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Common Stock (Tables)
 12 Months Ended
Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]  
Schedule of Assumptions Used to Determine Fair Value

 

Assumptions

 

2015

 

 

2014

 

 

2013

 

Assumptions applicable to performance-based restricted stock

 

 

 

 

 

 

 

 

 

 

 

 

Risk-free interest rate

 

 

0.83

%

 

 

0.68

%

 

 

0.41

%

Expected lives (in years)

 

 

3

 

 

 

3

 

 

 

3

 

Expected stock volatility

 

 

14.78

%

 

 

17.36

%

 

 

19.04

%

Dividend yield

 

 

3.98

%

 

 

5.13

%

 

 

4.83

%

 
Schedule of Additional Information on Compensation Costs and Income Tax Benefits and Excess Tax Benefits Related to Stock-Based Compensation Awards

The following table provides additional information on compensation costs and income tax benefits and excess tax benefits related to the stock-based compensation awards.

 

(millions)

 

2015

 

 

2014

 

 

2013

 

Compensation costs (1)

 

$

13.1

 

 

$

12.7

 

 

$

13.5

 

Income tax benefits (1)

 

 

5.1

 

 

 

4.9

 

 

 

5.2

 

Excess tax benefits (2)

 

 

0.0

 

 

 

0.4

 

 

 

0.0

 

(1)

Reflected on the Consolidated Statements of Income.

(2)

Reflected as financing activities on the Consolidated Statements of Cash Flows.

Summary of Non-Vested Shares of Restricted Stock

A summary of non-vested shares of restricted stock is shown as follows:

Nonvested Restricted Stock 

 

 

 

Time-Based Restricted

 

 

Performance-Based

 

 

 

Stock (1)

 

 

Restricted Stock (1)

 

 

 

 

 

 

 

Weighted -

 

 

 

 

 

 

Weighted-

 

 

 

 

 

 

 

Avg. Grant

 

 

 

 

 

 

Avg. Grant

 

 

 

Number of

 

 

Date

 

 

Number of

 

 

Date

 

 

 

Shares

 

 

Fair Value

 

 

Shares

 

 

Fair Value

 

 

 

(thousands)

 

 

(per share)

 

 

(thousands)

 

 

(per share)

 

Nonvested balance at Dec. 31, 2014

 

 

668

 

 

$

17.56

 

 

 

1,515

 

 

$

15.44

 

Granted

 

 

213

 

 

$

21.34

 

 

 

445

 

 

$

23.72

 

Vested

 

 

(273

)

 

$

17.96

 

 

 

(626

)

 

$

15.94

 

Forfeited

 

 

(19

)

 

$

17.78

 

 

 

(43

)

 

$

16.05

 

Nonvested balance at Dec. 31, 2015

 

 

589

 

 

$

18.74

 

 

 

1,291

 

 

$

18.06

 

(1)

The weighted-average remaining contractual term of restricted stock is two years.

Summary of Stock Option Transactions

Stock option transactions are summarized as follows:

Stock Options 

 

 

 

 

 

 

 

 

 

 

 

Weighted-Avg.

 

 

Aggregate

 

 

 

Number of

 

 

Weighted-Avg.

 

 

Remaining

 

 

Intrinsic

 

 

 

Shares

 

 

Option Price

 

 

Contractual

 

 

Value

 

 

 

(thousands)

 

 

(per share)

 

 

Term (years)

 

 

(millions)

 

Outstanding balance at Dec. 31, 2014

 

 

840

 

 

$

16.32

 

 

 

 

 

 

 

 

 

Granted

 

 

0

 

 

$

0.00

 

 

 

 

 

 

 

 

 

Exercised

 

 

(580

)

 

$

16.30

 

 

 

 

 

 

 

 

 

Cancelled

 

 

(6

)

 

$

18.87

 

 

 

 

 

 

 

 

 

Outstanding balance at Dec. 31, 2015 (1)

 

 

254

 

 

$

16.30

 

 

 

1

 

 

$

2.6

 

Exercisable at Dec. 31, 2015 (1)

 

 

254

 

 

$

16.30

 

 

 

1

 

 

$

2.6

 

Available for future grant at Dec. 31, 2015

 

 

2,429

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

Option prices are $16.30 per share.