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Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2015

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

Schedule of stock-based compensation expense

A summary of the Company’s stock-based compensation expense is presented below:



(in millions)	Three Months Ended March 31,
	2015		2014
PRSU expense	$	2.0	$	1.1
Option expense	1.5		1.7
RSU/DSU expense	0.5		1.3
Total stock-based compensation expense	$	4.0	$	4.1

Stock Options Valuation Assumptions

The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options granted. The fair value of stock options granted was estimated using the Black-Scholes option pricing model with the following assumptions during the three months ended March 31, 2015 and 2014:



	Three months ended
	March 31,
	2015	2014
Expected volatility range of stock	36.2% - 36.2%	58.3% - 58.3%
Expected life of option, range in years	3 - 5	4 - 4
Risk-free interest range rate	1.0% - 1.5%	1.1% - 1.1%
Expected dividend yield on stock	0.0% - 0.0%	0.6% - 0.6%

Summary of PRSU activity and related information

A summary of the Company’s PRSU activity and related information for the three months ended March 31, 2015 is presented below:



(shares and aggregate intrinsic value in millions)
	Number of Shares	Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value
Awards outstanding at December 31, 2014	0.28	$	53.45
Granted	0.26	57.51
Vested	—	—
Forfeited	0.00	51.87
Awards outstanding at March 31, 2015	0.54	$	54.59	$	31.0

Schedule of stock option activity

A summary of the Company’s stock option activity and related information for the three months ended March 31, 2015 is presented below:



(shares and aggregate intrinsic value in millions)
	Number of Shares		Weighted- Average Grant Date Fair Value		Weighted- Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Options outstanding December 31, 2014	2.84		$	24.18
Granted	0.42		57.51
Exercised	(0.05	)	32.50
Forfeited	0.00		52.00
Options outstanding at March 31, 2015	3.21		$	28.37	5.49	$	86.8
Options exercisable at March 31, 2015	2.63		$	22.32	4.58	$	93.3

Schedule of restricted stock units and deferred stock units

A summary of the Company’s RSU and DSU activity and related information for the three months ended March 31, 2015 is presented below:



(shares and aggregate intrinsic value in millions)
	Number of Shares		Weighted- Average Grant Date Fair Value		Aggregate Intrinsic Value
Awards outstanding at December 31, 2014	0.11		$	50.41
Granted	0.00		56.01
Vested	(0.06	)	49.03
Forfeited	0.00		49.63
Awards outstanding at March 31, 2015	0.05		$	52.42	$	3.0

Schedule of Unrecognized Compensation Expense

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 three months ended March 31, 2015 is presented below:



($ in millions)
	March 31, 2015		Weighted Average Remaining Vesting Period (Years)
Unrecognized stock option expense	$	5.6	2.91
Unrecognized RSU/DSU expense	0.2		2.89
Unrecognized PRSU expense	14.4		2.75
Total unrecognized stock-based compensation expense	$	20.2	2.80