Stock Compensation Plan

9 Months Ended

Sep. 30, 2016

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

Stock Options and Stock Appreciation Rights (“Options”)

The following table presents information regarding Options awarded during the nine months ended September 30, 2016:



Options granted	113,935
Per share weighted average exercise price	$	58.03
Per share weighted average grant date fair value	$	13.51

The weighted-average grant date fair value for Options granted during the nine months ended September 30, 2016 was estimated using the Black-Scholes option valuation model with the following assumptions:



Expected term in years	5.8
Risk free interest rate	1.8	%
Volatility	32.1	%
Dividend yield	3.0	%

The following table presents information regarding Options that vested during the nine months ended September 30, 2016:



Options vested	91,022
Aggregate grant date fair value of Options vested (in millions)	$	1.2

The following table presents information regarding outstanding Options:



	September 30, 2016		December 31, 2015
Options outstanding	546,008		526,611
Aggregate intrinsic value (in millions)	$	22.3	$	16.1
Per share weighted average exercise price	$	38.08	$	31.94
Exercisable Options	225,972		232,594
Aggregate intrinsic value (in millions)	$	11.1	$	9.0
Unvested Options	320,036		294,017
Per share weighted average grant date fair value	$	12.44	$	12.09

Performance Share Units (“PSUs”) and Restricted Share Units (“RSUs”)

For the nine months ended September 30, 2016, the Company granted target awards of approximately 54,364 PSUs. The measurement period for the PSUs is January 1, 2016 through December 31, 2016. The PSUs vest on December 31, 2018. Common Stock equal to not less than 40 percent and not more than 200 percent of the PSUs target will be awarded based on the Company’s return on invested capital, consolidated revenue growth and total return to shareholders relative to the companies in the Russell 2000® Value small cap index. The market price on the date of grant for the PSUs was $57.95 per share.

For the nine months ended September 30, 2016, the Company awarded 1,652 RSUs to employees and 8,083 RSUs to non-employee members of the Board of Directors. The weighted average grant date fair value of such awards was $67.77 per share and the awards vest one year from the date of grant. During the vesting period, the holders of the RSUs are entitled to dividends, but the RSUs do not have voting rights and are forfeited in the event the holder is no longer an employee or member of the Board of Directors on the vesting date.