Share-based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2013

Estimated Fair Values of all SARs Applying Assumptions

The Company computed the estimated fair values of all SARs using the Black-Scholes option-pricing model applying the assumptions set forth in the following table:



	2013		2012		2011
Expected dividend yield	3.9	%	3.5	%	3.1	%
Expected stock price volatility	24.7	%	32.3	%	33.8	%
Risk-free interest rate	0.6	%	0.6	%	2.1	%
Expected life of SARs	4 years		4 years		4 years

Stock Options and SARs Outstanding and Exercisable

The following tables summarize information about stock options and SARs outstanding and exercisable at December 31, 2013. At December 31, 2013, the fair market value of the Company’s stock used to calculate intrinsic value was $41.72 per share.



	Options and SARs Vested and Expected to Vest
Range of Exercise Prices	Number Outstanding	Weighted- average Remaining Contractual Life	Weighted- average Exercise Price	Aggregate Intrinsic Value
$23.69 - $28.48	802,260	2.1 years	$26.91	$	11,884
$29.30 - $32.03	1,100,792	4.9 years	$31.39	$	11,374
$32.85 - $43.83	1,101,635	4.3 years	$34.76	$	7,670
$23.69 - $43.83	3,004,687	3.9 years	$31.43	$	30,928



	Options and SARs Exercisable
Range of Exercise Prices	Number Exercisable	Weighted- average Remaining Contractual Life	Weighted- average Exercise Price	Aggregate Intrinsic Value
$23.69 - $28.48	802,260	2.1 years	$26.91	$	11,884
$29.30 - $32.03	262,185	1.1 years	$29.33	$	3,248
$32.85 - $43.83	1,101,635	4.3 years	$34.76	$	7,670
$23.69 - $43.83	2,166,080	3.1 years	$31.20	$	22,802

Company's Stock Options and SARs

The activity related to the Company’s stock options and SARs is as follows:



	Nonvested		Vested		Total		Weighted- average Exercise Price
Outstanding, December 31, 2012	726,510		4,324,230		5,050,740		$	30.63
Vested	(726,510	)	726,510		—
Granted	852,157		—		852,157		$	32.03
Exercised	—		(2,326,215	)	(2,326,215	)	$	29.44
Forfeited/Expired	(13,550	)	(558,445	)	(571,995	)	$	33.10
Outstanding, December 31, 2013	838,607		2,166,080		3,004,687		$	31.43

The activity related to the PCSUs and restricted stock units is as follows:



	Nonvested		Vested		Total		Average Grant Date Fair Value Per Share
Outstanding, December 31, 2012	492,114		1,178,903		1,671,017		$	27.83
Granted	445,098		—		445,098		$	28.90
Performance adjustments	(112,536	)	(4	)	(112,540	)	$	31.82
Vested	(37,368	)	37,368		—
Converted	—		(956,802	)	(956,802	)	$	25.87
Dividend equivalents	5,621		29,271		34,892		$	36.13
Outstanding, December 31, 2013	792,929		288,736		1,081,665		$	29.85

- Definition

Tabular disclosure of components of a stock option or other award plan under which equity-based compensation is awarded to employees, typically comprised of the amount of unearned compensation (deferred compensation cost), compensation expense, and changes in the quantity and fair value of the shares (or other type of equity) granted, exercised, forfeited, and issued and outstanding pertaining to that plan. Disclosure may also include nature and general terms of such arrangements that existed during the period and potential effects of those arrangements on shareholders, effect of compensation cost arising from equity-based payment arrangements on the income statement, method of estimating the fair value of the goods or services received, or the fair value of the equity instruments granted, during the period, cash flow effects resulting from equity-based payment arrangements and, for registrants that accelerate vesting of out of the money share options, reasons for the decision to accelerate.

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