41 |
September 30, 2016 | 2,649,000 |  |  | $ | 24.62 |
Summarized Information of Stock Options Outstanding | The following table summarizes other information about our stock options at September 30, 2016:
|  | Stock Options
Range of exercise prices |  | $10.39 - $34.14 |
Outstanding: |  |
Weighted average remaining contractual life (years) |  | 6.5 |
Aggregate intrinsic value |  | $ | 39,626,000 |
Exercisable: |  |
Number of shares |  | 1,191,000 |
Weighted average remaining contractual life (years) |  | 4.6 |
Aggregate intrinsic value |  | $ | 25,163,000 |
Exercised: |  |
Aggregate intrinsic value |  | $ | 4,581,000 |
Assumption For Fair Value of Options Granted | The fair value of stock option awards granted in 2016 and 2015 was estimated on the date of grant using the Black-Scholes option valuation model using the following assumptions:
| Nine Months Ended September 30,
| 2016 |  | 2015
Risk-free interest rate | 2.0% |  | 1.9%
Weighted average expected life (years) | 5.8 |  | 5.8
Expected volatility | 26.0% |  | 27.2%
Dividend yield | 2.0% |  | 2.2%
Schedule of Restricted Stock Outstanding Stock-based Compensation | A summary of our outstanding stock-based compensation as of December 31, 2015 and changes during the nine months ended September 30, 2016 is as follows:
| Shares |  | Weighted Average Grant Date Fair Value
December 31, 2015 | 40,000 |  |  | $ | 29.10 |
Granted | 44,000 |  |  | $ | 34.14 |
Vested | (9,000 | ) |  | $ | 28.76 |
Forfeited | (1,000 | ) |  | $ | 34.14 |
September 30, 2016 | 74,000 |  |  | $ | 32.09 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The stock-based compensation expense associated the options granted in 2016 and 2015 under our ESPP was estimated on the date of grant using the Black-Scholes option valuation model using the following assumptions:
| Nine Months Ended September 30,
| 2016 |  | 2015
Risk-free interest rate | 0.58% |  | 0.18%
Weighted average expected life (years) | 1.0 |  | 1.0
Expected volatility | 19.7% |  | 19.2%
Dividend yield | 2.0% |  | 2.2%

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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 employee stock purchase plans, including, but not limited to: (a) expected term, (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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