Long-term Equity-based Compensation (Tables)

The assumptions used in the Black-Scholes pricing model for Tandem Awards granted during the years ended December 31, 2016, 2015 and 2014 are presented below.



	2016					2015					2014
RANGE OF VALUATION ASSUMPTIONS
Expected Volatility	25.85	%	-	42.19	%	21.31	%	-	41.65	%	25.76	%	-	44.43	%
Risk-free Interest Rate	0.77		-	2.01		1.08		-	1.96		1.07		-	2.14
Expected Dividend Yield	2.22		-	3.41		2.37		-	2.62		2.53		-	2.60
WEIGHTED-AVERAGE EXPECTED LIFE IN YEARS
Employee Grants	1		-	6.5		4		-	7		4		-	7
Director Grants	N/A					5.5					6

activity for the year ended December 31, 2016 is presented below.



	Shares Subject to Awards		Weighted- average Exercise Price Per Share ($)		Weighted- average Remaining Contractual Life (in Years)	Aggregate Intrinsic Value ($ In Millions)
Outstanding at Beginning of the Year	1,428,157		$	39.75
Granted	506,675		31.09
Exercised	(251,522	)	34.04
Forfeited or Expired	(377,187	)	43.72
Outstanding at December 31, 2016	1,306,123		36.35		6.5	$	11.5
Vested and Expected to Vest at December 31, 2016	1,254,165		$	36.49	6.4	$	10.9
Exercisable at December 31, 2016	701,486		$	38.32	4.8	$	5.3

Information pertaining to Tandem Awards outstanding at December 31, 2016 is presented below.



			Outstanding			Exercisable
Range of Exercise Prices ($)			Shares Subject to Awards	Weighted- average Exercise Price Per Share ($)	Weighted- average Remaining Contractual Life (in Years)	Shares Subject to Awards	Weighted- average Exercise Price Per Share ($)
15.01	-	20.00	4,000	16.48	2.35	4,000	16.48
20.01	-	25.00	9,500	23.37	3.06	9,500	23.37
25.01	-	30.00	316,603	27.89	8.21	116,909	28.20
30.01	-	35.00	176,845	32.43	8.18	74,742	32.33
35.01	-	40.00	437,299	36.64	7.21	270,763	36.67
40.01	-	45.00	166,376	41.33	7.02	30,072	40.70
45.01	-	50.00	195,500	49.74	0.11	195,500	49.74
15.01	-	50.00	1,306,123	36.35	6.45	701,486	38.32

Activity related to DSU awards for the year ended December 31, 2016 is presented below.



	Number of DSUs	Weighted- average Grant-date Fair Value Per DSU
Vested Balance at Beginning of the Year	7,000	$	36.17
Granted and Vested	14,520	31.00
Vested Balance at December 31, 2016	21,520	$	32.68

Activity related to nonvested time-based restricted stock and nonvested time-based RSUs for the year ended December 31, 2016 is presented below.



	Time-based Restricted Stock Awards				Time-based RSU Awards
	Number of Shares		Weighted- average Grant-date Fair Value Per Share		Number of RSUs		Weighted- average Grant-date Fair Value Per RSU
Nonvested Balance at Beginning of the Year	29,448		$	33.77	85,048		$	36.84
Granted	—		—		118,622		31.48
Vested	(12,098	)	32.32		(26,006	)	33.01
Forfeited	(1,350	)	35.75		(19,303	)	36.03
Nonvested Balance at December 31, 2016	16,000		$	34.69	158,361		$	33.56

Activity related to nonvested performance-based restricted stock and nonvested performance-based RSU awards for the year ended December 31, 2016 is presented below.



	Performance-based Restricted Stock Awards				Performance-based RSU Awards
	Number of Shares		Weighted- average Grant-date Fair Value Per Share		Number of RSUs		Weighted- average Grant-date Fair Value Per RSU
Nonvested Balance at Beginning of the Year	51,400		$	42.12	128,100		$	41.85
Granted	—		—		146,788		29.62
Forfeited	(51,400	)	42.12		(47,304	)	39.04
Nonvested Balance at December 31, 2016	—		$	—	227,584		$	34.55