Share-Based Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-based compensation expense and income tax benefits recognized during the periods

The following table provides information on share-based compensation expense and related income tax benefits recognized in 2016, 2015 and 2014:



	Years ended December 31,
	2016			2015		2014
	(In thousands)
Stock option and stock purchase plans	$	7,244		8,048		9,023
Unvested stock awards	11,420			13,133		11,882
Share-based compensation expense	18,664			21,181		20,905
Income tax benefit	(6,644		)	(7,271	)	(7,300	)
Share-based compensation expense, net of tax	$	12,020		13,910		13,605

Summary of share-based compensation expense recognized related to cash awards

The following table is a summary of compensation expense recognized related to cash awards in addition to share-based compensation expense reported in the previous table.



	Years ended December 31
	2016		2015	2014
	(In thousands)
Cash awards	$	689	532	1,900

Summary of stock option activity

The following is a summary of option activity under our stock option plans as of and for the year ended December 31, 2016:



	Shares		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term	Aggregate Intrinsic Value
	(In thousands)				(In years)	(In thousands)
Options outstanding at January 1	1,263		$	68.13
Granted	512		55.32
Exercised	(188	)	47.06
Forfeited or expired	(58	)	70.15
Options outstanding at December 31	1,529		$	66.35	7.1	$	18,400
Vested and expected to vest at December 31	1,473		$	66.42	7.0	$	17,727
Exercisable at December 31	725		$	65.35	5.4	$	8,737

Summary of Nonvested stock awards

The following is a summary of the status of Ryder’s unvested restricted stock awards as of and for the year ended December 31, 2016:



	Time-Vested			Market-Based			Performance-Based
	Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value		Shares	Weighted- Average Grant Date Fair Value
	(In thousands)			(In thousands)			(In thousands)
Unvested stock outstanding at January 1	473	$	68.50	62	$	66.97	76	$	83.31
Granted	133	57.83		34	54.10		45	55.32
Vested ⁽¹⁾	(104)	58.83		(21)	53.43		(39)	74.35
Forfeited ⁽²⁾	(26)	74.11		(9)	69.10		(10)	63.95
Unvested stock outstanding at December 31	476	$	67.31	66	$	64.33	72	$	70.92

(1) Includes awards attained above target.

(2) Includes awards canceled due to performance and market conditions not being achieved.

Weighted-average assumptions used for options granted

The following table presents the weighted-average assumptions used for options granted:



	Years ended December 31,
	2016	2015	2014
Option plans:
Expected dividends	3.0%	1.6%	1.9%
Expected volatility	35.2%	26.4%	29.1%
Risk-free rate	1.1%	1.4%	1.3%
Expected term in years	4.3 years	4.3 years	4.3 years
Grant-date fair value	$12.53	$18.47	$14.99