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Stock-Based Compensation
9 Months Ended
Sep. 30, 2014
Stock-Based Compensation [Abstract]  
Stock-Based Compensation
Stock-Based Compensation.
We recognized $1.9 million and $1.8 million in pre-tax compensation expense related to stock options and restricted stock units during the three-month periods ended September 30, 2014 and 2013, respectively, and $5.4 million and $5.5 million during the nine-month periods ended September 30, 2014 and 2013, respectively. During the nine months ended September 30, 2014, we granted approximately 902,000 stock options, 227,000 performance-based restricted stock units and 147,000 time-vesting restricted stock units. The stock options granted were valued using a Black-Scholes pricing model with the following assumptions: an expected volatility of 25.29% to 41.41%, a risk-free interest rate of 0.51% to 2.37%, an expected dividend yield of 2.8% to 3.7% and an expected life of 2.33 to 8.33 years. The weighted-average exercise price of the options granted during the nine months ended September 30, 2014, was $28.15 and the weighted-average grant-date fair value was $6.48. The restricted stock units are valued using the last trade before the day of the grant, adjusted for any provisions affecting fair value, such as the lack of dividends or dividend equivalents during the vesting period. The weighted-average grant date fair value of the restricted stock units granted during the nine months ended September 30, 2014, was $23.18.