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Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2015

The following table illustrates the valuation assumptions used for the 2015, 2014 and 2013 grants:



	2015	2014	2013
Expected volatility	32 - 36%	47 - 50%	51%
Weighted-average expected volatility	36%	50%	51%
Expected dividend yield	1.1 - 1.2%	1.1 - 1.3%	1.6%
Weighted-average expected dividend yield	1.2%	1.3%	1.6%
Expected term, in years	5	6	6
Risk-free interest rate	1.4 - 1.6%	1.8 - 2.0%	0.9 - 1.1%

The following table summarizes the activity during the year ended December 31, 2015 for stock option awards:



	Shares		Weighted-Average Exercise Price
Outstanding at beginning of year	908,030		$	34.21
Granted	177,020		66.49
Exercised	(54,060	)	31.03
Forfeited	(10,814	)	59.22
Expired	(1,218	)	60.67
Outstanding at end of year	1,018,958		$	39.69
Exercisable at end of year	756,470		$	31.68

The following table summarizes the activity during the year ended December 31, 2015 for nonvested restricted share awards:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	144,475		$	40.51
Granted	23,048		66.33
Vested	(24,245	)	43.47
Forfeited	(4,459	)	55.96
Nonvested at end of year	138,819		$	43.83

The following table summarizes the activity during the year ended December 31, 2015 for nonvested performance share awards:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	152,555		$	49.20
Granted	50,010		66.63
Vested	(38,902	)	44.03
Forfeited	(22,289	)	53.75
Nonvested at end of year	141,374		$	56.07

The following table summarizes the activity during the year ended December 31, 2015 for nonvested restricted stock units:



	Shares		Weighted-Average Grant Date Fair Value
Nonvested at beginning of year	16,549		$	69.24
Granted	18,061		64.58
Vested	(150	)	65.26
Forfeited	(1,814	)	65.52
Nonvested at end of year	32,646		$	66.89