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Stock Plans (Tables)

9 Months Ended

Sep. 30, 2014

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

Stock compensation expense is as follows:



	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2014		2013		2014		2013
Stock compensation expense	$	1,077	$	1,198	$	7,887	$	9,147
Income tax benefit	381		432		2,871		3,380
Stock compensation expense, net of income tax benefit	696		766		5,016		5,767

Schedule of Valuation Assumptions

Stock option expense is based on the fair value of stock option grants estimated on the grant dates using the Black-Scholes option pricing model and the following weighted average assumptions for options granted in 2014.



	2014
Fair value per option	$	17.26
Risk-free interest rate	2.06		%
Expected dividend yield	2.41		%
Expected volatility	40.50		%
Expected life (years)	6.6

Summary of Stock Option Activity

A summary of stock option activity for the nine months ended September 30, 2014 follows:



	Shares		Weighted Average Exercise Price
Outstanding at January 1, 2014	1,695,380		$	34.55
Granted	138,519		51.69
Exercised	(176,937	)	36.59
Forfeited	(23,524	)	38.82
Expired	(1,071	)	45.68
Outstanding at September 30, 2014	1,632,367		35.71
Exercisable at September 30, 2014	1,161,518		31.64

Summary of Restricted Stock Activity

A summary of restricted stock activity for the nine months ended September 30, 2014 follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2014	303,419		$	39.79
Granted	83,343		51.91
Vested	(107,824	)	34.89
Forfeited	(9,408	)	44.35
Unvested at September 30, 2014	269,530		45.34

Summary of Performance Stock Unit Activity

A summary of performance stock unit activity for the nine months ended September 30, 2014 follows:



	Shares		Weighted Average Grant Date Fair Value
Unvested at January 1, 2014	149,389		$	46.32
Granted	46,242		57.42
Performance adjustments	41,428		39.42
Vested	(91,696	)	39.19
Forfeited	(1,402	)	48.85
Unvested at September 30, 2014	143,961		52.42