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Share Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
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 options and stock appreciation rights and the assumptions we used to estimate fair value:
 
2016
 
2015
 
2014
Weighted average estimated fair value
$
13.86

 
$
18.16

 
$
18.12

Quarterly dividend rate
$
0.40

 
$
0.38

 
$
0.33

Expected term of stock appreciation rights, in years
4.7

 
4.7

 
4.4

Risk-free interest rate
1.4
%
 
1.2
%
 
1.3
%
Dividend yield
4.1
%
 
2.6
%
 
2.3
%
Expected stock price volatility
29.4
%
 
29.2
%
 
30.3
%
Present value of dividends
$
7.27

 
$
6.90

 
$
5.76
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, 2016:


Number of Stock Options and Stock Appreciation Rights
(in thousands)
 
Weighted Average Exercise Price
Outstanding at beginning of the year
1,574
 
$
45.18

Granted
467
 
39.19

Exercised
(363)
 
29.93

Forfeited/Cancelled
(24)
 
51.68

Expired
(6)
 
50.11

Outstanding at end of the year
1,648
 
46.73

Vested and exercisable at end of the year
895
 
47.12
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 2016, 2015, and 2014, and the weighted average remaining contractual term and aggregate intrinsic value of stock options and stock appreciation rights outstanding and vested as of December 31, 2016:
Stock Options and Stock Appreciation Rights
Weighted Average Remaining Contractual Term
(Years)
 
Aggregate Intrinsic Value
(in millions)
Exercised in 2014
 
 
$
11.8

Exercised in 2015
 
 
6.2

Exercised in 2016
 
 
6.2

 
 
 
 
Outstanding at December 31, 2016 (a)
4.1
 
24.5

Vested and exercisable at December 31, 2016
2.9
 
13.0

_______
(a) As of December 31, 2016, 1,188,635 stock appreciation rights and 459,600 stock options were 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, 2016:


Number of Share Units Outstanding (in thousands)
 
Weighted Average Grant-Date Fair Value
Restricted Stock Units:
 
 
 
Nonvested at beginning of the year
172

 
$
53.18

Granted
88

 
40.33

Vested
(46
)
 
46.31

Forfeited
(10
)
 
52.71

Nonvested at end of the year
204

 
49.23

Performance Shares:
 
 
 
Nonvested at beginning of the year
121

 
$
54.32

Granted
95

 
38.83

Net increase due to estimated performance
18

 
56.91

Vested
(89
)
 
53.63

Forfeited
(2
)
 
54.79

Nonvested at end of the year
143

 
44.81