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Stock-Based Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Schedule of information with respect to stock options granted
Information with respect to stock options granted under the 2009 and 1994 Plans is as follows:
 
2009 Plan
shares
 
Weighted
average
exercise price
per share
 
1994 Plan
shares
 
Weighted
average
exercise price
per share
Options Outstanding, December 31, 2011
247,403

 
$
98.42

 
1,112,959

 
$
94.10

Exercised
(43,265
)
 
85.09

 
(364,519
)
 
68.21

Granted
115,303

 
133.16

 
—

 
—

Forfeited
(11,887
)
 
115.15

 
(28,610
)
 
139.58

Options Outstanding, December 31, 2012
307,554

 
$
112.67

 
719,830

 
$
105.40

Exercised
(19,949
)
 
84.43

 
(24,292
)
 
79.42

Granted
215,230

 
129.03

 
—

 
—

Forfeited
(1,267
)
 
131.56

 
(4,012
)
 
127.56

Options Outstanding, December 31, 2013
501,568

 
$
120.77

 
691,526

 
$
106.19

Exercised
(157,454
)
 
116.40

 
(342,743
)
 
99.03

Granted
—

 
—

 
—

 
—

Forfeited
(4,052
)
 
131.05

 
(76,381
)
 
142.66

Options Outstanding, December 31, 2014
340,062

 
$
122.67

 
272,402

 
$
104.96

Options Exercisable:
 

 
 

 
 

 
 

December 31, 2012
74,618

 
$
97.46

 
719,830

 
$
105.40

December 31, 2013
184,167

 
$
107.18

 
691,526

 
$
106.19

December 31, 2014
185,227

 
$
116.71

 
272,402

 
$
104.96
Summary of exercise prices and contractual lives of options outstanding
The following summarizes the exercise prices and contractual lives of options outstanding as of December 31, 2014:
2009 Plan
Number of Options
 
Range—Exercise Price
 
Weighted Average
Remaining Contractual Term
(in years)
32,821
 
$70.00
-
 
$79.99
 
5.1
51,808
 
110.00
-
 
119.99
 
6.1
63,961
 
120.00
-
 
129.99
 
8.2
189,973
 
130.00
-
 
139.99
 
7.6
1,499
 
140.00
-
 
149.99
 
7.5
340,062
 
 
 
 
 
 
 

1994 Plan
Number of Options
 
Range—Exercise Price
 
Weighted Average
Remaining Contractual Term
(in years)
43,806
 
$40.00
-
 
$49.99
 
4.1
92
 
60.00
-
 
69.99
 
0.1
730
 
70.00
-
 
79.99
 
0.5
66,101
 
80.00
-
 
89.99
 
3.1
52,720
 
90.00
-
 
99.99
 
1.1
108,953
 
140.00
-
 
149.99
 
2.1
272,402
 
 
 
 
 
 
 
Summary of weighted average fair value of employee stock options and associated assumptions used to calculate the value
The following table summarizes the weighted average fair value of employee stock options for 2013 and 2012 and the associated assumptions used to calculate the value. There were no stock options granted in 2014.
 
 
2013
 
2012
Weighted average fair value per share
 
$
26.78

 
$
29.11

Life of options (in years)
 
5.0

 
5.0

Dividend yield
 
3.7
%
 
3.5
%
Volatility
 
34.00
%
 
35.00
%
Risk-free interest rate
 
0.91
%
 
0.87
%