Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v3.8.0.1
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2017
Share-based Compensation [Abstract]  
Non-Vested Stock Award Activity
The weighted average price per Non-vested stock award at grant date was $60.30, $40.01 and $53.77 for awards granted in 2017, 2016 and 2015, respectively. Non-vested stock award activity for the year ended December 31, 2017 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
379

 
$
43.35

Awarded
240

 
60.30

Forfeited
(25
)
 
50.19

Vested
(218
)
 
46.48

Non-vested awards, unvested at December 31
376

 
$
51.69

SARs and Stock Option Activity
SARs and stock option activity for all plans for the years ended December 31, 2017, 2016 and 2015, was as follows:
 
2017
 
2016
 
2015
(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
978

 
$
14.43

 
 
 
 
 
2,234

 
$
15.78

 
 
 
2,705

 
$
16.91

 
 
Exercised
(352
)
 
$
14.37

 
 
 
$
16,071

 
(1,252
)
 
$
16.76

 
$
32,096

 
(464
)
 
$
22.15

 
$
14,615

Forfeited
(32
)
 
$
15.76

 
 
 
 
 
(4
)
 
$
38.42

 
 
 
(7
)
 
$
29.99

 
 
Outstanding on December 31
594

 
$
14.40

 
2.3 years
 
$
24,261

 
978

 
$
14.43

 
$
39,228

 
2,234

 
$
15.78

 
$
77,580

Exercisable on December 31
594

 
$
14.40

 
2.3 years
 
$
24,261

 
978

 
$
14.43

 
$
39,228

 
2,151

 
$
15.47

 
$
75,372

Vested and expected to vest on December 31
594

 
$
14.40

 
2.3 years
 
$
24,261

 
978

 
$
14.43

 
$
39,228

 
2,234

 
$
15.78

 
$
77,580

SARs and Stock Options Outstanding
The following table summarizes information about SARs and stock options outstanding as of December 31, 2017:
 
 
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 $5.86
 
130

 
1.3
 years
 
$
5.42

 
130

 
1.3
 years
 
$
5.42

 $5.87 to $17.06
 
244

 
2.0
 years
 
$
11.99

 
244

 
2.0
 years
 
$
11.99

$17.07 to $23.79
 
220

 
3.3
 years
 
$
22.36

 
220

 
3.3
 years
 
$
22.36

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 2017, 2016 and 2015 were $64.82, $38.54 and $56.17, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2017
 
2016
 
2015
Risk-free interest rate
1.5
%
 
0.8
%
 
1.0
%
Dividend yield
1.1
%
 
1.0
%
 
0.9
%
Volatility factor
38.3
%
 
40.8
%
 
39.2
%
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, 2017 was as follows:
(in thousands, except grant date fair value)
Performance Awards
 
Weighted Average Grant Date Fair Value
Performance awards, unvested at January 1
91

 
$
43.91

Awarded
114

 
63.43

Forfeited
(4
)
 
47.10

Vested and earned
(99
)
 
59.34

Performance awards, unvested at December 31
102

 
$
50.69