Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2014

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

Details of Grants of Stock-based Compensation

The following are the details of grants of stock-based compensation during the nine months ended September 30, 2014 and 2013.

	2014		2013
Grant Details	Shares	Fair Value	Shares	Fair Value
Stock options	362,721	$43.09	519,299	$27.36
Restricted stock units	128,046	$180.39	189,554	$126.35
Contingent shares (a)	38,759	$187.06	49,293	$134.72

The following are the details of grants of stock-based compensation during the nine months ended September 30, 2014 and 2013.

	2014		2013
Grant Details	Shares	Fair Value	Shares	Fair Value
Stock options	362,721	$43.09	519,299	$27.36
Restricted stock units	128,046	$180.39	189,554	$126.35
Contingent shares (a)	38,759	$187.06	49,293	$134.72

(a) The number of contingent shares represents the target value of the award.

Weighted Average Assumptions Used in Calculating the Fair Value of Stock Option

The fair value of the stock option grants issued in the nine months ended September 30, 2014 was calculated with the following weighted average assumptions:

Weighted average exercise price	$187.22
Risk-free interest rate	2.1	%
Expected life of option in years	6.5
Expected dividend yield	3.0	%
Expected volatility	30.1	%