XML 63 R45.htm IDEA: XBRL DOCUMENT v2.4.1.9
Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2014
Stock Based Compensation [Abstract]  
Schedule of option-pricing model assumptions and weighted-average fair values
The fair value of stock option awards was estimated using the Black-Scholes option-pricing model with the following assumptions and weighted-average fair values as follows:

 
December 31,
Stock Options:
2012
 
2013
 
2014
         
Weighted average grant date fair value of grants
$
13.31
 
$
22.10
 
$
23.01
Risk-free interest rate(1)
 
0.8%
  
1.4%
  
1.7%
Dividend yield(2)
 
2.7%
  
3.1%
  
1.9%
Expected volatility(3)
 
46.8%
  
41.7%
  
45.4%
Expected life in months(4)
 
58 months
  
62 months
  
62 months
 

 
(1)The risk-free interest rate is based upon the rate on a zero coupon U.S. Treasury bill, for periods within the contractual life of the option, in effect at the time of the grant.

(2)The dividend yield is based on the average of historical stock prices and actual dividends paid.

(3)Expected volatility is based on the historical volatility of the Company's stock price, over a period similar to the expected life of the option.

(4)The expected term of the option is based on the historical employee exercise behavior, the vesting terms of the respective option, and a contractual life of either seven or ten years.

Schedule of option activity
Options under the plans as of December 31, 2014 and changes during the year ended December 31, 2014 were as follows:

  
Shares
(in thousands)
  
Weighted-average Exercise Price
  
Weighted- average Remaining Contractual Term
(in years)
  
Aggregate Intrinsic Value
(in thousands)
 
         
Options activity – service based
        
Outstanding at December 31, 2013
  
2,159.8
  
$
26.01
     
Granted
  
90.6
   
65.43
     
Exercised
  
(326.2
)
  
18.83
     
Forfeited/cancelled/expired
  
-
   
-
     
Outstanding at December 31, 2014
  
1,924.2
   
29.08
   
2.31
  
$
39,897
 
Exercisable at December 31, 2014
  
1,618.5
   
21.22
   
1.70
   
39,310
 
                 
Options activity – performance based
                
Outstanding at December 31, 2013
  
4,483.1
  
$
57.25
         
Granted
  
68.8
   
65.70
         
Exercised
  
(425.0
)
  
22.42
         
Forfeited/cancelled/expired
  
(88.6
)
  
78.10
         
Outstanding at December 31, 2014
  
4,038.3
   
60.61
   
4.60
  
$
18,790
 
Exercisable at December 31, 2014
  
1,459.2
   
31.21
   
2.92
   
18,680
 
                 
Options activity – all options
                
Outstanding at December 31, 2013
  
6,642.9
  
$
47.10
         
Granted
  
159.4
   
65.55
         
Exercised
  
(751.2
)
  
20.86
         
Forfeited/cancelled/expired
  
(88.6
)
  
78.10
         
Outstanding at December 31, 2014
  
5,962.5
   
50.43
   
3.86
  
$
58,657
 
Exercisable at December 31, 2014
  
3,077.7
   
25.95
   
2.28
   
57,989
 

Schedule of cash proceeds, tax benefits, and intrinsic value related to total stock options exercised
Cash proceeds, tax benefits, and intrinsic value related to total stock options exercised during 2012, 2013 and 2014, were as follows (in millions):

  
December 31,
 
  
2012
  
2013
  
2014
 
       
Cash proceeds from stock options exercised
 
$
8.0
  
$
37.9
  
$
11.1
 
Tax benefit realized for stock options exercised
  
6.3
   
41.9
   
11.9
 
Intrinsic value of stock options exercised
  
10.6
   
241.7
   
17.2
 

Schedule of non-vested restricted stock awards and changes
Nonvested restricted stock awards as of December 31, 2014 and changes during the year ended December 31, 2014 were as follows:

  
Number of Shares
(in thousands)
  
Weighted-average Grant Date Fair Value
 
     
Nonvested at December 31, 2013
  
729.6
  
$
42.48
 
         
Granted
  
289.9
   
82.66
 
Vested
  
(325.8
)
  
40.74
 
Forfeited
  
(19.9
)
  
58.55
 
         
Nonvested at December 31, 2014
  
673.8
   
60.14