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Stock-Based Compensation Plans (Tables)
12 Months Ended
Dec. 31, 2012
Stock-Based Compensation Plans  
Information with respect to stock options granted

 

 

 
  2009 Plan
shares
  Weighted
average
exercise price
per share
  1994 Plan
shares
  Weighted
average
exercise price
per share
 

Options Outstanding, December 31, 2009

      $     2,836,254   $ 80.76  
                   

Exercised

            (729,381 )   57.87  

Granted

    126,484     74.20          

Forfeited

            (34,656 )   100.02  
                   

Options Outstanding, December 31, 2010

    126,484   $ 74.20     2,072,217   $ 88.50  
                   

Exercised

    (23,908 )   75.75     (930,391 )   82.43  

Granted

    144,827     115.83          

Forfeited

            (28,867 )   68.29  
                   

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  
                   

Options Exercisable:

                         

December 31, 2010

   
3,417
 
$

74.20
   
1,730,978
 
$

93.60
 
                   

December 31, 2011

    30,771   $ 81.54     1,012,304   $ 98.62  
                   

December 31, 2012

    74,618   $ 97.46     719,830   $ 105.40  
                   
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, 2012:

2009 Plan
Number of Options
  Range—Exercise Price   Weighted Average
Remaining Contractual Term
(in years)
 
69,287   $70.00 - 79.99     7.1  
127,930   110.00 - 119.99     8.1  
108,838   130.00 - 139.99     9.1  
1,499   140.00 - 149.99     9.5  
             
307,554            
             


 

1994 Plan
Number of Options
  Range—Exercise Price   Weighted Average
Remaining Contractual Term
(in years)
 
1,424   $30.00 - 39.99     0.1  
94,898   40.00 - 49.99     3.5  
41,556   60.00 - 69.99     2.1  
730   70.00 - 79.99     2.5  
107,833   80.00 - 89.99     5.1  
187,380   90.00 - 99.99     3.1  
286,009   140.00 - 149.99     4.1  
             
719,830            
             
Summary of weighted average fair value of employee stock options and associated assumptions used to calculate the value

 

 

 
  2012   2011   2010  

Weighted average fair value per share

  $ 29.11   $ 29.40   $ 19.45  

Life of options (in years)

    5.0     7.0     7.0  

Dividend yield

    3.5 %   4.0 %   5.5 %

Volatility

    35.00 %   35.00 %   43.00 %

Risk-free interest rate

    0.87 %   3.04 %   3.15 %