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Equity and Cash Incentive Program (Tables)
 12 Months Ended
Dec. 31, 2011
Equity and Cash Incentive Program [Abstract]  
Stock-based incentive plans compensation expense
The following table summarizes the Company's compensation expense relating to all stock-based incentive plans:
 
   
Years ended December 31,
 
   
2011
  
2010
  
2009
 
Pre-tax compensation expense
 $25,991  $21,207  $17,158 
Tax benefit
  (9,097)  (7,422)  (6,005)
Total stock-based compensation expense, net of tax
 $16,894  $13,785  $11,153 
Assumptions used in determining fair value of performance shares
The performance share awards are market condition awards and have been fair valued on the date of grant using the Monte Carlo simulation model (a binomial lattice-based valuation model) with the following assumptions:

   
2011 Grant
  
2010 Grant
  
2009 Grant
 
           
Risk-free interest rate
  1.34%  1.37%  1.30%
Dividend yield
  1.61%  2.38%  2.93%
Expected life (years)
  2.9   2.9   2.7 
Volatility
  40.48%  39.98%  39.57%
Fair value of performance award
 $91.41  $57.49  $35.79 
 
Summary of activity for SARs and stock options
A summary of activity relating to SARs and stock options granted under the 2005 Plan and the predecessor plan for the year ended December 31, 2011 is as follows:

 
   
SARs
  
Stock Options
 
   
Number of Shares
  
Weighted Average Exercise Price
  
Aggregate Intrinsic Value
  
Weighted Average Remaining Contractual Term (Years)
  
Number of Shares
  
Weighted Average Exercise Price
  
Aggregate Intrinsic Value
  
Weighted Average Remaining Contractual Term (Years)
 
            
 
             
Outstanding at 1/1/2011
  9,432,013  $40.63         2,899,135  $36.79     
 
 
   Granted
  1,524,329   66.59         -   -     
 
 
   Forfeited / expired
  (308,882)  42.03         (77,699)  38.75     
 
 
   Exercised
  (1,253,826)  45.54  $24,322      (878,342)  36.24  $24,726  
 
 
Outstanding at 12/31/2011
  9,393,634   44.14   143,317   6.38   1,943,094   36.96   40,989   2.11 
                                  
Total exercisable at December 31, 2011
  3,302,555  $45.92  $40,051   4.35   1,943,094  $36.96  $40,989   2.11 
                                  
 
Additional information on SARs and stock options
The following table summarizes information about SAR and option awards outstanding that are vested and exercisable at December 31, 2011:
 
   
SARs Outstanding
     
SARs Exercisable
    
Range of Exercise Prices
  
Number
  
Weighted Average
Exercise Price
 
Weighted Average
Remaining Life
in Years
 
Number
  
Weighted Average
Exercise Price
 
Weighted Average
Remaining Life
in Years
 
$29.45 - $35.50   2,490,684  $29.52   6.28   -  $-   - 
$42.30 - $46.00   4,378,418   43.33   6.09   2,255,049   43.75   4.47 
$50.60 - $66.59   2,524,532   59.96   6.96   1,047,506   50.60   4.11 
 
   
Options Outstanding
     
Options Exercisable
    
Range of Exercise Prices
  
Number
  
Weighted Average
Exercise Price
 
Weighted Average
Remaining Life
in Years
 
Number
  
Weighted Average
Exercise Price
 
Weighted Average
Remaining Life
in Years
 
$24.50 - $31.00   294,397  $24.53   1.12   294,397  $24.53   1.12 
$33.00 - $39.00   1,052,031   38.00   2.41   1,052,031   38.00   2.41 
$39.40 - $43.00   596,666   41.24   2.06   596,666   41.24   2.06 
Performance share awards
 
Number of Shares
  
Weighted-Average
Grant-Date
Fair Value
 
        
Unvested at December 31, 2010
  143,452  $46.14 
Granted
  44,751   91.41 
Vested *
  (72,151)  35.79 
Forfeited
  (2,855)  35.79 
Unvested at December 31, 2011
  113,197  $57.23 
 
 * Under the terms of the performance share award, the actual number of shares awarded can range from zero to 200% of the original target grant, depending on Dover's three-year performance relative to the peer group for the relevant performance period. Awards vesting at the end of 2011, as shown above, are expected to be paid out at approximately 105% of their original target.
 
Assumptions used in determining fair value of Stock Appreciation Rights and Stock Options
The fair value of each SAR grant was estimated on the date of grant using a Black-Scholes option-pricing model with the following assumptions:
 
   
2011 Grant
  
2010 Grant
  
2009 Grant
 
           
Risk-free interest rate
  2.68%  2.77%  2.06%
Dividend yield
  1.70%  2.33%  3.23%
Expected life (years)
  5.8   6.0   6.5 
Volatility
  33.56%  31.93%  30.47%
SAR grant price
 $66.59  $42.88  $29.45 
Fair value of SAR award
 $20.13  $11.66  $6.58 
 
Shares granted to directors
The Company issued the following shares to its directors during each respective year as partial compensation for serving as directors of the Company:
 
Years ended December 31,
 
 
2011
 
2010
 
2009
 
Aggregate shares granted
 20,929
 
 20,853
 
 21,549
 
Shares withheld to satisfy tax obligations
 (562)
 
 (574)
 
 (6,823)
 
Net shares granted
 20,367
 
 20,279
 
 14,726