Stock Compensation Plans and Other Employee Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2015

Weighted Average Assumptions Used to Determine the Options Fair Value

The following table presents the weighted average assumptions used to determine the fair value of options granted in the years ending December 31, 2015, 2014 and 2013:



	2015		2014		2013
Expected dividend yield	0.9	%	0.5	%	0.5	%
Expected volatility	26.5	%	29.8	%	59.0	%
Risk-free rate	1.3	%	0.8	%	1.0	%
Expected option life (in years)	4.5		4.5		4.5

Summary of Stock Option Activity

A summary of the Plans’ stock option activity for the years ended December 31, 2015, 2014 and 2013 is as follows:



Stock Options	Common Shares		Weighted Average Strike Price		Remaining Contractual Term⁽¹⁾	Intrinsic Value⁽²⁾ ($000)
Outstanding at January 1, 2013	1,745,427		$	42.31
Granted	236,120		38.01
Exercised	(371,826	)	40.46
Forfeited or canceled	(85,049	)	44.12
Outstanding at December 31, 2013	1,524,672		$	42.00	2.6	$	11,021
Exercisable at December 31, 2013	1,097,836		$	44.82	1.5	$	6,165
Outstanding at January 1, 2014	1,524,672		$	42.00
Granted	447,153		46.38
Exercised	(176,009	)	33.32
Forfeited or canceled	(177,390	)	52.55
Outstanding at December 31, 2014	1,618,426		$	43.00	3.5	$	9,303
Exercisable at December 31, 2014	941,741		$	43.35	2.0	$	6,392
Outstanding at January 1, 2015	1,618,426		$	43.00
Granted	502,517		44.36
Options outstanding in acquired plans	16,364		21.18
Exercised	(273,411	)	42.82
Forfeited or canceled	(312,162	)	52.53
Outstanding at December 31, 2015	1,551,734		$	41.32	4.4	$	11,433
Exercisable at December 31, 2015	720,580		$	37.64	3.1	$	8,045
Vested or expected to vest at December 31, 2015	1,534,045		$	41.28	4.4	$	11,371


(1)	Represents the weighted average contractual remaining life in years.

(2)

Aggregate intrinsic value represents the total pretax intrinsic value (i.e., the difference between the Company’s stock price at year end and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the year. Options with exercise prices above the year end stock price are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company’s stock.

Summary of Plans' Restricted Share Award Activity

A summary of the Plans’ restricted share activity for the years ended December 31, 2015, 2014 and 2013 is as follows:



	2015				2014				2013
Restricted Shares	Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value
Outstanding at January 1	146,112		$	47.45	181,522		$	43.39	314,226		$	37.99
Granted	27,165		48.17		31,463		45.00		16,932		42.14
Vested and issued	(29,018	)	39.33		(60,121	)	34.98		(144,860	)	31.83
Forfeited	(6,666	)	40.76		(6,752	)	37.95		(4,776	)	33.93
Outstanding at end of year	137,593		$	49.63	146,112		$	47.45	181,522		$	43.39
Vested, but not issuable at end of year	85,000		$	51.88	85,000		$	51.88	85,000		$	51.88

A summary of the 2007 Plan’s performance-based stock award activity, based on the target level of the awards, for the years ended December 31, 2015, 2014, and 2013 is as follows:



	2015				2014				2013
Performance Shares	Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value		Common Shares		Weighted Average Grant-Date Fair Value
Outstanding at January 1	295,679		$	38.18	307,512		$	34.01	214,565		$	32.08
Granted	106,017		44.35		93,535		46.86		106,268		37.90
Expired, canceled or forfeited	(46,573	)	35.51		(89,424	)	33.78		(13,321	)	34.00
Vested and issued	(78,590	)	31.10		(15,944	)	33.25		—		—
Outstanding at end of year	276,533		$	43.01	295,679		$	38.18	307,512		$	34.01