Annual report pursuant to Section 13 and 15(d)

Stock Plans and Management Compensation (Tables)

v2.4.1.9
Stock Plans and Management Compensation (Tables)
 12 Months Ended
Dec. 31, 2014
Share-based Compensation [Abstract]  
SARs and stock option activity
SARs and stock option activity for all plans for the three years ended December 31, 2014, 2013 and 2012, was as follows:
 
2014
 
2013
 
2012
(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
 

SARs/Stock
Options
Outstanding
 

Weighted
Average
Exercise
Price
Outstanding on January 1
3,825

 
$
19.09

 
 
 


 
8,166

 
$
17.33

 
9,347

 
$
16.66

Granted
—

 
$
—

 
 
 


 
—

 
$
—

 
400

 
$
23.80

Exercised
(1,084
)
 
$
24.02

 
 
 
$
23,611

 
(4,156
)
 
$
14.80

 
(1,120
)
 
$
11.05

Forfeited
(36
)
 
$
35.10

 
 
 


 
(185
)
 
$
37.38

 
(461
)
 
$
25.69

Outstanding on December 31
2,705

 
$
16.91

 
4.8 years
 
$
92,908

 
3,825

 
$
19.09

 
8,166

 
$
17.33

Exercisable on December 31
2,294

 
$
16.03

 
4.6 years
 
$
80,809

 
2,607

 
$
19.73

 
5,489

 
$
18.89

SARs and stock options outstanding
The following table summarizes information about SARs and stock options outstanding as of December 31, 2014:
 
 
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
 
353

 
4.2
 years
 
$
5.26

 
353

 
4.2
 years
 
$
5.26

$6.00 to $19.90
 
1,219

 
4.8
 years
 
$
12.37

 
1,181

 
4.8
 years
 
$
12.29

$19.91 to $39.56
 
1,098

 
5.2
 years
 
$
24.76

 
725

 
4.8
 years
 
$
25.89

$39.57 to $46.25
 
35

 
0.1
 years
 
$
46.02

 
35

 
0.1
 years
 
$
46.02

Weighted average assumptions used to estimate fair value
The Company estimated the fair value of each grant on the date of grant using the Black-Scholes-Merton pricing model, utilizing the following weighted average assumptions for 2012:
 
2012
Risk-free interest rate
1.1
%
Dividend yield
0.2
%
Volatility factor (A)
58.3
%
Weighted average expected life
5.2 – 6.7 years



(A) The Company uses a combination of implied and historical volatility in calculating the fair value of each grant
Non-vested stock award activity
Non-vested stock award activity for all plans for the three years ended December 31 was as follows:
(in thousands)
2014
 
2013
 
2012
Outstanding at January 1
815

 
798

 
541

Granted
322

 
298

 
306

Released
(220
)
 
(266
)
 
(20
)
Forfeited
(37
)
 
(15
)
 
(29
)
Outstanding at December 31
880

 
815

 
798

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 2014, 2013 and 2012 were $41.38, $35.93 and $26.81, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:
 
2014
 
2013
 
2012
Risk-free interest rate
0.6
%
 
0.4
%
 
0.4
%
Dividend yield
1.0
%
 
0.1
%
 
0.2
%
Volatility factor
43.7
%
 
53.0
%
 
67.9
%
Expected life of award
2.9 years

 
2.9 years

 
2.9 years

Performance award activity
Performance award activity for the years ended December 31, 2014, 2013 and 2012 was as follows:
(in thousands)
2014
 
2013
 
2012
Outstanding at January 1
249

 
96

 
—

Granted
152

 
153

 
99

Forfeited
(25
)
 
—

 
(3
)
Outstanding at December 31
376

 
249

 
96