Share-based Compensation (Tables)

3 Months Ended

Mar. 31, 2014

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 three months ended March 31, 2014 and the year ended December 31, 2013.

	March 31, 2014		December 31, 2013
Dividend yield	1.80	%	1.92	%
Expected life of option	3.7 years		4.1 years
Risk-free interest rate	0.94	%	0.96	%
Expected stock price volatility	35.00	%	36.12	%

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

A summary of the status of the Company's stock options as of March 31, 2014 and December 31, 2013 and changes during the three months ended March 31, 2014 and the year ended December 31, 2013 are as follows:

	March 31, 2014					December 31, 2013
	Options Outstanding			Weighted Average Exercise Price		Options Outstanding			Weighted Average Exercise Price
Balance at beginning of year	1,765,034			$	83.24	1,201,000			$	75.05
Granted	3,000			98.58		828,100			87.23
Exercised	(154,531		)	66.52		(223,531		)	53.93
Lapsed or cancelled	(8,667		)	80.49		(40,535		)	83.94
Balance at end of period	1,604,836			$	84.89	1,765,034			$	83.24
Options exercisable at end of period	581,744			$	86.66	461,458			$	89.38
Weighted average fair value of options granted during the period	$	69,805				$	18,041,576

Summary of restricted stock and charges during the period

A summary of the Company's restricted stock as of March 31, 2014 and December 31, 2013 and charges during the three months ended March 31, 2014 and the year ended December 31, 2013 are presented below:

	March 31, 2014			December 31, 2013
Balance at beginning of year	2,994,197			2,804,901
Granted	—			192,563
Cancelled	(1,000		)	(3,267		)
Balance at end of period	2,993,197			2,994,197
Vested during the period	67,418			21,074
Compensation expense recorded	$	2,340,667		$	6,713,155
Weighted average fair value of restricted stock granted during the period	$	—		$	17,386,949