Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2020

Schedule of Changes in Option Shares

Changes in options, all of which relate to the Company’s Common Stock, were as follows for the three months ended March 31, 2020:

	Weighted-Avg. Per Share Exercise Price		Number of Options			Average Remaining Contractual Life		Aggregate Intrinsic Value (dollars in millions)
Outstanding at January 1, 2020	$	37.64		2,728,350
Granted		42.39		784,300
Exercised		15.04		(25,147	)
Forfeited		48.95		(56,261	)
Outstanding at March 31, 2020		38.71		3,431,242			7 years	$	19.1
Exercisable at March 31, 2020		34.25		2,162,932			5 years	$	19.1

Schedule of Weighted Average Fair Value per Option at Date of Grant

The weighted-average fair value per option at the date of grant during the three months ended March 31, 2020 and 2019 using the Black-Scholes option-pricing model was $8.15 and $10.83, respectively. Assumptions were as follows:

	Three Months Ended March 31,
	2020			2019
Expected life (years)		5.7			5.6
Risk-free interest rate		1.6	%		2.7	%
Dividend yield		2.1	%		1.6	%
Expected volatility		23.6	%		22.8	%

Schedule of Share Unit Activity Under Plan

A summary of share unit activity under the plan is as follows for the three months ended March 31, 2020:

	Number of Units			Weighted-Average Grant Date Value
Issued and unvested at January 1, 2020		366,102		$	49.92
Granted		169,407			42.39
Vested		(100,735	)		49.21
Forfeited		(7,557	)		53.96
Issued and unvested at March 31, 2020		427,217			46.94