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Stock-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award  
Activity for PSUs Classified as Equity
Activity for PSUs classified as equity is as follows:
 
 
 
Weighted Average
 
Shares
 
Grant Date
 
(000s)
 
Fair Value
Outstanding at December 31, 2014
281

 
$
30.83

Granted
226

 
35.13

Vested
(120
)
 
25.26

Forfeited
(4
)
 
35.03

Outstanding at December 31, 2015
383

 
35.05

Valuation Assumptions on PSU Grants

The fair value of PSUs is estimated on the date of initial grant using the Monte-Carlo simulation model. The assumptions used to value PSUs granted during the years shown are as follows:
 
Year Ended December 31
 
2015
 
2014
 
2013
Expected Volatility (based on our and our peer group historical daily stock prices)
22
%
 
31
%
 
35
%
Expected Life (equals the performance period)
3.0 years

 
3.0 years

 
3.0 years

Risk Free Interest Rate (based on U.S. Treasury yields at the date of grant)
0.91
%
 
0.65
%
 
0.38
%
Schedule of Stock Option Activity
Stock option activity is summarized as follows:
 
 
 
 
 
Remaining
 
Intrinsic
 
Shares
 
Weighted Average
 
Contractual Term
 
Value
 
(000s)
 
Exercise Price
 
(in years)
 
(in millions)
Outstanding at December 31, 2014
999

 
$
20.23

 
 
 
 
Exercised
(240
)
 
11.37

 
 
 
 
Outstanding at December 31, 2015
759

 
23.02

 
3.2
 
$
7.8

 
 
 
 
 
 
 
 
Exercisable at December 31, 2015
744

 
$
23.00

 
3.1
 
$
7.7

Valuation Assumptions on Stock Option Grants

The fair value of stock options is estimated on the date of initial grant using the Black-Scholes valuation model. The grant date fair value and the assumptions used to value stock options granted during 2013 are as follows. There were no stock options granted in 2015 or 2014.
 
Year Ended December 31
 
2013
Weighted Average Grant Date Fair Value per Option
$
9.77

Expected Volatility (based on historical daily stock prices)
52
%
Expected Life (based on historical average years to exercise)
6.0 years

Expected Dividend Yield (based on the dividend rate at the date of grant)
2.14
%
Risk Free Interest Rate (based on U.S. Treasury yields at the date of grant)
1.12
%
Schedule of Compensation Cost for Share-based Payment Arrangements
Compensation expense for the stock plans, as reported in our consolidated statements of income, is as follows:
 
Year Ended December 31
 
2015
 
2014
 
2013
 
(in millions of dollars)
Performance Share Units
$
4.5

 
$
2.5

 
$
1.1

Restricted Stock Units and Cash-Settled Awards
18.6

 
19.0

 
21.0

Stock Options
0.2

 
0.6

 
1.0

Other
0.5

 
0.5

 
0.5

Total Compensation Expense, Before Income Tax
$
23.8

 
$
22.6

 
$
23.6

 
 
 
 
 
 
Total Compensation Expense, Net of Income Tax
$
15.7

 
$
14.9

 
$
15.6

Restricted Stock Units (RSUs)  
Share-based Compensation Arrangement by Share-based Payment Award  
Activity for Restricted Stock Units and Cash Settled Awards Activity
Activity for RSUs classified as equity is as follows:
 
 
 
Weighted Average
 
Shares
 
Grant Date
 
(000s)
 
Fair Value
Outstanding at December 31, 2014
1,081

 
$
28.41

Granted
576

 
34.08

Vested
(762
)
 
28.12

Forfeited
(29
)
 
31.83

Outstanding at December 31, 2015
866

 
32.40

Cash Settled Awards  
Share-based Compensation Arrangement by Share-based Payment Award  
Activity for Restricted Stock Units and Cash Settled Awards Activity
Activity for cash-settled awards classified as a liability is as follows:
 
 
 
Weighted Average
 
Shares
 
Grant Date
 
(000s)
 
Fair Value
Outstanding at December 31, 2014
123

 
$
27.31

Granted
46

 
33.92

Vested
(169
)
 
29.11

Outstanding at December 31, 2015

 

Fair Value and Intrinsic Value of Cash Settled Awards and Stock Options
 
Year Ended December 31
 
2015
 
2014
 
2013
 
(in millions of dollars, except per unit data)
Weighted Average Grant Date Fair Value per Unit Granted
$
33.92

 
$
33.85

 
$
24.22

Total Fair Value of Units Vested
$
4.9

 
$
2.1

 
$
2.4

Total Fair Value of Units Paid
$
2.5

 
$
2.9

 
$
2.5

Stock Options  
Share-based Compensation Arrangement by Share-based Payment Award  
Fair Value and Intrinsic Value of Cash Settled Awards and Stock Options
The intrinsic value of options exercised and fair value of options vested are as follows:
 
Year Ended December 31
 
2015
 
2014
 
2013
 
(in millions of dollars)
Total Intrinsic Value of Options Exercised
$
5.6

 
$
4.0

 
$
4.4

Total Fair Value of Options Vested
$
1.1

 
$
2.4

 
$
2.4