XML 17 R33.htm IDEA: XBRL DOCUMENT

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 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:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions)	2015		2014		2015		2014
PRSU expense	$	3.0	$	1.6	$	10.4	$	1.8
Option expense	1.4		1.8		4.8		5.2
RSU/DSU expense	0.5		0.6		1.2		2.4
Total stock-based compensation expense	$	4.9	$	4.0	$	16.4	$	9.4

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 and nine months ended September 30, 2015 and 2014:



	Three months ended		Nine months ended
	September 30,		September 30,
	2015	2014	2015	2014
Expected volatility range of stock	34.1% - 34.6%	N/A	34.1% - 36.2%	58.3% - 66.5%
Expected life of option, range in years	3 - 5	N/A	3 - 5	2 - 4
Risk-free interest range rate	1.0% - 1.5%	N/A	1.0% - 1.5%	0.4% - 1.2%
Expected dividend yield on stock	0.0% - 0.0%	N/A	0.0% -0.0%	0.6% - 0.7%

Summary of PRSU activity and related information

The maximum number of shares to be awarded under the PRSUs granted during the nine months ended September 30, 2015 is as follows:



(shares in millions)
Number of Shares Granted	Maximum Number of Shares to be Awarded	Performance Date	Vesting Schedule
0.26	0.78	December 31, 2017	December 31, 2017
0.62	0.62	December 31, 2017⁽¹⁾	December 31, 2017⁽¹⁾
0.07	0.07	December 31, 2016	Three annual installments beginning on September 4, 2016



(1)	These shares will vest in full if the Company achieves the performance metric per the award agreement in 2017. In addition, if this target is not met in 2017 but the Company achieves the performance metric in 2018, then one-third, or 0.21 million, of the PRSUs will vest, and the remaining PRSUs shall be forfeited.

A summary of the Company’s PRSU activity and related information for the nine months ended September 30, 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	0.95		67.86
Vested	—		—
Forfeited	(0.05	)	56.90
Awards outstanding at September 30, 2015	1.18		$	64.55	$	84.0

Schedule of stock option activity

A summary of the Company’s stock option activity and related information for the nine months ended September 30, 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	0.76		62.80
Exercised	(1.20	)	13.98
Forfeited	(0.09	)	57.21
Options outstanding at September 30, 2015	2.31		$	40.72	6.53	$	67.5
Options exercisable at September 30, 2015	1.50		$	29.57	4.95	$	62.8

Schedule of restricted stock units and deferred stock units

A summary of the Company’s RSU and DSU activity and related information for the nine months ended September 30, 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	0.13		70.43
Released	(0.07	)	58.73
Forfeited	0.00		49.63
Awards outstanding at September 30, 2015	0.17		$	66.38	$	12.0

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 nine months ended September 30, 2015 is presented below:




($ in millions)	September 30, 2015		Weighted Average Remaining Vesting Period (Years)
Unrecognized stock option expense	$	10.4	2.70 years
Unrecognized PRSU expense	12.9		2.51 years
Unrecognized RSU/DSU expense	8.8		2.80 years
Total unrecognized stock-based compensation expense	$	32.1	2.65 years