Share-Based Compensation

9 Months Ended

Sep. 30, 2015

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

During the nine months ended September 30, 2015, we granted 341,800 stock appreciation rights (“SARs”), 68,710 restricted stock units, 61,740 performance shares, and 5,895 phantom stock units. For the three and nine months ended September 30, 2015, total share-based compensation expense was $2.8 million and $8.9 million and the related tax benefits were $1.1 million and $3.4 million. For the three and nine months ended September 30, 2014, total share-based compensation expense was $3.1 million and $9.3 million and the related tax benefits were $1.2 million and $3.5 million.

The estimated fair value of our 2015 SARs awards and related underlying assumptions are shown in the table below.



	2015
Estimated fair value	$	18.16
Quarterly dividend rate	$	0.38
Expected term of stock appreciation rights, in years	4.7
Risk-free interest rate	1.2		%
Dividend yield	2.6		%
Expected stock price volatility	29.2		%
Present value of dividends	$	6.90