Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2014

The following table illustrates the valuation assumptions used for the 2014, 2013 and 2012 grants:



	2014	2013	2012
Expected volatility	47 - 50%	51%	51 - 52%
Weighted-average expected volatility	50%	51%	52%
Expected dividend yield	1.1 - 1.3%	1.6%	1.6 - 1.7%
Weighted-average expected dividend yield	1.3%	1.6%	1.7%
Expected term, in years	6	6	0.2 - 6
Risk-free interest rate	1.8 - 2.0%	0.9 - 1.1%	0.1 - 1.1%

The following table summarizes the activity during the year ended December 31, 2014 for stock option awards:



	Shares		Weighted-Average Exercise Price
Outstanding at beginning of year	877,322		$	30.42
Granted	118,359		61.83
Exercised	(74,852	)	30.31
Forfeited	(12,799	)	52.55
Outstanding at end of year	908,030		$	34.21
Exercisable at end of year	677,790		$	27.74

The following table summarizes the activity during the year ended December 31, 2014, for nonvested restricted share awards:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	150,943		$	37.89
Granted	21,417		62.48
Vested	(20,303	)	40.38
Forfeited	(7,582	)	50.87
Nonvested at end of year	144,475		$	40.51