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Share-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2017

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Stock-based Compensation Expense

A summary of stock-based compensation expense for the three months ended March 31, 2017 and 2016 is as follows:

	Three Months Ended March 31,
	2017				2016
	(in thousands)
Stock options	$	1,172			$	878
Restricted stock and restricted stock units	287				135
Employee Stock Purchase Plan	121				105
Total pre-tax stock-based compensation expense charged against income (1)	$	1,580			$	1,118

⁽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

A summary of our stock options outstanding under the Plan as of December 31, 2016 and changes during the three months ended March 31, 2017 is as follows:

	Stock Options Outstanding
	Number of Shares			Weighted Average Exercise Price
	(in thousands)
December 31, 2016	2,615			$	24.61
Granted	544			$	39.38
Cancelled	(39	)		$	33.82
Exercised	(201	)		$	23.31
March 31, 2017	2,919			$	27.33

Assumption For Fair Value of Options Granted

The fair value of stock option awards granted in 2017 and 2016 was estimated on the date of grant using the Black-Scholes option valuation model using the following assumptions:

	Three Months Ended
	2017			2016
Risk-free interest rate	2.0	%		2.0	%
Weighted average expected life (years)	5.8 years			5.8 years
Expected volatility	25.1	%		26.0	%
Dividend yield	1.9	%		2.0	%

Summarized Information of Stock Options Outstanding

The following table summarizes other information about our stock options at March 31, 2017:

		March 31, 2017
		(in thousands, except per share data)
Outstanding:
Aggregate intrinsic value		$	46,007
Weighted average remaining contractual life (years)		6.7 years
Exercisable:
Number of options		1,437
Weighted average exercise price		$	20.50
Aggregate intrinsic value		$	32,464
Weighted average remaining contractual life (years)		4.8 years

Schedule of Restricted Stock Outstanding Stock-based Compensation

A summary of our outstanding restricted stock awards as of December 31, 2016 and changes during the three months ended March 31, 2017 is as follows:

	Shares			Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2016	74			$	32.09
Granted	—			$	—
Vested	(18	)		$	31.41
Forfeited	—			$	—
March 31, 2017	56			$	32.30

A summary of our outstanding restricted stock units as of December 31, 2016 and changes during the three months ended March 31, 2017 is as follows:

	Units			Weighted Average Grant Date Fair Value
	(in thousands)
December 31, 2016	—			$	—
Granted	81			$	39.38
Vested	—			$	—
Forfeited	—			$	—
March 31, 2017	81			$	39.38

Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions

The stock-based compensation expense associated with the options granted in 2017 and 2016 under our ESPP was estimated on the date of grant using the Black-Scholes option valuation model using the following assumptions:

	Three Months Ended March 31,
	2017		2016
Risk-free interest rate	1.05%		0.58%
Weighted average expected life (years)	1.0		1.0
Expected volatility	21.2%		19.7%
Dividend yield	1.9%		2.0%

Schedule of Deferred Compensation Arrangement with Individual, Share-based Payments

The following table summarizes information about our SERP during the three months ended March 31, 2017 and 2016:

	Three Months Ended March 31,
	2017				2016
	(in thousands)
SERP expense (1)	$	160			$	164
Unrealized gain (loss) recorded in SERP liability account	$	1,161			$	(328	)

⁽¹⁾ Both the SERP match and the deferrals are included in the selling, general and administrative caption in our consolidated statements of comprehensive income.

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Tabular disclosure of an equity-based arrangement (such as stock or unit options and stock or unit awards) with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain equity-based awards at future dates, sometimes including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares or units issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.

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Tabular disclosure of the allocation of equity-based compensation costs to a given line item on the balance sheet and income statement for the period. This may include the reporting line for the costs and the amount capitalized and expensed.

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