Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.6.0.2
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Share-based Compensation [Abstract]  
Non-Vested Stock Award Activity
stock award activity for the year ended December 31, 2016 was as follows:
(in thousands, except grant date fair value)
Non-vested Stock Award Activity
 
Weighted Average Grant Date Fair Value
Non-vested awards, unvested at January 1
322

 
$
44.46

Awarded
332

 
40.01

Forfeited
(22
)
 
42.11

Vested
(253
)
 
40.48

Non-vested awards, unvested at December 31
379

 
$
43.35

SARs and Stock Option Activity
SARs and stock option activity for all plans for the years ended December 31, 2016, 2015 and 2014, was as follows:
 
2016
 
2015
 
2014
(in thousands, except exercise price and terms)

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Weighted
Average
Remaining Contractual Term
 
Aggregate Intrinsic Value
 

SARs/Stock
Options
Outstanding
 
Weighted
Average
Exercise
Price
 
Aggregate Intrinsic Value
 

SARs/Stock
Options
Outstanding
 

Weighted
Average
Exercise
Price
 
Aggregate Intrinsic Value
Outstanding on January 1
2,234

 
$
15.78

 
 
 
 
 
2,705

 
$
16.91

 
 
 
3,825

 
$
19.09

 
 
Exercised
(1,252
)
 
$
16.76

 
 
 
$
32,096

 
(464
)
 
$
22.15

 
$
14,615

 
(1,084
)
 
$
24.02

 
$
23,611

Forfeited
(4
)
 
$
38.42

 
 
 
 
 
(7
)
 
$
29.99

 
 
 
(36
)
 
$
35.10

 
 
Outstanding on December 31
978

 
$
14.43

 
3.2 years
 
$
39,228

 
2,234

 
$
15.78

 
$
77,580

 
2,705

 
$
16.91

 
$
92,908

Exercisable on December 31
978

 
$
14.43

 
3.2 years
 
$
39,228

 
2,151

 
$
15.47

 
$
75,372

 
2,294

 
$
16.03

 
$
80,809

Vested and expected to vest on December 31
978

 
$
14.43

 
3.2 years
 
$
39,288

 
2,234

 
$
15.78

 
$
77,580

 
2,705

 
$
16.91

 
$
92,908

SARs and Stock Options Outstanding
The following table summarizes information about SARs and stock options outstanding as of December 31, 2016:
 
 
Outstanding
 
Exercisable


Range of Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
 


Number
(in thousands)
 
Weighted
Average Remaining Years of
Contractual
Life
 
Weighted
Average
Exercise
Price
$3.37 to $5.99
 
237

 
2.3
 years
 
$
5.24

 
237

 
2.3
 years
 
$
5.24

$6.00 to $19.90
 
379

 
3.1
 years
 
$
12.54

 
379

 
3.1
 years
 
$
12.54

$19.91 to $39.56
 
362

 
4.0
 years
 
$
22.45

 
362

 
4.0
 years
 
$
22.45

Fair Value Assumptions for Performance Awards
The fair values of the senior executives' performance share award grants with a TSR modifier at the grant date in 2016, 2015 and 2014 were $38.54, $56.17 and $41.38, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2016
 
2015
 
2014
Risk-free interest rate
0.8
%
 
1.0
%
 
0.6
%
Dividend yield
1.0
%
 
0.9
%
 
1.0
%
Volatility factor
40.8
%
 
39.2
%
 
43.7
%
Expected life of award
2.9 years

 
2.9 years

 
2.9 years

Performance Award Activity
Performance award activity for the year ended December 31, 2016 was as follows:
(in thousands, except grant date fair value)
Performance Awards
 
Weighted Average Grant Date Fair Value
Performance awards, unvested at January 1
50

 
$
49.39

Awarded
217

 
37.99

Forfeited
(9
)
 
38.49

Vested
(167
)
 
38.15

Performance awards, unvested at December 31
91

 
$
43.91