Share-Based Compensation

3 Months Ended

Mar. 31, 2017

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

During the three months ended March 31, 2017, we granted 354,400 non-qualified employee stock options, 49,840 restricted stock units, 63,710 performance shares, and 6,121 phantom stock units. For the three months ended March 31, 2017, total share-based compensation expense was $3.2 million and the related tax benefits were $1.2 million. 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.

The estimated fair value of our 2017 stock option awards and related underlying assumptions are shown in the table below.



	2017
Estimated fair value, including present value of dividends	$	19.40
Quarterly dividend rate	$	0.42
Expected term of stock option awards, in years	4.7
Risk-free interest rate	1.9		%
Dividend yield	2.8		%
Expected stock price volatility	27.7		%
Present value of dividends	$	7.50

- 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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