Stock Compensation Plan

3 Months Ended

Mar. 31, 2017

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

Stock Compensation Plan

Stock Compensation Plan

Stock Options and Stock Appreciation Rights (“Options”)

The following table presents information regarding Options awarded during the three months ended March 31, 2017:

Options granted	143,726
Per share weighted average exercise price	$	82.11
Per share weighted average grant date fair value	$	13.54

The weighted-average grant date fair value for Options granted during the three months ended March 31, 2017 was estimated using the Black-Scholes option valuation model with the following assumptions:

Expected term in years	5.7
Risk free interest rate	2.1	%
Volatility	22.9	%
Dividend yield	3.0	%

The following table presents information regarding Options that vested during the three months ended March 31, 2017:

Options vested	92,107
Aggregate grant date fair value of Options vested (in millions)	$	1.4

The following table presents information regarding outstanding Options:

	March 31, 2017		December 31, 2016
Options outstanding	534,885		530,462
Aggregate intrinsic value (in millions)	$	12.4	$	25.0
Per share weighted average exercise price	$	53.51	$	38.35
Exercisable Options	289,140		336,336
Aggregate intrinsic value (in millions)	$	10.7	$	19.3
Unvested Options	245,745		194,126
Per share weighted average grant date fair value	$	14.31	$	15.15

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

For the three months ended March 31, 2017, the Company granted target awards of 41,748 PSUs. The measurement period for three fourths of the PSUs is January 1, 2017 through December 31, 2017, and for the remaining fourth of the PSUs is January 1, 2017 through December 31, 2019. The PSUs vest on December 31, 2019. 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, adjusted EPS 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 $82.15 per share.