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Stock-Based Compensation | 6 Months Ended
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Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation expense for the three and six months ended June 30, 2014 included performance-based restricted stock units (“PRSUs”), non-qualified stock options, restricted stock units ("RSUs") and deferred stock units ("DSUs"). A summary of the Company’s stock-based compensation expense is presented below:
(in millions) | Three Months Ended June 30, |  | Six Months Ended June 30,
| 2014 |  | 2013 |  | 2014 |  | 2013
PRSU (benefit) expense | $ | (0.9 | ) |  | $ | 1.2 |  |  | $ | 0.2 |  |  | $ | 2.0 |
Option expense | 1.7 |  |  | 2.1 |  |  | 3.4 |  |  | 4.2 |
RSU/DSU expense | 0.5 |  |  | 1.4 |  |  | 1.8 |  |  | 2.0 |
Total stock based compensation expense | $ | 1.3 |  |  | $ | 4.7 |  |  | $ | 5.4 |  |  | $ | 8.2 |
Actual payout under the PRSUs granted in 2013 is dependent upon the achievement of certain financial goals. The Company recorded a $3.0 million benefit in the accompanying Condensed Consolidated Statements of Income for the three and six months ended June 30, 2014, after re-evaluation of the probability of meeting these grants. A summary of the Company’s PRSU activity and related information for the six months ended June 30, 2014 is presented below:
(shares in millions) |  |  |  |  |
| Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Awards outstanding at December 31, 2013 | 0.3 |  |  | $ | 39.04 |  |  |
Granted | 0.3 |  |  | 51.86 |  |  |
Vested | 0.0 |  |  | 37.05 |  |  |
Forfeited | (0.3 | ) |  | 39.56 |  |  |
Awards outstanding at June 30, 2014 | 0.3 |  |  | $ | 51.86 |  |  | $ | 16.7 |
The maximum number of shares to be awarded under the PRSUs granted during the three and six months ended June 30, 2014 will be 0.7 million. Approximately 0.3 million shares will vest, if earned at the end of the two-year performance period ending on December 31, 2015. Approximately 0.4 million shares will vest if earned at the end of the three-year performance period ending on December 31, 2016. During the six months ended June 30, 2014, PRSUs with an aggregate intrinsic value of $1.4 million were issued from treasury stock following the satisfaction of certain financial metrics over the one year performance period. The PRSUs were issued from treasury stock at 100.0% of the target award, the maximum payout. During the six months ended June 30, 2013, PRSUs with an aggregate intrinsic value of $14.9 million were issued from treasury stock following the satisfaction of certain financial metrics over the performance period. The PRSUs were issued from treasury stock at 282.0% of the target award, out of a maximum payout of 300.0%. A summary of the Company’s stock option activity and related information for the six months ended June 30, 2014 is presented below:
(shares in millions) |  |  |  |  |  |  |
| Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Weighted- Average Remaining Contractual Term (Years) |  | Aggregate Intrinsic Value
Options outstanding December 31, 2013 | 2.8 |  |  | $ | 21.73 |  |  |  |  |
Granted | 0.2 |  |  | 51.91 |  |  |  |  |
Forfeited | 0.0 |  |  | 50.55 |  |  |  |  |
Exercised | (0.1 | ) |  | 19.56 |  |  |  |  |
Options outstanding at June 30, 2014 | 2.9 |  |  | $ | 24.11 |  |  | 5.63 |  |  | $ | 91.9 |
Options exercisable at June 30, 2014 | 2.3 |  |  | $ | 19.17 |  |  | 4.87 |  |  | $ | 94.7 |
The aggregate intrinsic value of options exercised during the three months ended June 30, 2014 and 2013 was $3.0 million and $4.4 million, respectively. The aggregate intrinsic value of options exercised during the six months ended June 30, 2014 and 2013 was $5.7 million and $12.4 million, respectively. A summary of the Company’s RSU and DSU activity and related information for the six months ended June 30, 2014 is presented below:
(shares in millions) |  |  |  |  |
| Number of Shares |  | Weighted- Average Grant Date Fair Value |  | Aggregate Intrinsic Value
Awards outstanding at December 31, 2013 | 0.2 |  |  | $ | 47.00 |  |  |
Granted | 0.0 |  |  | 52.87 |  |  |
Vested | (0.1 | ) |  | 44.00 |  |  |
Forfeited | 0.0 |  |  | 46.62 |  |  |
Awards outstanding at June 30, 2014 | 0.1 |  |  | $ | 49.41 |  |  | $ | 5.0 |
There were no RSUs granted during the six months ended June 30, 2014. DSUs were granted during the six months ended June 30, 2014, and will vest over one year. The aggregate intrinsic value of RSUs issued from treasury stock during the three months ended June 30, 2014 and 2013 was $0.5 million and $5.9 million, respectively. The aggregate intrinsic value of RSUs issued from treasury stock during the six months ended June 30, 2014 and 2013 was $5.4 million and $6.4 million, respectively. A summary of total unrecognized stock-based compensation expense based on current performance estimates related to the PRSUs, options, RSUs and DSUs granted during the six months ended June 30, 2014 is presented below:
($ in millions) |  |  |
| June 30, 2014 |  | Weighted Average Remaining Vesting Period (Years)
Unrecognized PRSU expense | $ | 12.3 |  |  | 2.02 |
Unrecognized stock option expense | 4.1 |  |  | 2.57 |
Unrecognized RSU/DSU expense | 0.7 |  |  | 0.83 |
Total unrecognized stock-based compensation expense | $ | 17.1 |  |  | 2.11 |

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- Definition The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5047-113901 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5070-113901 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6406099&loc=d3e25284-112666 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 40 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6418621&loc=d3e17540-113929 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6415400&loc=d3e5444-113901 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 14 + Details
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