Stock-Based Compensation

9 Months Ended

Sep. 30, 2016

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

Stock-Based Compensation

Stock-Based Compensation

A combined summary of activity in our active stock-based compensation plans is presented in the following table.

			Director Deferred Stock Units Outstanding			Non-Vested Stock Awards/Stock Units Outstanding			Stock Options Outstanding
	Shares Available for Grant		Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares	Weighted- Average Grant-Date Fair Value		Number of Shares		Weighted- Average Exercise Price
Balance, January 1, 2016	1,589,727		45,443	$	61.16	173,180	$	66.05	5,612,240		$	60.30
Authorized	—		—	—		—	—		—		—
Granted	(8,216	)	8,216	63.25		—	—		—		—
Stock options exercised	—		—	—		—	—		(908,921	)	52.67
Stock awards/units vested	—		—	—		—	—		—		—
Forfeited/expired	41,157		—	—		—	—		(41,157	)	70.98
Balance, September 30, 2016	1,622,668		53,659	$	61.48	173,180	$	66.05	4,662,162		$	61.70

Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2016		2015		2016		2015
New shares issued from available authorized shares	—		—		—		—
Issued from available treasury stock	841,846		56,377		908,921		227,851
Total	841,846		56,377		908,921		227,851
Proceeds from stock option exercises	$	44,287	$	2,880	$	47,873	$	11,830

Stock-based compensation expense is recognized ratably over the requisite service period for all awards. The service period generally matches the vesting period for most awards; however, the service period for certain executive officers does not extend past the date they reach 65 years of age. Stock-based compensation expense was as follows:

	Three Months Ended   September 30,				Nine Months Ended   September 30,
	2016		2015		2016		2015
Stock options	$	2,163	$	2,075	$	6,405	$	6,269
Non-vested stock awards/stock units	358		267		1,073		930
Deferred stock units	—		—		520		480
Total	$	2,521	$	2,342	$	7,998	$	7,679

Unrecognized stock-based compensation expense at September 30, 2016 was as follows:

Stock options	$	14,354
Non-vested stock awards/stock units	2,282
Total	$	16,636