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Stock-Based Compensation Stock-Based Compensation (Tables)
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12 Months Ended |
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Dec. 31, 2013
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| Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
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| Schedule of Stock-Based Compensation Expense |
Stock-based compensation expense consisted of the following (in thousands):
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Year Ended December 31, |
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2013 |
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2012 |
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2011 |
Cost of sales |
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$ |
347 |
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|
$ |
287 |
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$ |
282 |
|
SG&A expense |
|
8,531 |
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|
7,546 |
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|
7,588 |
|
Pre-tax stock-based compensation expense |
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8,878 |
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|
7,833 |
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|
7,870 |
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Income tax benefits |
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(3,102 |
) |
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(2,724 |
) |
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(2,729 |
) |
Total stock-based compensation expense, net of tax |
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$ |
5,776 |
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$ |
5,109 |
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|
$ |
5,141 |
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| Schedule of Weighted Average Assumptions |
The following table presents the weighted average assumptions for the years ended December 31:
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2013 |
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2012 |
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2011 (1)
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Expected term |
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4.70 years |
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4.78 years |
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5.12 years |
Expected stock price volatility |
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30.53% |
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32.20% |
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30.76% |
Risk-free interest rate |
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0.71% |
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0.88% |
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1.84% |
Expected dividend yield |
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1.62% |
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1.80% |
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1.31% |
Weighted average grant date fair value |
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$12.36 |
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$11.57 |
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$16.09 |
—————
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(1)
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During the year ended December 31, 2011, the Company granted two stock option awards totaling 53,720 shares that vest 100% on the fifth anniversary of the grant date. Because the Company did not have sufficient historical exercise data to provide a reasonable basis upon which to estimate the expected term for these grants, the Company utilized the simplified method in developing an estimate of the expected term of these options.
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| Summary of Stock Option Activity |
The following table summarizes stock option activity under the Plan:
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Number of
Shares
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|
Weighted
Average
Exercise
Price
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Weighted Average Remaining Contractual Life |
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Aggregate Intrinsic Value (in thousands) |
Options outstanding at January 1, 2011 |
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1,872,214 |
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$ |
42.84 |
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|
6.33 |
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$ |
33,057 |
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Granted |
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340,973 |
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|
61.38 |
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Cancelled |
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(40,396 |
) |
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43.68 |
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Exercised |
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(253,695 |
) |
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43.32 |
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Options outstanding at December 31, 2011 |
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1,919,096 |
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|
46.05 |
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6.25 |
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9,141 |
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Granted |
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358,169 |
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48.82 |
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Cancelled |
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(172,465 |
) |
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52.90 |
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Exercised |
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(380,811 |
) |
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38.34 |
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Options outstanding at December 31, 2012 |
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1,723,989 |
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47.64 |
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6.15 |
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13,001 |
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Granted |
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354,110 |
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54.66 |
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Cancelled |
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(59,549 |
) |
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53.33 |
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Exercised |
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(444,418 |
) |
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43.96 |
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Options outstanding at December 31, 2013 |
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1,574,132 |
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$ |
50.04 |
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|
6.36 |
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$ |
45,187 |
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Options vested and expected to vest at December 31, 2013 |
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1,520,425 |
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$ |
49.90 |
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|
6.28 |
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$ |
43,859 |
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Options exercisable at December 31, 2013 |
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821,859 |
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$ |
47.15 |
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|
4.66 |
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$ |
25,969 |
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| Schedule Of Weighted Average Assumptions for Restricted Stock Units |
The following table presents the weighted average assumptions for the years ended December 31:
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2013 |
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2012 |
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2011 |
Vesting period |
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3.84 years |
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3.86 years |
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3.96 years |
Expected dividend yield |
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1.58% |
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1.77% |
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1.33% |
Estimated average fair value per restricted stock unit granted |
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$53.34 |
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$46.57 |
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$58.37 |
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| Summary of Restricted Stock Unit Activity |
The following table summarizes the restricted stock unit activity under the Plan:
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Number of
Shares
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Weighted Average
Grant Date Fair Value Per Share
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Restricted stock units outstanding at January 1, 2011 |
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328,795 |
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$ |
37.63 |
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Granted |
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145,768 |
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|
58.37 |
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Vested |
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(146,951 |
) |
|
38.01 |
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Forfeited |
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(30,860 |
) |
|
41.79 |
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Restricted stock units outstanding at December 31, 2011 |
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296,752 |
|
|
47.19 |
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Granted |
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185,303 |
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|
46.57 |
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Vested |
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(91,383 |
) |
|
42.39 |
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Forfeited |
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(70,114 |
) |
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46.26 |
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Restricted stock units outstanding at December 31, 2012 |
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320,558 |
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|
48.31 |
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Granted |
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161,237 |
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|
53.34 |
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Vested |
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(116,357 |
) |
|
46.08 |
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Forfeited |
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(28,191 |
) |
|
49.90 |
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Restricted stock units outstanding at December 31, 2013 |
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337,247 |
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|
$ |
51.33 |
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