Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2018

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 related income tax benefits recognized in 2018, 2017 and 2016:

	Years ended December 31,
	2018			2017		2016
	(In thousands)
Stock option and stock purchase plans	$	7,703		7,869		7,244
Unvested stock awards	17,249			11,098		11,420
Share-based compensation expense	24,952			18,967		18,664
Income tax benefit	(4,615		)	(6,628	)	(6,644	)
Share-based compensation expense, net of tax	$	20,337		12,339		12,020

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, 2018:

	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		$	70.47
Granted	347		74.72
Exercised	(140	)	55.99
Forfeited or expired	(62	)	72.62
Options outstanding at December 31	1,862		$	72.28	7.0	$	—
Vested and expected to vest at December 31	1,803		$	72.25	7.2	$	—
Exercisable at December 31	1,093		$	72.74	6.1	$	—

Summary of nonvested stock awards

The following is a summary of the status of Ryder’s unvested restricted stock awards as of and for the year ended December 31, 2018:

	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)
Unvested stock outstanding at January 1	433	$	65.91	92	$	68.26	94	$	78.91
Granted	173	74.05		—	—		200	73.88
Vested (1)	(89)	79.02		(7)	89.40		(20)	78.58
Forfeited (2)	(29)	70.92		(17)	75.14		(45)	76.02
Unvested stock outstanding at December 31	488	$	66.11	68	$	64.26	229	$	73.41

(1) Includes awards attained above target.

(2) Includes awards canceled due to employee terminations or performance and market conditions not being achieved.

Schedule of weighted-average exercise price, ESPP

The following table presents the weighted-average exercise price for shares granted and exercised under the ESPP:

	Years ended December 31,
	2018		2017		2016
Shares granted and exercised	199,000		160,000		192,000
Weighted average exercise plan	$	54.89	$	66.72	$	56.17

Weighted-average assumptions used for options granted

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

	Years ended December 31,
	2018		2017		2016
Expected dividends	2.8%		2.3%		3.0%
Expected volatility	29.4%		28.5%		35.2%
Risk-free rate	2.7%		1.9%		1.1%
Expected term in years	4.4 years		4.4 years		4.3 years
Grant-date fair value	$	15.89	$	15.71	$	12.53