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Stock-based Compensation
 9 Months Ended
Sep. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Stock-based Compensation
7.
STOCK-BASED COMPENSATION
Restricted Stock Unit Awards
Along with cash-based salaries and performance-based annual cash incentive awards, restricted stock unit awards represent an important element of our compensation program. Restricted stock unit activity is presented in the following tables.
 
Shares
(thousands)
 
Weighted Average
Grant Date
Fair Value
Weighted Average
Remaining
Contractual Life
(in years)
Unvested as of June 30, 2016
817.3

 
$
112.58

2.00
Granted
27.0

 
112.75

 
Vested
(96.2
)
 
101.71

 
Forfeited
(2.4
)
 
107.79

 
Unvested as of September 30, 2016
745.7

 
$
114.00

1.91
Unvested shares expected to vest as of September 30, 2016
726.0

 
$
114.10

1.92
 
 
 
 
 
Unvested as of June 30, 2015
805.4

 
$
102.39

2.14
Granted
27.6

 
149.94

 
Vested
(129.9
)
 
75.79

 
Forfeited
(4.1
)
 
96.94

 
Unvested as of September 30, 2015
699.0

 
$
109.24

2.24
Unvested shares expected to vest as of September 30, 2015
679.2

 
$
109.42

2.24

 
Shares
(thousands)
 
Weighted Average
Grant Date
Fair Value
Weighted Average
Remaining
Contractual Life
(in years)
Unvested as of December 31, 2015
706.0

 
$
111.78

2.03
Granted
277.6

 
107.96

 
Vested
(190.8
)
 
96.51

 
Forfeited
(47.1
)
 
116.07

 
Unvested as of September 30, 2016
745.7

 
114.00

1.91
Unvested shares expected to vest as of September 30, 2016
726.0

 
$
114.10

1.92
 
 
 
 
 
Unvested as of December 31, 2014
745.3

 
$
90.43

2.38
Granted
158.0

 
159.00

 
Vested
(186.1
)
 
77.65

 
Forfeited
(18.2
)
 
93.82

 
Unvested as of September 30, 2015
699.0

 
$
109.24

2.24
Unvested shares expected to vest as of September 30, 2015
679.2

 
$
109.42

2.24

We determine the fair value of restricted stock units based on the closing market price of the Company's common stock on the grant date. As of September 30, 2016, we had $32.8 million of unamortized deferred compensation related to unvested restricted stock units, which we anticipate recognizing over varying periods into 2020.
Shares that vested during the three months ended September 30, 2016 and 2015, had grant date fair values of $9.8 million and $9.8 million, respectively, and $18.4 million and $14.4 million for the nine months ended September 30, 2016 and 2015, respectively. Shares we granted during the three months ended September 30, 2016 and 2015, had grant date fair values of $3.0 million and $4.1 million, respectively, and $30.0 million and $25.1 million for the nine months ended September 30, 2016 and 2015, respectively.