Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2013

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of weighted average assumptions used to estimate the grant date fair value of options granted

The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option pricing model based on historical information with the following weighted average assumptions for grants during the years ended December 31, 2013, 2012 and 2011, respectively.

	2013		2012		2011
Dividend yield	1.92	%	2.00	%	2.00	%
Expected life of option	4.1 years		3.7 years		4.2 years
Risk-free interest rate	0.96	%	0.46	%	1.00	%
Expected stock price volatility	36.12	%	37.40	%	47.98	%

Summary of the status of stock options and changes during the period

A summary of the status of our stock options as of December 31, 2013, 2012 and 2011 and changes during the years then ended are presented below:

	2013					2012					2011
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year	1,201,000			$	75.05	1,277,200			$	63.37	1,353,002			$	58.85
Granted	828,100			87.23		361,331			75.36		212,400			66.42
Exercised	(223,531		)	53.93		(382,612		)	36.65		(243,901		)	40.48
Lapsed or cancelled	(40,535		)	83.94		(54,919		)	72.99		(44,301		)	65.89
Balance at end of year	1,765,034			$	83.24	1,201,000			$	75.05	1,277,200			$	63.37
Options exercisable at end of year	461,458			$	89.38	479,913			$	86.85	644,429			$	72.31
Weighted average fair value of options granted during the year	$	18,041,576				$	6,602,967				$	4,647,554

Summary of restricted stock and charges during the period

A summary of our restricted stock as of December 31, 2013, 2012 and 2011 and charges during the years then ended are presented below:

	2013			2012			2011
Balance at beginning of year	2,804,901			2,912,456			2,728,290
Granted	192,563			92,729			185,333
Cancelled	(3,267		)	(200,284		)	(1,167		)
Balance at end of year	2,994,197			2,804,901			2,912,456
Vested during the year	21,074			408,800			66,299
Compensation expense recorded	$	6,713,155		$	6,930,381		$	17,365,401
Weighted average fair value of restricted stock granted during the year	$	17,386,949		$	7,023,942		$	21,768,084