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Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Weighted Average Fair Value and Assumptions
The following table shows the weighted average fair value for our stock appreciation rights and the assumptions we used to estimate fair value:
 
2015
 
2014
 
2013
Weighted average estimated fair value
$
18.16

 
$
18.12

 
$
18.89

Quarterly dividend rate
$
0.38

 
$
0.33

 
$
0.30

Expected term of stock appreciation rights, in years
4.7

 
4.4

 
4.7

Risk-free interest rate
1.2
%
 
1.3
%
 
0.7
%
Dividend yield
2.6
%
 
2.3
%
 
2.6
%
Expected stock price volatility
29.2
%
 
30.3
%
 
42.4
%
Present value of dividends
$
6.90

 
$
5.76

 
$
5.60
Data With Respect to Stock Options SARs Activity

The following table shows information about outstanding stock options and stock appreciation rights for the year ended December 31, 2015:


Number of Stock Options and Stock Appreciation Rights
(in thousands)
 
Weighted Average Exercise Price
Outstanding at beginning of the year
1,490
 
$
39.65

Granted
342
 
56.91

Exercised
(231)
 
25.96

Forfeited/Cancelled
(26)
 
53.29

Expired
(1)
 
50.02

Outstanding at end of the year
1,574
 
45.18

Vested and exercisable at end of the year
976
 
38.68
Schedule of Share-Based Compensation, Aggregate Intrinsic Value and Weighted Average Remaining Contractual Term
The following table shows the aggregate intrinsic value of stock options and stock appreciation rights exercised in 2015, 2014, and 2013, and the weighted average remaining contractual term and aggregate intrinsic value of stock appreciation rights outstanding and vested as of December 31, 2015:
Stock Options and Stock Appreciation Rights
Weighted Average Remaining Contractual Term
(Years)
 
Aggregate Intrinsic Value
(in millions)
Exercised in 2013
 
 
$
6.9

Exercised in 2014
 
 
11.8

Exercised in 2015
 
 
6.2

 
 
 
 
Outstanding at December 31, 2015 (a)
3.7
 
6.3

Vested and exercisable at December 31, 2015
2.7
 
6.3

__________________
(a) As of December 31, 2015, there are no remaining stock options outstanding.
Schedule of Share-Based Compensation, Restricted Stock Units and Performance Shares Award Activity
The following table shows information about restricted stock units and performance shares for the year ended December 31, 2015:


Number of Share Units Outstanding
 
Weighted Average Grant-Date Fair Value
Restricted Stock Units:
 
 
 
Nonvested at beginning of the year
177,210

 
$
48.90

Granted
68,710

 
56.73

Vested
(63,748
)
 
44.92

Forfeited
(10,232
)
 
54.33

Nonvested at end of the year
171,940

 
53.18

Performance Shares:
 
 
 
Nonvested at beginning of the year
175,069

 
$
48.95

Granted
61,740

 
55.54

Net (decrease) due to estimated performance
(22,578
)
 
54.39

Vested
(92,991
)
 
45.01

Nonvested at end of the year
121,240

 
54.32