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Stock-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2016
Stock-Based Compensation  
Schedule of compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

(in millions)

    

2016

    

2015

    

2014

Pre-tax compensation expense

 

$
6.1

 

$
5.1

 

$
4.5

 

Schedule of weighted-average assumptions for stock options

 

 

 

 

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

    

2016

 

2015

 

2014

 

Expected dividend yield

 

 
1.4

%  

 
1.1

%

 
1.2

%

Expected life in years

 

 
5.61

 

 
5.71

 

 
5.74

 

Expected volatility

 

 
27.5

%  

 
27.3

%

 
29.3

%

Risk-free interest rate

 

 
1.4

%  

 
1.4

%

 
1.7

%

Weighted-average fair value

 

$
19.30

 

$
21.19

 

$
19.15

 

 

Schedule of stock option activity under the Company's stock option awards

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

Number of

 

Exercise

 

 

Shares

 

Price

Outstanding at January 1, 2014

    
2,993,007

    

$
38.76

Options granted

 
259,035

 

 
73.08

Options exercised

 
(925,520)

 

 
38.63

Options forfeited / expired

 
(49,885)

 

 
56.89

Outstanding at December 31, 2014

 
2,276,637

 

$
42.32

Options granted

 
316,345

 

 
92.84

Options exercised

 
(748,270)

 

 
38.44

Options forfeited / expired

 
(34,632)

 

 
81.68

Outstanding at December 31, 2015

 
1,810,080

 

$
52.00

Options granted

 
371,623

 

 
83.85

Options exercised

 
(888,166)

 

 
37.25

Options forfeited / expired

 
(29,872)

 

 
85.07

Outstanding at December 31, 2016

 
1,263,665

 

$
70.95

 

Schedule of activity related to restricted stock

 

 

 

 

 

 

 

 

 

 

Weighted-Average

 

 

Number of

 

Grant Date

 

 

Shares

 

Fair Value

Outstanding at January 1, 2014

    
240,990

    

$
49.66

Shares granted

 
104,773

 

 
76.70

Shares vested

 
(94,590)

 

 
38.57

Shares forfeited

 
(4,185)

 

 
63.73

Outstanding at December 31, 2014

 
246,988

 

$
65.14

Shares granted

 
58,040

 

 
90.54

Shares vested

 
(75,740)

 

 
49.56

Shares forfeited

 
(2,881)

 

 
81.32

Outstanding at December 31, 2015

 
226,407

 

$
76.66

Shares granted

 
69,583

 

 
84.73

Shares vested

 
(67,570)

 

 
64.80

Shares forfeited

 
(3,155)

 

 
84.93

Outstanding at December 31, 2016

 
225,265

 

$
82.59

 

Schedule of activity related to performance shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Performance

 

 

2016

 

2015

 

2014

 

2013

 

2012

 

2011

 

    

Units

    

 

Awards

    

Awards

    

Awards

    

Awards

    

Awards

    

Awards

Outstanding at January 1, 2014

 
328,990

 

 

 -

 

 -

 

 -

 
70,175

 
77,595

 
181,220

Units granted (1)

 
137,890

 

 

 -

 

 -

 
67,970

 

 -

 
69,920

 

 -

Units vested and issued

 
(135,008)

 

 

 -

 

 -

 

 -

 

 -

 

 -

 
(135,008)

Units vested and deferred

 
(46,212)

 

 

 -

 

 -

 

 -

 

 -

 

 -

 
(46,212)

Units forfeited

 
(4,185)

 

 

 -

 

 -

 
(1,465)

 
(1,630)

 
(1,090)

 

 -

Outstanding at December 31, 2014

 
281,475

 

 

 -

 

 -

 
66,505

 
68,545

 
146,425

 

 -

Units granted (1)

 
95,536

 

 

 -

 
58,040

 

 -

 
37,496

 

 -

 

 -

Units vested and issued

 
(112,814)

 

 

 -

 

 -

 

 -

 

 -

 
(112,814)

 

 -

Units vested and deferred

 
(33,611)

 

 

 -

 

 -

 

 -

 

 -

 
(33,611)

 

 -

Units forfeited

 
(2,340)

 

 

 -

 
(1,220)

 
(750)

 
(370)

 

 -

 

 -

Outstanding at December 31, 2015

 
228,246

 

 

 -

 
56,820

 
65,755

 
105,671

 

 -

 

 -

Units granted (1)

 
100,139

 

 
61,127

 

 -

 
39,012

 

 -

 

 -

 

 -

Units vested and issued

 
(81,604)

 

 

 -

 

 -

 

 -

 
(81,604)

 

 -

 

 -

Units vested and deferred

 
(24,067)

 

 

 -

 

 -

 

 -

 
(24,067)

 

 -

 

 -

Units forfeited

 
(3,155)

 

 
(1,040)

 
(1,380)

 
(735)

 

 -

 

 -

 

 -

Outstanding at December 31, 2016

 
219,559

 

 
60,087

 
55,440

 
104,032

 

 -

 

 -

 

 -

 

(1)

The Company's relative total shareholder return versus companies in the S&P Midcap 400 Index® over the period covered by the 2014 awards, 2013 awards, and 2012 awards resulted in participants being awarded an additional 39,012 shares, 37,496 shares, and 69,920 shares, respectively, under the plan. The awarding of these additional shares had no impact on stock-based compensation expense as the likelihood of their issuance was included in the determination of grant date fair value using a Monte Carlo simulation approach.