Share-Based Compensation

6 Months Ended

Jun. 30, 2016

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

During the six months ended June 30, 2016, we granted 466,900 stock options, 77,400 restricted stock units, 95,100 performance shares, and 14,701 phantom stock units. For the three and six months ended June 30, 2016, total share-based compensation expense was $2.9 million and $5.9 million and the related tax benefits were $1.1 million and $2.2 million. For the three and six months ended June 30, 2015, total share-based compensation expense was $3.2 million and $6.1 million and the related tax benefits were $1.2 million and $2.3 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