Share-Based Compensation

9 Months Ended

Sep. 30, 2013

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

During the first nine months of 2013, we granted 317,100 stock appreciation rights (“SARs”), 67,970 restricted stock units, 68,780 performance shares, and 15,401 phantom stock units. For the three and nine months ended September 30, 2013, total share-based compensation expense was $3.1 million and $9.5 million and the related tax benefits were $1.2 million and $3.6 million. For the three and nine months ended September 30, 2012, total share-based compensation expense was $3.0 million and $9.1 million and the related tax benefits were $1.1 million and $3.4 million, respectively.

The weighted average estimated fair value of our 2013 SARs awards and our related underlying assumptions are shown in the table below.



	2013
Weighted average estimated fair value	$	18.89
Quarterly dividend rate	$	0.30
Expected term of SARs, in years	4.7
Risk-free interest rate	0.7		%
Dividend yield	2.6		%
Expected stock price volatility	42.4		%
Present value of dividends	$	5.60

- Definition

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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