Stock-Based Compensation Plans (Tables)

3 Months Ended

Mar. 31, 2015

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

Weighted-Average Assumptions For The Employee Stock Option Plan

The fair value of each option grant in the employee stock option plan was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions for the indicated periods:

	Three Months Ended March 31,
	2015		2014
Dividend Yield (1)	2.14	%	2.33	%
Expected volatility (2)	36.80	%	40.36	%
Risk-free interest rate (3)	1.37	%	1.74	%
Expected term of options (years) (4)	4.29		3.95
Weighted-avg. grant date fair value	$4.76		$4.27

(1)Represents the Company’s estimated cash dividend yield over the expected term of option grant.

⁽²⁾  Amount is determined based on analysis of historical price volatility of the Company’s common stock. The expected volatility is based on the daily percentage change in the price of the stock over a period equal to the expected term of the option grant.

⁽³⁾  Represents the U.S. Treasury yield over the expected term of the option grant.

⁽⁴⁾  Represents the period of time that options granted are expected to be outstanding. Based on analysis of historical option exercise activity, the Company has determined that all employee groups exhibit similar exercise and post-vesting termination behavior.