Share-Based Compensation

9 Months Ended

Sep. 30, 2016

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

During the nine months ended September 30, 2016, we granted 466,900 stock options, 83,100 restricted stock units, 95,100 performance shares, and 22,052 phantom stock units. For the three and nine months ended September 30, 2016, total share-based compensation expense was $3.2 million and $9.1 million and the related tax benefits were $1.3 million and $3.5 million. 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.

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 option awards, 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

- 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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