Share-Based Compensation

3 Months Ended

Mar. 31, 2016

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

During the first quarter of 2016, we granted 466,900 stock options, 77,400 restricted stock units, 95,100 performance shares, and 7,799 phantom stock units. For the three months ended March 31, 2016, total share-based compensation expense was $3.0 million and the related tax benefits were $1.1 million. For the three months ended March 31, 2015, total share-based compensation expense was $2.9 million and the related tax benefits were $1.1 million.

The estimated fair value of our 2016 stock option awards and related underlying assumptions are shown in the table below.



	2016
Estimated fair value	$	13.86
Quarterly dividend rate	$	0.40
Expected term of stock appreciation rights, in years	4.7
Risk-free interest rate	1.4		%
Dividend yield	4.1		%
Expected stock price volatility	29.4		%
Present value of dividends	$	7.27