Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2014

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

Share-based compensation expense and income tax benefits recognized during the periods

The following table provides information on share-based compensation expense and income tax benefits recognized in 2014, 2013 and 2012:

	Years ended December 31,
	2014			2013		2012
	(In thousands)
Stock option and stock purchase plans	$	9,023		8,303		9,469
Nonvested stock	11,882			11,007		9,395
Share-based compensation expense	20,905			19,310		18,864
Income tax benefit	(7,300		)	(6,224	)	(6,309	)
Share-based compensation expense, net of tax	$	13,605		13,086		12,555

Summary of share-based compensation expense recognized related to cash awards

The following table is a summary of compensation expense recognized related to cash awards in addition to share-based compensation expense reported in the previous table.

	Years ended December 31
	2014		2013	2012
	(In thousands)
Cash awards	$	1,900	996	1,099

Summary of stock option activity

The following is a summary of option activity under our stock option plans as of and for the year ended December 31, 2014:

	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic  Value
	(In thousands)				(In years)	(In thousands)
Options outstanding at January 1	1,717		$	49.99
Granted	407		71.49
Exercised	(828	)	47.85
Forfeited or expired	(27	)	61.41
Options outstanding at December 31	1,269		$	58.03	6.3	$	44,195
Vested and expected to vest at December 31	1,193		$	57.64	5.8	$	42,003
Exercisable at December 31	486		$	48.21	3.7	$	21,684

Information about options in various price ranges

Information about options in various price ranges at December 31, 2014 follows:

	Options Outstanding				Options Exercisable
Price Ranges	Shares	Weighted- Average Remaining Contractual Term	Weighted- Average  Exercise Price		Shares	Weighted- Average  Exercise Price
	(In thousands)	(In years)			(In thousands)
Less than $50.00	255	2.5	$	41.45	255	$	41.45
50.00-55.00	273	4.1	53.63		133	53.63
55.00-60.00	334	7.6	58.23		94	58.28
60.00 and over	407	9.1	71.20		4	61.83
Total	1,269	6.3	$	58.03	486	$	48.21

Summary of Nonvested stock awards

The following is a summary of the status of Ryder’s nonvested restricted stock awards as of and for the year ended December 31, 2014:

	Time-Vested			Market-Based			Performance-Based
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
	(In thousands)			(In thousands)			(In thousands)
Nonvested stock outstanding at January 1	534	$	52.58	205	$	33.71	15	$	58.27
Granted	186	78.31		41	61.07		23	71.89
Vested	(186)	51.83		—	25.29		—	58.21
Forfeited (1)	(20)	58.45		(136)	27.44		(3)	62.74
Nonvested stock outstanding at December 31	514	$	61.83	110	$	52.52	35	$	66.85

(1) Includes awards canceled due to performance and market conditions not being achieved.

Summary of Employee Stock Purchase Plan

The following table summarizes the status of Ryder’s ESPP:

	Shares	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic  Value
	(In thousands)			(In years)	(In thousands)
Outstanding at January 1	—	$	—
Granted	150	82.27
Exercised	(150)	82.27
Forfeited or expired	—	—
Outstanding at December 31	—	$	—	—	$	—
Exercisable at December 31	—	$	—	—	$	—

Weighted-average assumptions used for options granted

The following table presents the weighted-average assumptions used for options granted:

	Years ended December 31,
	2014	2013	2012
Option plans:
Expected dividends	1.9%	2.1%	2.2%
Expected volatility	29.1%	35.1%	40.7%
Risk-free rate	1.3%	0.7%	0.6%
Expected term in years	4.3 years	4.3 years	3.7 years
Grant-date fair value	$14.99	$13.97	$14.07
Purchase plan:
Expected dividends	1.7%	2.2%	2.7%
Expected volatility	20.3%	28.0%	32.7%
Risk-free rate	—%	0.1%	0.1%
Expected term in years	0.25 years	0.25 years	0.25 years
Grant-date fair value	$15.53	$11.73	$9.53